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Four s fortnightly mediatainment track 11th feb - 24the feb 2012 Four s fortnightly mediatainment track 11th feb - 24the feb 2012 Document Transcript

  • Vol. 36, 11th February – 24th February 2012 Mediatainment Track Fortnightly Update on Indian Media & Entertainment Industry In the Spotlight Content 2012: year of Indian Hockey Our national game Hockey has for long been dominated by Content cricket. But 2012 is going to be the year of Hockey getting its Private Equity 2 place due. The two major Indian Hockey bodies – Indian Hockey Federation and Hockey India are getting an IPL like Mergers & Acquisitions 2 event each. Indian Hockey Federation and Nimbus Sports have joined Corporate Developments 3 hands to launch World Series Hockey (WSH) in India. Tyre maker Bridgestone, which sponsors F1events, has come on News Update 3 board as the title sponsor. WSH will have 200 players - Indian and international - playing 59 matches. The format would be Stock Market Update 5 multi-city franchise based with eight teams out of Mumbai, Delhi, Chennai, Hyderabad, Bangalore, Chandigarh, Pune, Bhopal, Punjab, Ranchi and Rourkela. All star players have Financial Benchmarking 5 already signed up in an event that’s serving as a comeback for Dhanraj Pillay and Viren Rasquinha. About Four-S 7 th The inaugural match is on 29 of February and the final st match is on 1 of April. The prize money is ~$2mn. Nimbus will spend Rs.400mn in marketing WSH on TV, Print, Radio, Digital and On-ground events. Digital and Social media campaign is handled by Red Digital while for print, WSH has entered into a strategic alliance with Dainik Bhaskar. Not to be left behind Hockey India has partnered International Hockey Federation for an Indian Hockey League later this year. India is making the right moves to emerge as Hockey hub of the world.About Four-S ServicesFour-S Services is Indias leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai andBangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decisionmaking and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries includingEducation, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etcOur Services: Strategy Consulting Research Support Business Planning Valuation Services Investment Banking Investor Relations & IPO ConsultingFor further information, please contact Seema Shukla atseema@four-s.com or reach us as http://www.four-s.com
  • FOUR-S Mediatainment Track Investment Activity th Private Equity deals in M&E and Mobile VAS till 24 February, 2012 Date Investors Target Stake % Amount $mn Business Stage 20-Feb Oja s Venture Pa rtners Bri zzTV Medi a La b NA NA Di gi ta l medi a Early 17-Feb Upda ta , Wes tBri dge & Intel Ca pi ta l Jul y Sys tems NA 15.0 mVAS Late 15-Feb Ci s co Sys tems Qyuki 17 5.5 Di gi ta l medi a Early 8-Feb Indi a n Angel Network Ga mi a na Di gi ta l Ga mi ng NA 1.0 Ga mi ng Early 31-Ja n Oja s Ventures Venturenet Pa rtners Pvt Ltd NA NA Di gi ta l Ra di o Early 27-Ja n NA InRev NA NA Soci a l medi a product Ea rl y 19-Jan CCube MyAdCorner.com NA NA Online ad booking Early 19-Ja n Sequoi a Ca pi ta l Knowl a ri ty Communi ca ti ons NA 6.6 mVAS - Cl oud Tel ephony Growth 2012 has seen 8 deals for more than $28.1mn till date. th Merger & Acquistions in M&E and Mobile VAS till 24 February, 2012 Date Acquiror Target Stake (%) Amount ($ mn) Business 10-Feb GigaOM NA Guardian News & Media - PaidContent, other assets NA Content 3-Feb Persistent Systems Openwave Location Business 100.0 NA mVAS - Location services 2-Feb Walt Disney UTV Software NA 446* Broadcasting, Production 25-Jan Gujarat Telelinks V&S 51.0 0.2 Distribution - MSO 19-Jan Reliance Strategic Investments DEN Networks 1.1 NA Distribution - Cable 4-Ja n Wa y2Onl i ne 160by2 100.0 NA Onl i ne porta l - mes s a gi ng 3-Ja n Network 18 Group Eena du NA 395.0 Broa dca s ti ng 2-Ja n Undi s cl os ed buyer Ba l a ji Tel efi l ms - educa ti on/ mobi l e NA 1.6 Content/ Medi a educa ti on *estimated value 2012 has seen 8 deals happening in the segment, worth more than $842mn. Four-S Indian PE Directory 2012” – A Guide to