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Four s fortnightly mediatainment track 16th march - 30th march 2012
 

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Four-S Services Mediatainment Track.

Four-S Services Mediatainment Track.

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    Four s fortnightly mediatainment track 16th march - 30th march 2012 Four s fortnightly mediatainment track 16th march - 30th march 2012 Document Transcript

    • Vol. 38, 16th March – 30th March 2012 Mediatainment Track Fortnightly Update on Indian Media & Entertainment Industry In the Spotlight Content Q1, 2012 surpasses Q1, 2011 in both volume and value Content 2012 begins on a good note for ME with PE disclosed deal Private Equity 2 value crossing the $100mn mark in the first quarter itself. PE Deal Value $mn Mergers & Acquisitions 2 105 100.1 100 Corporate Developments 3 95 91.6 90 News Update 4 85 Q1, CY2011 Q1, CY2012 Stock Market Update 5 2012 has seen 10 deals so far, with an average disclosed deal value of $20mn. This is higher than 7 deals done in first Financial Benchmarking 5 quarter of 2011 with an average deal value of $18.3mn. The biggest deal value was $72mn in 2012, higher compared to About Four-S 7 $48mn raised by YBrant Digital in Q1, 2011. The biggest deal this quarter was $72mn invested in cable operator Hathway Cable by Providence Equity and Macquaire Bank. The deal valued the company at $416mn or at EV/Sales of 2.7x and EV/EBITDA of 21x on its FY11 consolidated numbers. In M&A, 2012, has surpassed an estimated total deal value of $845mn across 14 deals. This consists of two mega deals – Walt Disney – UTV for ~$430mn and Network 18’s Eenadu buy of $395mn. In Q1, 2011 ME witnessed over $7.7mn raised over 8 deals.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 30 March, 2012 Date Investors Target Stake % Amount $mn Business Stage 27-Ma r Ni rva na Ventures Advi s ors Ga mes 2wi n 10.0 NA Ga mi ng Late 13-Ma r Provi dence Equi ty, Ma cqua ri e Ba nk Ha thwa y Ca bl e 17.3 72.0 Ca bl e opera tor Late 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 17.0 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 10 deals for more than $100.1mn till date. th Merger & Acquistions in M&E and Mobile VAS till 30 March, 2012 Date Acquiror Target Stake (%) Amount ($ mn) Business 30-Mar Gujarat Fluorochemicals/ Inox Fame India 18.7 18.2 Exhibition 30-Mar Affle, D2 Communications MobiMasta NA NA mVAS - Advertising 21-Mar Gruner + Jahr NetworkPlay 70.0 NA Digital Ad Network 15-Mar Ver Se Innovation Eterno Infotech NA NA Mobile Media platform 13-Mar Pubmatic MobiPrimo 100.0 NA mVAS 29-Feb Komli Media AdMax Network NA NA Ad Network 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 430* 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 portal - mes s a gi ng 3-Ja n Network 18 Group Eena du NA 395.0 Broa dca s ting 2-Ja n Undi s cl os ed buyer Ba l a ji Tel efi l ms - educa tion/ mobi l e NA 1.6 Content/ Medi a educa tion *estimated value 2012 has seen 14 acquisitions happening in the segment, worth more than $845mn. 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 Inox/ Gujarat Fluorochemicals win Fame takeover Based in Mumbai and Bangalore, it functions as an Gujarat Fluorochemicals and its subsidiary Inox Leisure independent, full-service mobile advertising and have used the Rights issue of Fame India and open market marketing agency. transactions to up their combined stake to 72% at an According to Gartner, mobile advertising in India was $25- investment of $18.2mn. The deal values the company at 30 mn in 2011 and is expected to reach $200 mn by 2015. ~$100mn or at a ttm multiple of EV/Sales of 3.4x or EV/EBITDA of 33.7x. Gruner + Jahr acquires 70% in NetworkPlay The rival contender, Reliance ADAG, that has been a bitter Gruner+ Jahr, the publishing business of European media contender for the exhibition chain, did not participate in house Bertelsmann AG, has acquired 70% in Networkplay the rights issue. Their stake has now diluted from 35% to Media Ltd for an undisclosed amount. The deal marks an ~22.25% in Fame India. exit for existing investors Capital 18 and Goosefish Media The deal was important strategically for both parties. Ventures. BMR Advisors was the exclusive advisor to Reliance’s BIG Cinemas with 400 screens is the largest Capital 18 and WebChutney on the deal. cinema house in India. Inox’s Fame acquisition will Networkplay is a leading Indian digital ad network with possibly make it bigger than PVR (166 screens). According presence on Web, mobile and DTH platforms with 4bn to FICCI-KPMG report, multiplexes in India, though only impressions per month across 500 publishers and 300 15% of total screens account for one-third of Box Office advertisers. It is into publishing with iMedia collections. 