TELEVISION BROADCASTS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3.19 HKD | +2.24% |
|
+8.14% | +0.95% |
| Apr. 15 | Phoenix Media Investment to Launch New Channel on TVB’s Platform | MT |
| Apr. 15 | TVB Plus to Launch on TVB's Domestic Free TV Platform | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,361 | 3,500 | 2,063 | 1,616 | 1,385 | 1,398 | - |
| Enterprise Value (EV) 1 | 6,289 | 4,503 | 2,063 | 1,616 | 1,385 | 3,163 | 2,953 |
| P/E ratio | -18.3 x | - | -3.18 x | -2.01 x | -1.82 x | -5.23 x | -16 x |
| Yield | 4.08% | - | - | - | - | 31.3% | 29.5% |
| Capitalization / Revenue | 1.47 x | 1.28 x | - | - | 0.42 x | 0.4 x | 0.38 x |
| EV / Revenue | 1.72 x | 1.65 x | - | - | 0.42 x | 0.9 x | 0.81 x |
| EV / EBITDA | 13.6 x | - | - | - | -9.87 x | 54.5 x | 11.8 x |
| EV / FCF | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - |
| Price to Book | 0.98 x | - | - | - | - | 0.51 x | 0.53 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 | 3.190 | 3.190 |
| Announcement Date | 3/25/20 | 3/24/21 | 3/23/22 | 3/28/23 | 3/27/24 | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 3,649 | 2,724 | - | - | 3,323 | 3,495 | 3,647 |
| EBITDA 1 | 461 | - | - | - | -140.3 | 58 | 250 |
| EBIT 1 | 51.91 | -322 | - | - | -513.6 | -242 | -50 |
| Operating Margin | 1.42% | -11.82% | - | - | -15.46% | -6.92% | -1.37% |
| Earnings before Tax (EBT) 1 | -296.9 | -344.7 | - | - | -818.5 | -279 | -87 |
| Net income 1 | -294.9 | -280.9 | -646.7 | -807.1 | -762.8 | -266 | -89 |
| Net margin | -8.08% | -10.31% | - | - | -22.96% | -7.61% | -2.44% |
| EPS 2 | -0.6700 | - | -1.480 | -1.840 | -1.740 | -0.6100 | -0.2000 |
| Free Cash Flow | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.5000 | - | - | - | - | 1.000 | 0.9400 |
| Announcement Date | 3/25/20 | 3/24/21 | 3/23/22 | 3/28/23 | 3/27/24 | - | - |
1HKD in Million2HKD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | 928 | 1,003 | - | - | - | 1,765 | 1,555 |
| Net Cash position 1 | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.013 x | - | - | - | - | 30.43 x | 6.22 x |
| Free Cash Flow | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | -5.07% | - | - | - | - | -9.3% | -3.3% |
| ROA (Net income/ Total Assets) | -3.13% | - | - | - | - | -4.1% | -1.4% |
| Assets 1 | 9,426 | - | - | - | - | 6,488 | 6,357 |
| Book Value Per Share 2 | 12.40 | - | - | - | - | 6.200 | 5.990 |
| Cash Flow per Share 2 | - | - | - | - | - | 0.3400 | 0.7800 |
| Capex 1 | - | - | - | - | - | 100 | 100 |
| Capex / Sales | - | - | - | - | - | 2.86% | 2.74% |
| Announcement Date | 3/25/20 | 3/24/21 | 3/23/22 | 3/28/23 | 3/27/24 | - | - |
1HKD in Million2HKD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
2
Last Close Price
3.19
HKD
Average target price
6.6
HKD
Spread / Average Target
+106.90%
EPS Revisions
Annual profits - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +0.95% | 179M | |
| +5.19% | 14.26B | |
| +1.38% | 5.31B | |
| -16.48% | 4.82B | |
| +45.47% | 3.58B | |
| -6.70% | 3.14B | |
| -11.50% | 2.38B | |
| +12.06% | 1.95B | |
| -46.89% | 1.68B | |
| -26.49% | 1.55B |
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