choosing private equity partners Detailed listing of ~330 Active PE/VC Investors in India - PE/VC players that have invested in the past 3 years. A first-of-its-kind, the directory offers “Deal History” in India for individual investor. Management, investment profile and Contact details. User-friendly Spreadsheet Format. It comes from Four-S Services, the most trusted deal information bank in India.Research DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • FOUR-S Mediatainment Track Corporate Developments BrizzTV Media raises funding from Ojas India offers a huge potential as a mobile market with over Brizz TV Media Lab has raised Series A funding from Ojas 850mn mobile subscribers. Digital advertising is growing Venture Partners. The funding amount was undisclosed. faster at 40% than traditional advertising media (15-20%). BrizzTV is a digital media technology company that uses The company expects the Rs. 1.25bn Indian mobile DTH enabled TVs to deliver personal content. BrizzTV has marketing to reach Rs. 10bn by 2014. partnered with Airtel Digital TV. The company was incubated at NSRCEL (IIM Bangalore). Gamiana raises Series A funding This is Ojas Venture’s second investment in less than a Gamiana has received an undisclosed amount of Series A month. Both investments have been in digital media funding from Indian Angel Network. Chetan Sharma of IAN space. will join on Gamian’s board. The company will use the Connected TVs are a new trend globally. BrizzTV has an funds to increase their customer base and in software advantage in emerging markets with low internet development. penetration as it does not require internet to operate. It Gamiana is an online entertainment company using games can run on simple DTH infrastructure. to build online communities. Its offerings include Jamia Online, a virtual world game targeted at teens and Qyuki gets $5.5mn from Cisco Vinashi, a real-time strategy game. Gamiana was founded Qyuki has raised $5.5mn in funding from Cisco system in in 2008. exchange for 17% stake, at a valuation of over $32mn. Gartner estimates global online gaming market to be over Qyuki is a media firm based in Bangalore started by $11mn and will reach $28bn by 2015. industry stalwarts AR Rahman and Shekhar Kapur. Qyuki will be in digital content creation and distribution in new media platforms of mobile and internet. The service is expected to go live in May 2012. News Update This is Shekhar Kapur’s second digital venture, first being Liquid Comics that had recently launched a digital comic Mahindra Satyam in talks with ComVIVa books platform – Graphic India. Mahindra Satyam is looking to acquire 20-30% in ComVIVA in a deal that could be worth $100mn. July Systems gets $15mn in funding ComVIVA is a Bharti Group owned mVAS player. It has July Systems has received $15mn in funding in a round led more than 110 customers spread across 90 countries. It by Updata Partners with Intel Capital and WestBridge provides Apps, Platforms, Financial Solutions and Capital also participating. The company has raised over customer solutions for mobile. $30mn in multiple rounds of funding so far. A sister company TechMahindra runs another mVAS July Systems is in cross-platform mobile content company CanvasM jointly with Motorola. applications space with brands like ESPN, Toys R Us, Intel, Unilever, CBS, and the NBA as its customers. India in Oscars with Anil Ambani’s Dreamworks In earlier rounds, July Systems had raised funding from Anil Ambani’s JV with Steven Speilberg, Dreamworks Intel Capital, Sequoia Capital, Footprint Ventures, Studios had three films getting 11 Oscar Nominations this Westbridge Capital and Acer Technology Ventures. year – The Help, War Horse and Real Steel. Out of the 11 nominations, The Help fetched an Oscar for Chinese mobile marketing firm enters India: WPP to pick Best Supporting Actress to Octavia Spencer. stake Anil Ambani owns 51% in Dreamworks Studios having Chinese mobile marketing and advertising firm Madhouse invested $325mn in it in 2009. has started its Indian operations as Madhouse India. WPP is a strategic partner in Madhouse India and will