2011 saw PVR, INOX and Cinemax add ~70 Communications. It also does events – hosts ad:tech, screens in India. The number of multiplex screens are Imedia Brand and Agency summits in India through its JV expected to double to 2200 by 2016. with DMG events. The 30 employee company is present in Fame India’s stock gained 54% in last one month to close Mumbai, Delhi and Bangalore. at Rs. 67.85 on Friday. Gruner + Jahr has made its second strategic investment in India with Networkplay. Its first investment was 78.75% Nirvana Ventures buys 10% of Games2Win stake buy in Maxposure media group, an upscale Nirvana Ventures Advisors has bought 10% stake in magazine publishing company. With this deal, G+J has Games2win for an undisclosed amount. The deal was also strengthened its digital presence in the country. a partial exit for existing investors Nexus India Pvt Ltd and ICICI Venture. PubMatic also does second acquisition: MobiPrimo Games2win is a leading mobile and online casual gaming PubMatic, online ad firm, has acquired MobiPrimo for an site with games in 23 languages visited by consumers undisclosed sum. The deal will allow PubMatic’s mobile across 200 countries. It is one of the top gaming platform to integrate directly with the mobile networks, companies on the iTunes App Store as well as the Android ad servers and demand-side platforms (DSPs). Market with over 30 apps. Its mobile apps recently Pune based MobiPrimo was founded in 2010. It specializes crossed the 10mn downloads mark. It is led by Alok in bringing mobile platform integration to companies such Kejriwal, CEO and co-Founder. Other investors in the firm as Nokia, Motorola and Microsoft. include Clearstone Venture Partners and SVB Holdings. Founded in 2006, PubMatic’s platform combines real-time Nirvana Venture Advisors invests in early-stage and bidding (RTB), brand protection tools, audience insights market leading companies in internet and mobile and hands-on support. Its investors are Draper Fisher segments. Its other investment includes yourNextLeap, Jurvetson, Nexus Venture Partners and Helion Ventures. It campus based social network developer. Patni Family are plans an IPO soon. Pubmatic had earlier acquired ReviNet , the anchor investors in the fund. a US based ad optimization firm, last year. Global Online gaming market is estimated to be around $30bn in 2012 by KPMG. Newscorp exits 11yr old investment in Hathway Newscorp has made an exit from Hathway Cable Networks MobiMasta acquired by AD2C for $72mn. It had made an investment in Sep 2000 of Rs. MobiMasta, a mobile marketing firm has been acquired by 3,427.2mn in Hathway through Asian Cable Systems pvt Affle and D2 Communications for an undisclosed amount. ltd. It has now sold to Providence Equity Partners (9.9%) MobiMasta was founded in 2009 and is based in Gurgaon. and Macquarie Bank(7.4%) at an absolute return of only AD2C is a JV from Affle, mobile messaging and advertising 4.4% in 11 years. Taking inflation into account, this is an company headquartered in Singapore and D2 exit at a loss. The transcation price of Rs. 145 per share Communications Inc, Japan based mobile advertising firm. was a discount of ~18% to the day’s closing price.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 The deal values the company at $416mn or at EV/Sales of Aurality Technologies is a Mumbai based Mobile 2.7x and EV/EBITDA of 21x on its FY11 consolidated applications development company started in 2011. It has numbers. Hathway had a consolidated turnover of Rs. a mobile app called Aurality that convests speech into 8,826mn in FY11 with an EBITDA of Rs.1104mn and a loss text. The funding will be used to scale up operations. of Rs. 236mn. Newscorp has presence in Indian DTH and Cable distrbution plays. Through its local arm, Star India, it holds News Update 30% stake in DTH leader Tata Sky. It also has a 50:50 JV with another cable operator – Den Networks called Star Indian Music industry gets 104 music sites blocked Den. Star DEN has entered into a 50:50 JV with Zee Turner In a big move against piracy, Indian Music Industry (IMI) names Media Pro Enterprises to distribute entire boquet has got orders from Calcutta High Court directing all of channels in India. This exit, hence looks like an exit from Internet Service Providers to block 104 music sites. The non-core assets. legal sites like Saregama, Gaana, nokia Music, Flipkart and Hathway Cable is one of the largest MSO & Cable more will gain from the move. Broadband service providers in India. It offers cable across While media companies like Reliance BIG Entertainment 140 cities and broadband acorss 21 cities in India with a and T-Series had been getting small wins, but this marks a ~52% market share in cable broadband. It is promoted by move against digital piracy on an industry level. Raheja Group. Hathway did an IPO in Feb 2010 and raised Digital music contributed 58% to the Rs. 9 bn music Rs. 4.8bn. Industry in 2011 compared to only 19% in 2007. Digital Previous investors included Chrys Capital and Morgan music sales overtook physical music sales in 2010 itself. Stanley Principal Investments. Chrys Capital had acquired Share of Physical music has declined to 29% in 2011. 