WCDMA Media's 136 million yuan shares in Xinjiang Broadcasting Network
Written in the front: Hua Digital Media produced a detailed asset assessment report with its own set of logic. This valuation method is no different from traditional companies. However, Radio and TV Network Company is directly "possessing" users, and it is a charging user. The valuation of the radio and television network company provides another way. In fact, the user-based approach is also a common valuation method for Internet companies.
According to disclosure information, Xinjiang Radio and TV network has 1.47 million self-owned users and 550,000 network users in 2014, and the total user coverage is 2 million. From January to November 2014, Xinjiang Radio and TV Network had an operating income of 590 million yuan and a net profit of 72.47 million yuan. If calculated according to the simple weighted average method, Xinjiang Radio and TV Network’s annual revenue for 2014 was approximately RMB 650 million and net profit was approximately RMB 79.06 million.
It is worth noting that in 2011 Xinjiang Radio and Television Network had already increased its capital by one time. At that time, Huada Media’s parent company, Huada Group, was also a participant. It invested 53.333 million yuan to obtain a 7.5% stake in Xinjiang Radio and TV Network. If calculated according to this price, Xinjiang Radio and TV Network's valuation in 2011 was approximately RMB 711 million, which was a 91% increase from the 2011 valuation in 2014.
So where is the source of this valuation growth?
First comes from the increase in the number of users. According to previous announcements, Xinjiang Radio and Television Network had approximately 1 million own users and 400,000 connected users in 2011. In 2014, this figure has increased to 1.47 million and 550,000. If the users of each protocol are converted according to 1/2 owning users, from 2011 to 2014, users of Xinjiang Broadcasting and Television Network will increase from 1.2 million to 1.75 million, with an increase rate of 46%.
We noticed that in the announcement dated January 4, 2015, "Xinjiang radio and television network has achieved two-way, two-way business penetration rate ranks first in the country's radio and television," which shows that in addition to user growth, the quality of the network and users is also improved. Very important factor.
According to the announcement, Xinjiang Radio and TV Network's revenue in 2011 was approximately 333 million yuan and net profit was 76.99 million yuan. In 2014, the revenue (weighted average) was approximately 650 million yuan and net profit was approximately 79.06 million yuan.
Calculated from the total number of users (2011 1.4 million in 2011, 2.02 million in 2014), the ARPU per capita in income level was 19.82 yuan in 2011 and 26.82 yuan in 2014. If calculated according to the conversion of own users, this value is 23.12 yuan, 30.95 yuan, an increase of 34%. However, in addition to the growth of the interactive TV business, a substantial part of the increase in the ARPU value has also come from the increase in the basic subscription fee of Xinjiang Radio and TV Network 2013.
From the perspective of the growth rate of user scale combined with the increase in user ARPU, the sum of both increases in line with the growth rate of the total valuation.
If calculated by total (conversion) users, the per-user value of Xinjiang Radio and TV network is approximately 592 yuan in 20111, approximately 779 yuan in 2014, an increase of approximately 32%, which is also consistent with the increase in ARPU of users.
Same type case reference
Case 1: Tianjin Broadcasting Network
In June 2013, E-Media Media's subsidiary Huafengda announced that it had received a 3.39 percent stake in Tianjin Internet Corporation held by Tianjin Radio, Television and Movie Group for RMB 66.75 million. At the same time when the aforementioned equity was transferred, Huafengda increased the capital of Tianjin Internet Corporation by RMB 35,407,500. After the transfer and capital increase, it held a total of 4.99% of the shares of Tianjin Internet Corporation. If calculated according to this price, Tianjin Radio and TV network is estimated to be 2 billion yuan.
According to the announcement, the revenue of Tianjin Radio and TV network in 2012 was approximately 930 million yuan, net profit 77,400,000 yuan, and 2.71 million total users.
Tianjin Radio and TV network user ARPU value is about 28.60 yuan, each user is estimated at about 738 yuan. If the time difference is not considered, the user ARPU value and per-user value of Tianjin Broadcasting and Television Network are close to those of the Xinjiang Broadcasting and Television Network.