also pick 500mn high for Dabangg2 stake later. Rovio Entertainment, of Angry Birds game In another milestone for Bollywood, Salman Khan has hit a fame, may also become a strategic investor in the firm. jackpot by selling statellite rights of Dabangg2 for Rs. Chinese firm Madhouse has over 120 clients and has its 500mn to Star Network. This is much higher than Rs. investors include TDF Capital, Nokia Growth partners and 400mn deal for Hrithik starrer Agneepath. Gobi Partners. The music rights have also been sold to T-Series for over Rs. 100mn.DeskResearchDeskResearch Desk research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as wellleading provider of high-endas global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For furtherinformation, please contact SeemaShukla at seema@four-s.com or reach us as http://www.four-s.comFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations,investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact
  • FOUR-S Mediatainment Track Stock Market Update (Returns) Market Cap in .`mn Stock MCap (Feb 24) Price (Feb 24) 15 days 1m 3m 6m 1 yr P/E (TTM) Zee Entertai nment 1,22,234 131.5 2% 10% 10% 10% 14% 19.7 Sun TV Network 1,20,117 318.2 -7% 11% 18% 6% -16% 16.1 Di s h TV 57,905 57.5 -14% 1% -6% -26% 1% NA UTV Softwa re 43,751 1068.0 1% 2% 13% 14% 123% NA DB Corp 36,295 198.9 -1% 6% -1% -18% -17% 18.0 Ja gra n Pra ka s ha n 32,892 107.0 -1% 9% 4% 0% -2% 18.4 HT Medi a 32,680 144.3 1% 13% 24% -1% 1% 16.1 Ha thwa y ca bl e 21,286 156.6 -14% 19% 50% 84% 34% NA Eros Interna tiona l 16,890 186.2 -14% -9% -13% -2% 32% 13.1 Den Networks 13,310 105.2 16% 34% 86% 154% 5% 97.8 TV 18 Broa dca s t 11,080 31.9 3% 5% -10% -28% -66% NA ENIL 10,631 233.6 7% 16% 1% -5% 13% 18.9 Decca n Chroni cl e 8,977 45.2 -10% 9% 1% -20% -28% 111.8 Onmobi l e 8,444 73.2 -4% 0% 10% 20% -27% 8.0 Pri me Focus 7,131 54.8 -11% -3% 16% 0% 28% 7.9 Rel i a nce Medi a works 3,690 82.5 -3% 3% -2% -6% -41% NA PVR 3,593 140.7 -1% -2% 11% 20% 28% 10.0 Ba l a ji Tel efi l ms 2,661 43.0 0% 16% 46% 50% 21% 29.8 Ni fty 5429.3 1% 6% 14% 11% 3% Sens ex 17923.6 1% 5% 13% 10% 2% Financial Benchmarking - Quarter 3, FY’12 Results st Quarter ending 31 December, 2011 Revenue EBITDA PAT Company Q3, FY11 Q3, FY12 y-o-y Q3, FY11 Q3, FY12 y-o-y Q3, FY11 Q3, FY12 y-o-y Zee Entertai nment 8,249 7,548 -8% 2,241 2,160 -4% 1,600 1,393 -13% Sun TV Network* 5,980 4,251 -29% 5,018 3,411 -32% 2,255 1,679 -26% Di s h TV* 3,732 4,905 31% 667 1,202 80% -443 -430 NM UTV Softwa re 2,559 1,654 -35% 534 -686 NM 400 -962 NM DB Corp 3,482 3,956 14% 1,148 1,018 -11% 659 554 -16% Ja gra n Pra ka s ha n* 2,860 3,240 13% 897 723 -19% 526 413 -22% HT Medi a 4,651 5,266 13% 883 777 -12% 478 482 1% Ha thwa y ca bl e* 1,199 1,277 6% 214 221 3% -124 -183 NM Eros Interna tiona l 2,798 4,084 46% 619 1,010 63% 428 691 61% Den Networks 2,644 2,782 5% 268 235 -12% 92 35 -62% TV 18 Broa dca s t 2,362 3,428 45% 321 -341 NM 198 -535 NM ENIL 1,458 768 -47% 308 257 -16% -52 184 NM Decca n Chroni cl e* 1,996 2,316 16% 754 502 -33% 352 213 -39% Rel i a nce Medi a 2,423 2,111 -13% 167 -454 NM -570 -1,511 NM OnMobi l e Gl oba l 1,486 1,688 14% 336 391 16% 209 178 -15% Pri me Focus 1,269 2,128 68% 369 613 66% 175 263 50% PVR 1,336 1,390 4% 216 240 11% -48 90 NM Balaji Telefilms* 395 346 -12% -4 -19 NM 12 11 -8% * Standalone results Figures in Rs.`mnResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • FOUR-S Mediatainment Track st Nine Months ending 31 December, 2011 Revenue EBITDA PAT Company 9M, FY11 9M, FY12 y-o-y 9M, FY11 9M, FY12 y-o-y 9M, FY11 9M, FY12 y-o-y Zee Entertai nment 22,134 21,715 -2% 5,997 5,796 -3% 4,402 4,290 -3% Sun TV Network* 14,632 13,304 -9% 11,940 10,725 -10% 5,639 5,356 -5% Di s h TV* 10,036 14,331 43% 1,487 3,542 138% -1,526 -1,098 NM UTV Softwa re 7,041 6,118 -13% 1,479 -742 NM 1,214 -1,281 NM DB Corp 9,479 11,032 16% 3,235 2,793 -14% 1,905 1,567 -18% Ja gra n Pra ka s ha n* 8,327 9,341 12% 2,708 2,468 -9% 1,637 1,368 -16% HT Medi a 13,116 15,143 15% 2,482 2,392 -4% 1,280 1,435 12% Ha thwa y ca bl e* 3,484 3,787 9% 696 640 -8% -229 -434 NM Eros Interna tiona l 5,927 7,370 24% 1,419 1,723 21% 1,041 1,151 11% Den Networks 7,641 8,177 7% 892 658 -26% 297 98 -67% TV 18 Broa dca s t 5,984 9,107 52% 391 -36 NM -43 -404 NM ENIL 3,709 2,156 -42% 495 504 2% -31 360 NM Decca n Chroni cl e* 6,681 6,592 -1% 3,412 1,724 -49% 2,090 546 -74% Rel i a nce Medi a works 6,970 6,385 -8% 505 -1,051 NM -1,554 -3,918 NM OnMobi l e Gl oba l 4,039 4,605 14% 899 986 10% 623 783 26% Pri me Focus 4,262 5,828 37% 1,294 1,652 28% 659 783 19% PVR 3,717 3,947 6% 708 727 3% 93 387 317% Balaji Telefilms* 1,085 991 -9% -82 -64 NM -23 101 NM * Standalone results Figures in Rs.