Shamaroo
Entertainment - CMP 360
Company
is into film aggregation and monetisation through tradition media and New media
like You Tube with New Media revenue growing over 35% share of revenue of 24%.
Company has increase its investment in films though increase in Inventory of
longer duration right.
Company
came out with inline number in Q1 post impact of Demonetisation in previous 2
quarter. In Q1 again inventory increased by 75cr but management clarified that
this Inventory is mainly of regular business and not increase in Investment as such
will correct over coming quarters. Company was into increasing its Investment
portfolio in films since last 3-4 years and was expected to come out of its
Investment phase in the current year which will help it to generate free
cash flow.
Management
has given guidance of FY 18 closing inventory to be lower than FY17 Inventory
which indicate Investment phase is over and company can start generating free
cash flow which can rerate the stock. Stock is trading at PE of 12x. Outlook
Positive.
We
recommend buy for medium and long term as well. And expect at least 100% return
in 1-3 years.
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