Case 2: Guizhou Radio and TV Network
In April 2013, Gehua Cable announced that it had signed a “Share Transfer Agreement†with Guizhou Radio and Television Network share transfer party Guizhou Radio Film and Television Investment Co., Ltd. The company transferred 39,963,285 shares of Guizhou Provincial Grid with its own funds of 140 million yuan, and the ratio of shares was 4.8%.
At the same time, Hua Digital Media announced an external investment announcement, announcing that it had signed a “Share Transfer Agreement for Guizhou Radio and Television Information Network Co., Ltd.†with the Guizhou Investment Company. The company received RMB 93.25 million of its own funds from Guizhou Radio and Television. Network 26,642,190 shares, accounting for 3.2% of the registered capital of Guizhou Radio and TV network.
If calculated in accordance with this price, Guizhou Radio and TV network valuation of 2.9 billion.
According to the announcement, the revenue of Guizhou Radio and TV Network in 2012 was approximately RMB 1.204 billion, net profit was RMB 140 million, and total users were 3.9 million.
The ARPU of Guizhou Radio and TV network users is approximately RMB 25.73, with a valuation of approximately RMB 744 per user. If we do not consider the time difference, Guizhou Radio and TV network user ARPU value and per-user value is slightly lower than Xinjiang Radio and Television Network.
Case 3: Xining Cable
In July 2011, E-Media Media Holdings subsidiary Huafengda Cable Network Holdings Co., Ltd. announced that it will acquire Xining Digital TV Network Information Network Co., Ltd. held by Sichuan New Century Cable TV Network Construction Co., Ltd. for 17.09% in cash. The company’s equity will also be increased by 60 million yuan in cash to Xining. After the completion of the acquisition and capital increase, Huafengda will hold 49% of the equity of Xining Network. If calculated according to this price, Guizhou Radio and TV network is estimated to be 163 million yuan.
According to the announcement, Xining Cable's revenue in 2010 was approximately 56.42 million yuan, net profit was 5.01 million yuan, and total subscribers were 157,200.
Xining cable users ARPU value is about 29.91 yuan, a value of about 1037 yuan per user. It can be seen that although the ARPU value is comparable to that of several other companies, the per-user valuation is much higher, which is mainly due to the high expectations caused by the triple play concept in 2010.
Another dimension: listed companies
Perhaps from the perspectives of the market value, user, and revenue of the four cable TV stocks in the full sense of the listed companies Tianwei Video, Shaanxi Broadcasting and TV Networks, Hubei Broadcasting and TV Network, and Gehua Cable, another dimension is compared.
In 2013, the revenues of Tianwei Video, Shaanxi Radio and TV Network, Hubei Radio and TV Network, and Gehua Cable were 930 million yuan, 2.032 billion yuan, 1.154 billion yuan, and 2.25 billion yuan respectively. The number of users was 1.12 million, 6.21 million, 3.92 million, and 5.24 million.
According to the overall stock price performance of listed companies in 2013, the average market value of the above four listed companies in 2013 was roughly estimated at 5 billion, 4.5 billion, 7.6 billion and 9 billion yuan.
The ARPU of each listed company's users is approximately 69 yuan, 27.3 yuan, 24.6 yuan, and 35.8 yuan. Each listed company has a valuation of approximately 4,464 yuan, 725 yuan, 1,939 yuan, and 1,718 yuan per user. The valuations of Shaanxi Radio and TV Network and Tianwei Video are abnormal. There are many factors such as the statistical standards of users and the expectations of the capital market, which are only indicative. But overall, the valuation of listed companies' users is generally higher than that of non-listed companies, which shows the reasons for the listing of companies.
The industry generally believes that the cable TV single user value in the general area is about 1,000 yuan, while the average developed area is about 1,500 yuan, and the developed area is about 2,000 yuan.
Reaffirmed: As the volatility of the capital market and the lack of relevant financial information, the above analysis is for reference only and does not have any basis.
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