- 2019 Deal Closing - Strategic Review -- Strategic Review with CITI -- About to close a pending deal (CC: Lawyers told CEO to STFU until its done) -- 1Q20 ER CC 10/8:
- 2019 CARE upgrade in 30-60 days or so, November-December -- 1Q20 ER CC 10/8:
Upcoming Film Releases • Flesh by Siddharth Anand (target release Q2 FY20) • Brahmm by Gaurav Sharma (target release Q2 FY20) • Halahal, a digital film by Zeishan Qadri (target release Q3 FY20) • Avatar: The Legend of Vishnu by Anirudh Pathak and Sree Narayan Singh (target release Q4 FY20) • Metro Park 2 by Abi Varghese and Ajayan Venugopalan (target release Q4 FY20) • Crisis by Gaurav Chawla and Nikhil Advani (target release Q4 FY20) • Ponnyein Selvin (target release FY Y21) • Smoke 2 by Neel Guha (target release FY Y21) • Bhumi by Pavan Kripalani (target release FY Y21)
+++
Financials / Valuation Metric:
1Q20 Ending 2019-06-30, as stated on 2019-10-07 - OS 137M (fully diluted class A + B as of 2019-09-06 ???) - Total Cash $81M - Current Receivables $209M -- Fair value $130M -- Amortised cost $79M - Current Assets $299M - Current Liabilities $263M - Working Capital $36M - Total Assets $1051M - Total Liabilities $372M - Equity $679M or $4.96/sh - Net cash generated from operating activities $10M
EV calculus using Total Liabilities: OS 137M (fully diluted class A + B) MCAP-1 137M x $1.40 = $192M MCAP-2 137M x $4.00 = $548M Total Liabilities $372M Total Cash $81M EV-1 $483M EV-2 $839M
Full fiscal year 2020 forecasting: Revenue $200M - $220M, adjusted EBITDA $80M - $95M and net debt $100M - $110M
Using revenue full year $200M as the lower end.
1) EV/R 2.42, P/S 0.96 (mcap-1 $192M, 137M sh x $1.40/sh) 2) EV/R 4.20, P/S 2.74 (mcap-3 $548M, 137M sh x $4.00/sh) **** Min Target ****
EIM - Eros International Media Limited (Traded in India) EROS - Eros International Plc (Traded on NYSE)
Simply using MCAP and SP of 2019-10-17 Pre-Market, the proportion is important.
37.62% of EIM MCAP ~160 cr = $22M -> 100% EIM $58.48M Traded daily now 17 INR x 200k = $48k
EROS MCAP $205M (137M diluted OS A + B @ $1.50) Traded avg $1.50 x 4M = $6M (1 Crore = 10,000,000 = 10 Million)
EROS owns ~62.4% of EIM: $36.5M, 22.5% of EROS MCAP
EROS 77.5%: Eros Digital FZ-LLC and 'Other Int Subs': $159M - Eros Digital FZ-LLC includes Eros Now - Other Int Subs: -- Big Screen Entertainment Pvt Ltd (64% share) -- Colour Yellow Productions Pvt Ltd (50% share) -- Copsale Limited -- Digicine Pte Ltd -- Eros Animation Pvt Ltd -- Eros International Distribution LLP (99.8% share) -- Eros Music Publishing Limited -- Eyeqube Studios Pvt Limited (99.9% share) -- Techzone 56060