Television Broadcasts Limited, together with its subsidiaries, engages in terrestrial television broadcasting, program production, and other television-related activities in Hong Kong, Mainland China, Malaysia, Singapore, the United States, Canada, Vietnam, Australia, Europe, and internationally.
The last earnings update was 41 days ago.
Discounted Cash Flow Calculation for OTCPK:TVBC.Y using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for
is arrived at by discounting future cash flows to their present value using the 2 stage method.
We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
OTCPK:TVBC.Y DCF 1st Stage: Next 10 year cash flow forecast
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
Television Broadcasts's share price is below the future cash flow value, and at a moderate discount (> 20%).
Television Broadcasts's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
is considered below, and whether this is a fair price.
Price based on past earnings
Television Broadcasts's earnings available for a low price, and how does
this compare to other companies in the same industry?
Television Broadcasts's earnings are expected to grow significantly at over 20% yearly.
Television Broadcasts's revenue is expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Television Broadcasts's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
has a total score of
0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
A company's financial position is much like your own financial position,
it includes everything you own
The boxes below represent the relative size of what makes up
Television Broadcasts's finances.
The net worth of a company is the difference between its assets and liabilities.
Television Broadcasts is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Television Broadcasts's cash and other short term assets cover its long term commitments.
This treemap shows a more detailed breakdown of
Television Broadcasts's finances. If any of them are yellow this
indicates they may be out of proportion and red means they relate to one of the
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Low level of unsold assets.
Debt is covered by short term assets, assets are 1.5x debt.
Nearly all companies have debt. Debt in itself isn’t
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.
The graphic below shows equity (available funds) and debt, we ideally want to
see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and
whether the level has increased over the past 5 years.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
TENURE AS CEO
Mr. Po On Lee, also known as Mark, has been Group Chief Executive Officer of Television Broadcasts Limited since September 15, 2009 and also has been its Executive Director since March 24, 2010. Mr. Lee served as Group General Manager of Television Broadcasts Limited from September 15, 2009 to December 31, 2014. He served as the Chief Executive Officer of Television Broadcasts Limited. He served as a General Manager of Finance and Administration at Television Broadcasts Limited from February 2007 to September 2009. Mr. Lee has 30 years of financial and commercial experience including working with KPMG and Asia Television Limited. From 1988 to early 2007, he worked as an Executive Director of a Hong Kong listed consortium engaged in real estate, hotel, media, entertainment and retail business in Hong Kong and overseas. He served as Non-Executive Independent Director at Tat Seng Packaging Group Ltd. since April 22, 2016 until April 26, 2019. He served as Non-Executive & Independent Director of Hanwell Holdings Limited since August 10, 2012 until April 26, 2019. Mr. Lee is a Member of the Institute of Chartered Accountants in England and Wales and also a Member of the Hong Kong Institute of Certified Public Accountants.
Mark's compensation has increased whilst company is loss making.
Mark's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the
management team in years:
The average tenure for the Television Broadcasts management team is over 5 years, this suggests they are a seasoned and experienced team.
Group CEO & Executive Director
Shin Keong Cheong
GM of Broad Casting & Executive Director
To Thomas Hui
CFO & Company Secretary
Deputy General Manager of Legal & International Operations
Chief Research Officer & Senior VP
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Television Broadcasts board of directors is about average.
Television Broadcasts Limited, together with its subsidiaries, engages in terrestrial television broadcasting, program production, and other television-related activities in Hong Kong, Mainland China, Malaysia, Singapore, the United States, Canada, Vietnam, Australia, Europe, and internationally. It operates through Hong Kong TV Broadcasting, myTV SUPER, Big Big Channel Business, Programme Licensing and Distribution, Overseas pay TV and TVB Anywhere, and Other Activities segments. The Hong Kong TV Broadcasting segment is involved in the broadcasting of television programs and commercials on terrestrial TV platforms; production of programs; and co-production of dramas. The myTV SUPER segment provides over-the-top services; and operates Website portals. The Big Big Channel Business segment operates an online social media and e-commerce platform; and provides music entertainment services. The Programme Licensing and Distribution segment distributes television programs and channels to telecast, video, and media operators. The Overseas pay TV and TVB Anywhere segment offers pay television services to subscribers. The Other Activities segment engages in magazine publishing, movie production, property investment, and other activities. The company also offers agency services on advertisements, design, television programs, and film rights; provides consultancy, management, and agency services to artistes; and produces, publishes, and licenses musical works and sells sound recordings, as well as offers corporate finance services. In addition, it produces motion pictures for theatrical release and distribution; provides satellite and subscription television programs; and licenses and distributes films. Further, the company engages in production of programs and provision of marketing materials; and provision of programming and channel services. The company was founded in 1967 and is headquartered in Kowloon, Hong Kong.
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