`mn TTM Dec-11 Results Revenue EBITDA PAT Company TTM Dec10 TTM Dec11 y-o-y TTM Dec10 TTM Dec11 y-o-y TTM Dec10 TTM Dec11 y-o-y Zee Entertai nment 28,627 29,695 4% 7,833 8,064 3% 5,607 6,196 11% Sun TV Network* 18,551 17,909 -3% 15,249 14,364 -6% 7,290 7,440 2% Di s h TV* 13,068 18,661 43% 1,835 4,443 142% -2,124 -1,469 NM UTV Softwa re 8,347 8,546 2% 1,886 -442 NM 1,539 -1,120 NM DB Corp 12,050 14,206 18% 3,931 3,589 -9% 2,212 2,022 -9% Ja gra n Pra ka s ha n* 10,690 12,167 14% 3,340 2,910 -13% 2,001 1,789 -11% HT Medi a 16,999 19,871 17% 3,402 3,268 -4% 1,808 2,025 12% Ha thwa y ca bl e* 4,484 5,022 12% 908 807 -11% -322 -609 NM Eros Interna tiona l 7,555 8,513 13% 1,721 1,856 8% 1,236 1,292 4% Den Networks 10,104 10,998 9% 1,162 889 -24% 625 136 -78% TV 18 Broa dca s t 7,672 11,165 46% 416 35 -91% -267 -680 NM ENIL 4,911 3,083 -37% 776 814 5% 147 561 282% Decca n Chroni cl e 8,598 9,673 13% 3,945 1,166 -70% 2,155 80 -96% Rel i a nce Medi a 9,266 7,777 -16% 746 -1,692 NM -2,009 -5,624 NM OnMobi l e Gl oba l 5,268 5,938 13% 1,118 1,293 16% 700 1,052 50% Pri me Focus 5,143 6,596 28% 1,287 2,033 58% 788 903 15% PVR 4,592 4,842 5% 818 912 12% 20 359 1679% Balaji Telefilms* 1,532 1,436 -6% 16 -68 NM 11 89 688% * Standalone results Figures in Rs.`mnResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
  • FOUR-S Mediatainment Track Four-S Services Pvt Ltd Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and objective advice to top Indian & global companies & PE Firms. Four-S has already proven success in corporate finance, strategy consulting, fund-raising, investment banking and investor relations mandates with 100+ corporates and large PE fundsFour-S, trusted advisor to top Indian & Global Cos Offering comprehensive bouquet of services to SMEs, Corporates and PE Funds Target Portfolio Post investment Sector Research Identification Benchmarking Review Investor Investment Independent Entry Strategy Relations Banking Valuation
  • FOUR-S Mediatainment TrackAbout Four-S ServicesFour-S Services provides customized business and financial research to organizations across the globe. Thecompany also provides Investor Relations consulting to corporate based on in-depth sectoral and companyresearch. The company has an impressive client profile and a team of senior analysts covering key sectorsincluding Finance & Banking, IT & Telecom, Retail, Media & Entertainment, Pharmaceuticals, Infrastructureand Manufacturing amongst others. For further information on the company please visit www.four-s.comDisclaimerThe information contained herein has been obtained from sources believed to be reliable but is notnecessarily complete and its accuracy cannot be guaranteed. No representation, warranty, guarantee orundertaking, express or implied, is made as to the fairness, accuracy or completeness of any information,projections or opinion contained in this document or upon which any such projections or opinions have beenbased. Four-S Services Pvt Ltd. will not accept any liability, whatsoever with respect to the use of thisdocument or its content. This document has been distributed for information purposes only and does notconstitute or form part of any offer or solicitation of any offer to buy or sell any securities. This documentshall not form the basis of and should not be relied upon in connection with any contract or commitmentwhatsoever. This document is not to be reported or copied or made available to others. The Company mayfrom time to time solicit from, or perform consulting, or other services for, any company mentioned in thisdocument.