13.26% stake in Hathway in Apr 2007 for Rs. 2.64bn. It has successfully exited in two rounds, once during IPO and IRS Q4 2011: Media grows 0.9% QoQ, led by TV, C&S and later in 2010, getting a total of Rs. 3.33bn back, or an Internet absolute return of 26% on its investment. The latest Indian Readership Survey results are out. Media Other existing investors include Kaup Capital and consumption grew 0.9% on a quarterly basis led by TV Norway’s Government Pension Fund Global. (1.9%), C&S (3.2%) and Internet (11.4%). Radio and Providence Equity Partners has made its second Indian Cinema witnessed a decline of over 1% each. Press was media investment with Hathway, the first being $60mn stable with 0.1% growth. investment in UFO Moviez. It has invested in over 130 In Top 10 English Dailies, there was no change in rank, companies globally since 1989, with focus on media, with TOI the undisputed leader with Average Issue communications and education. Readership (AIR) of 7.6mn. HT remained a strong #2, with AIR of 3.8mn. Among top10, seven dailies grew their AIR, mVAS: Ver Se acquires Eterno Infotech with maximum spurt seen by New Indian Express (7.4%). Ver Se Innovation has acquired Eterno Infotech for an Deccan Chronicle declined the maximum at -5.5%. th undisclosed amount. The deal also marks the exit of Rediff In Top 10 Hindi Dailies, Patrika grew 25% to reach 9 rank, from Eterno. Rediff had invested in the company in 2008. there was no change in top 5. Dainik jagran was the The terms were not disclosed. undisputed leader with AIR of 16.4mn, followed by Dainik Eterno Infotech owns the popular mobile app NewsHunt Bhaskar at 14.6mn. Both saw decline in AIR this quarter. that has over 10mn downloads till date. NewsHunt In Language Dailies, Malayala Manorama was the leader aggregates newspapers in 10 languages over mobile. with AIR of 9.9mn. Daily Thanthi was upsurped from Eterno’s app also has pre-embedded partnership with Number 2 position by Lokmat, that grew 1.7% QoQ to Nokia and MicroMax. reach AIR of 7.5mn. Ver Se has entered the mobile web space with this In Hindi Magazines, Pratiyogita Darpan was the leader transaction. The OnMobile incubated company provides with AIR of 2mn. New entrant Samanya Gyan Darpan, shot mobile oriented utility services across jobs, education, to number 3 position with AIR of 1.7mn. In English property and auto to over 390mn subscribers. magazines, India Today remained the leader with AIR of 1.6mn. mVAS: Aurality raises Seed Funding Aurality Technologies has raised a Seed Funding of $300k from a group of Angel investors including Google India’s Rajan Anandan, Vikas Taneja, Sunil Kalra of Indian Angel Network and Blume Ventures.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 TrackStock Market Update YoY. growth of 30% (Returns) Market Cap in .`mn Stock MCap (Mar 30) Price (Mar 30) 15 days 1m 3m 6m 1 yr P/E (TTM) Zee Entertai nment 1,21,336 126.6 1% 0% 7% 8% 2% 19.6 Sun TV Network 1,23,388 313.1 -1% 1% 14% 35% -28% 16.6 Di s h TV 67,963 63.9 17% 17% 9% -17% -4% NM DB Corp 40,227 219.5 3% 7% 17% 8% -12% 19.9 HT Medi a 31,928 138.4 3% -4% 9% -7% -6% 15.8 Ja gra n Pra ka s ha n 31,817 100.6 0% -6% 5% -9% -20% 17.8 Ha thwa y ca bl e 23,529 164.7 2% -1% 50% 89% 72% NM Eros Interna tiona l 16,618 181.2 -8% -2% -11% -25% 34% 12.9 Den Networks 13,701 105.0 6% 0% 118% 50% 25% 100.7 TV 18 Broa dca s t 10,012 27.7 6% -9% 3% -34% -70% NM ENIL 10,249 217.5 5% -8% -2% -17% -11% 18.3 Decca n Chroni cl e 7,394 34.6 -12% -21% -5% -37% -57% 92.1 Onmobi l e 6,927 60.1 -4% -16% -5% 0% -51% 6.6 Pri me Focus 5,971 43.0 -9% -20% -7% -23% -17% 6.6 Rel i a nce Broa dca s t 4,239 53.4 -3% 1% 6% -23% -28% NM Rel i a nce Medi a works 3,542 76.8 -9% -7% 13% -16% -49% NM PVR 3,856 148.3 7% 4% 15% 22% 44% 10.7 Ba l a ji Tel efi l ms 2,788 42.0 -5% 0% 27% 36% 28% 31.3 Ni fty 5296 0% -2% 15% 7% -9% Sens ex 17404 0% -2% 13% 6% -10%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.`mnDeskResearchDeskResearch high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as wellleading provider ofDeskResearchas global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For furtherDeskResearch Desk SeemaShukla at seema@four-s.com or reach us as http://www.four-s.comFour-S Services is Indias leading provider of high-information, please contactend 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 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.