Financials Television Broadcasts Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:28 2024-05-20 am EDT			5-day change	1st Jan Change
3.84 ^HKD	+3.50%		+2.95%	+21.52%

May. 14	TVB to Raise HK$109 Million from Share Issue to 2 Companies	MT
Apr. 15	Phoenix Media Investment to Launch New Channel on TVB’s Platform	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,361	3,500	2,063	1,616	1,385	1,626	-	-
Enterprise Value (EV) ¹	6,289	4,503	2,063	1,616	1,385	3,322	3,060	2,669
P/E ratio	-18.3 x	-	-3.18 x	-2.01 x	-1.82 x	-15.5 x	41.2 x	10 x
Yield	4.08%	-	-	-	-	-	-	-
Capitalization / Revenue	1.47 x	1.28 x	-	-	0.42 x	0.47 x	0.44 x	0.42 x
EV / Revenue	1.72 x	1.65 x	-	-	0.42 x	0.97 x	0.84 x	0.69 x
EV / EBITDA	13.6 x	-	-	-	-9.87 x	12 x	7.08 x	4.76 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.98 x	-	-	-	-	0.63 x	0.62 x	0.59 x
Nbr of stocks (in thousands)	438,000	438,000	438,000	438,000	438,218	438,218	-	-
Reference price ²	12.24	7.990	4.710	3.690	3.160	3.710	3.710	3.710
Announcement Date	3/25/20	3/24/21	3/23/22	3/28/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,649	2,724	-	-	3,323	3,430	3,662	3,883
EBITDA ¹	461	-	-	-	-140.3	276	432	561
EBIT ¹	51.91	-322	-	-	-513.6	-124	32	161
Operating Margin	1.42%	-11.82%	-	-	-15.46%	-3.62%	0.87%	4.15%
Earnings before Tax (EBT) ¹	-296.9	-344.7	-	-	-818.5	-174	-18	111
Net income ¹	-294.9	-280.9	-646.7	-807.1	-762.8	-114	42	171
Net margin	-8.08%	-10.31%	-	-	-22.96%	-3.32%	1.15%	4.4%
EPS ²	-0.6700	-	-1.480	-1.840	-1.740	-0.2400	0.0900	0.3700
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share	0.5000	-	-	-	-	-	-	-
Announcement Date	3/25/20	3/24/21	3/23/22	3/28/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	928	1,003	-	-	-	1,696	1,434	1,043
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.013 x	-	-	-	-	6.145 x	3.319 x	1.859 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-5.07%	-	-	-	-	-4.1%	1.5%	5.9%
ROA (Net income/ Total Assets)	-3.13%	-	-	-	-	-1.8%	0.7%	2.8%
Assets ¹	9,426	-	-	-	-	6,333	6,000	6,107
Book Value Per Share ²	12.40	-	-	-	-	5.880	5.970	6.340
Cash Flow per Share ²	-	-	-	-	-	0.5500	0.8800	1.160
Capex ¹	-	-	-	-	-	100	100	100
Capex / Sales	-	-	-	-	-	2.92%	2.73%	2.58%
Announcement Date	3/25/20	3/24/21	3/23/22	3/28/23	3/27/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.71 HKD

Average target price

5.5 HKD

Spread / Average Target

+48.25%

	1st Jan change	Capi.
TELEVISION BROADCASTS LIMITED	+23.10%	208M
FOX CORPORATION	+10.72%	14.79B
NEXSTAR MEDIA GROUP, INC.	+8.17%	5.57B
RTL GROUP S.A.	-13.47%	5.09B
NIPPON TELEVISION HOLDINGS, INC.	+34.26%	3.34B
SUN TV NETWORK LIMITED	-5.27%	3.19B
TEGNA INC.	-1.57%	2.55B
M6 MÉTROPOLE TÉLÉVISION	+4.79%	1.85B
PT ELANG MAHKOTA TEKNOLOGI TBK	-25.08%	1.69B
NINE ENTERTAINMENT CO. HOLDINGS LIMITED	-22.90%	1.67B