Fundamental Result Update

Shemaroo Entertainment Ltd



The company showed fall in performance for the quarter with revenue falling at 8.1% YoY and 16.2% sequentially on standalone front. On consolidated front the revenue fell by 3.9% YoY. Revenue from digital media continued the upward curve with 45.4% growth rate when compared to corresponding quarter of previous year. Share of new media to revenue grew to 26.2% vs. 17% in corresponding quarter of previous year and 20.9% sequentially.

Valuation: The company has positive outlook towards growth in media sector and plans to expand in digital media business. At CMP of Rs 361 company trades at a P/E multiple of 9.9 (x) its FY 19 estimates. We have valued the stock at its FY 19E forward P/E of 11.5 (x) and arrived at a fair value of Rs 421 per share. We have “ACCUMULATE” rating on the company.


Tags: FundamentalResult Update


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