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Balaji Telefilms Ltd

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Balaji Telefilms Ltd

Balaji Telefilms Ltd
Broadcasting & Cable TV
FV – Rs 2; 52wks H/L – 150/64; TTQ – 9629; CMP (June 13, 2016; 1.37 pm) – Rs 110;
Market Cap-Rs 836Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)


Equity Capital

Net worth

Long Term Debt

Total  
Sales
PAT
BV
(Rs)

EPS (Rs)

P/E

P/BV

Promoter’s
Stake
Beta
15.19 523.7 293 2.81 69 0.37 297.29 1.59 40.92 0.98

 

  • Revenues declined by 16% Y-o-Y on a consolidated basis owing to three shows off air during the quarter. The shows that ended were ‘Meri Aashiqui Tum Se Hi’, ‘Itna Karo Na Mujhe Pyaar’ and ‘Pyar Ko Ho Jane Do’.
  • The Company raised Rs 150 Crs by allotting 10720000 Equity Shares on a preferential basisto Vanderbilt University, GHI LTP LTD, GHI HSP LTD, GHI ERP LTD, Atyant Capital India Fund-I in March 2016. The fund raise was for ALT Digital Media, its wholly owned subsidiary. The Equity capital has thus increased to Rs 15.19 Crs from Rs 13.04 Crs.
  • Balaji Telefilms has over 18 movies in various stages of development has employed capital of Rs 181.22 Crs in the FY16 compared to Rs 83.79 Crs a year ago. In the movie segment, the company reported loss (profit before tax and interest) of Rs 13.41 Crs in FY16 from Rs 6.24 Crs in the earlier year.
  • In FY15, the company had released movies like ‘Main Tera Hero’, ‘Kuku Mathur Ki Jhand Ho Gayi’ and ‘Ek Villian’ while in FY16 it released only one movie.

Valuation Parameters:

  1. EV/EBITDA: 136.5
  2. EV/Share: Rs 108
  3. EV/Sale: 2.8
  4. Market Cap/ Sale: 2.95
  5. Debt to Equity: Nil
  6. RoE: 0.5%

 

Recent Updates:

 

Bulk Deals:

Date Client Transaction Quantity Traded Price (Rs)
06-Aug-2015 BOTHRA FINANCIAL SERVICES BUY 50000 96.35
06-Aug-2015 MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED BUY 485000 100.22
06-Aug-2015 BOTHRA FINANCIAL SERVICES SELL 590000 99.98
06-Aug-2015 MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED SELL 485000 101.38
05-Aug-2015 GEECEE INVESTMENTS LIMITED BUY 332000 87.54
02-Mar-2015 JEWELS ADVISORY SERVICES LLP SELL 400000 65.25
02-Mar-2015 NIMESH ARVIND DOSHI BUY 400000 65.25

 

Overview:

  • Incorporated in the 1994, Balaji Telefilms is a Company promoted by Actor Jeetendra Kapoor and his family.
  • The Company’s segments include:
  • Commissioned Programmes
  • Channels and Sponsored Programmes
  • Commissioned Programmes derive income from sale of television serials whereas Channels and Sponsored Programmes draw income from telecasting of television serials on channels.
  • It has produced over 15000 hours of television content since its inception, including content in Hindi, Tamil, Telegu, Kannada and Malayalam.
  • Its brands include Alt Entertainment brand, which will be used on all content catering to a younger, more urban demographic, across the television, movie, mobile and Internet space; Hoonur, which will be used in the online and mobile space both for the entertainment portal and for user generated content, and ICE covers a specializations like Acting, Cinematography, Direction, Editing, Production, Scriptwriting, Sound and Vfx
  • India’s Television industry is expected to grow at a CAGR of 16.2% over the next five years
  • The company follows a de-risked business model, it pre-sells theatrical and satellite rights.

 

Sr No Film Name Language Star Cast Tentative Release
1 Azhar(Coproduced ) Hindi Emraan Hashmi, Prachi Desai, Lara Datta, & Nargis Fakhri directed by Tony D’Souza Released on May 13, 2016
2 Udta Punjab Hindi Shahid Kapoor, Kareena Kapoor, Alia Bhatt & Diljeet Dosan Expected release June 17, 2016
3 Great Grand Masti Hindi Vivek Oberoi, Ritesh Deshmukh & Aftab Shivdasani Expected release July 22, 2016
4 Flying Jat Hindi Tiger Shroff, Jacqueline Fernandez Expected release Aug 25, 2016
5 Half Girlfriend Hindi Arjun Kapoor & Shraddha Kapoor Directed by Mohit Suri Expected release Q1 FY18(Apr 2017)
6 XXX Hindi Directed by Ken Ghosh Expected release Q3 FY17

 

Management:

  • Mr Jeetendra Kapoor is the Chairman
  • Ms Shobha Kapoor is the MD
  • Ms Ekta Kapoor is the Joint MD

 

Shareholding Pattern as on March 31, 2016

The Equity Capital is @ Rs 15.19 Crs consisting of 75930443 Equity Shares of FV Rs 2 currently held as under

None of the promoters’ holding is pledged

Sr No. Major Non-Promoter % Stake
1 Reliance Capital Trustee Co Ltd A/C Reliance Mediaand Entertainment Fund 1.6
2 Atyant Capital India Fund I 4.15
3 GHI LTP LTD 4.61
4 GHI HSP LTD 1.32
5 India Capital Fund Limited 3.61
6 Vanderbilt University A/C Vanderbilt University 3.36
7 Aadi Financial Advisors LLP 3.95
8 Talma Chemical Industries Pvt Ltd 1.05
9 Gopikishan S Damani 3.22
10 Rajkumar Harlalka 1.15

 

Share Price Trend

 

Consolidated Financial Trends – Amt in Rs Crs

Particulars FY 16 FY 15 FY 14 FY 13 FY 12 FY 11
Total Sales 293 346 407 186 188 192
PAT 2.81 5.63 -17.21 14.58 20.4 -1.05
EPS (Rs)(adj.) 0.37 0.74 -2.27 1.92 2.69 -0.14
Debt
Equity Cap 15.19 13.04 13.04 13.04 13.04 13.04
Net worth 523.69 381.76 383 403 391 372
BV (Rs)(adj.) 69 50 50 53 51 49

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