ICICI Direct has given Buy recommendation for TV Today Network with a target price of Rs. 375 in its research report issued on May 16, 2022

ICICI Direct’s research report on TV Today Network

TV Today Network (TV Today) is leading news company engaged in broadcasting operations. Part of the India Today Group, the company operates mainly in three segments—digital, television and radio broadcasting. It has consistently maintained its leadership in Hindi new segment across the last two decades.

Outlook

We upgrade from HOLD to BUY post sharp decline of 33% in last month. We believe that with stable double digit growth, healthy return ratio and operating leverage, current valuations (at 7.4x FY24 P/E) provide a margin of safety. We value TV Today at Rs 375 i.e. 10x FY24E P/E.

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