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More from Tar ⚡
Open Question to fellow investors tracking Music Industry.
A business like Universal which controls more than 1/3rd of all published music globally is selling for less than 6x FY20 Sales.
Why are Indian businesses like Saregama / Tips selling for 11x, 20x their sales?
If I include all of the revenue generated by entire firm, its selling for ~4.5x FY20 Sales
Universal Listing Market Cap ~ 40 Billion USD
FY 20 Revenues ~ 8.87 B USD or 7.4B EUR
Catalogue of Music includes every international artist you can possibly name
Either Universal is grossly undervalued or Saregama/Tips are grossly overvalued.
https://t.co/aHzWSYtcUt
https://t.co/v0EMoCuYKX
A business like Universal which controls more than 1/3rd of all published music globally is selling for less than 6x FY20 Sales.
Why are Indian businesses like Saregama / Tips selling for 11x, 20x their sales?
If I include all of the revenue generated by entire firm, its selling for ~4.5x FY20 Sales
Universal Listing Market Cap ~ 40 Billion USD
FY 20 Revenues ~ 8.87 B USD or 7.4B EUR
Catalogue of Music includes every international artist you can possibly name
Either Universal is grossly undervalued or Saregama/Tips are grossly overvalued.
https://t.co/aHzWSYtcUt
Homework for all the interested participants here:
— Intrinsic Compounding (@soicfinance) June 27, 2021
Q1.Why 20% and not 50%+ Margins for UMG
Q2. Differences in dynamics between Western&Indian cos?
Q3. Trends in West vs Trends in India in the industry.
Research and find the answers. My job is done \U0001f601\U0001f64f
https://t.co/v0EMoCuYKX
If you see the ebitda of universal music its low 20% compared to our saregama 30% or tips 50%. So when you compare earnings saregama is 40x and tips is 30x and universal music is 30x. Also these type of companies are less( low or no capex with excellent and growinh cashflows)
— Srikanth V (@mynameisnani75) June 27, 2021
More from India
Dumb£dk@r wasn't like Pe£riyar?
He was an Anti-Hindu m0r0n just like Periy@r.
Yes it's true that he criticised K2@s but that doesn't make him any useful for Hindus.
His writings will remind you a lot of JNU Urban Naxals like Kanhaiya.
"Ancient Hindus had no sexual morals, brother cohabited with sister, son with mother, father with daughter... Men freely shared women & none had exclusive right over her... Prostitution flourished in the worst form...bestiality prevailed, done even by Rishis."
Riddles in Hinduism
This is what Shri Ram said in Kishkindha-Kanda of Valmiki Ramayana regarding such immoral relationships.
But how could Neela Katt@ppa not realize this?
Because he severely lacking analytical capabilities of Hindu texts.
"Hindu Gods were miserable cowards who had to hide behind their wives to save themselves from Asuras. How could these cowards give power to Shakti? Did the Brahmins invent the practice of worshipping of Goddesses to put a new commodity in the market?"
Riddles in Hinduism.
He was an Anti-Hindu m0r0n just like Periy@r.
A wonderful piece from the Quora space "Tamil Right-Wingers"https://t.co/qokR0GQw4A
— Soumili Das (\u0938\u094c\u092e\u093f\u0932\u0940 \u0926\u093e\u0938 ) (\u09b8\u09cc\u09ae\u09bf\u09b2\u09c0 \u09a6\u09be\u09b8 ) (@Soumili_Squeaks) February 2, 2021
Yes it's true that he criticised K2@s but that doesn't make him any useful for Hindus.
His writings will remind you a lot of JNU Urban Naxals like Kanhaiya.
"Ancient Hindus had no sexual morals, brother cohabited with sister, son with mother, father with daughter... Men freely shared women & none had exclusive right over her... Prostitution flourished in the worst form...bestiality prevailed, done even by Rishis."
Riddles in Hinduism
This is what Shri Ram said in Kishkindha-Kanda of Valmiki Ramayana regarding such immoral relationships.
But how could Neela Katt@ppa not realize this?
Because he severely lacking analytical capabilities of Hindu texts.
"Hindu Gods were miserable cowards who had to hide behind their wives to save themselves from Asuras. How could these cowards give power to Shakti? Did the Brahmins invent the practice of worshipping of Goddesses to put a new commodity in the market?"
Riddles in Hinduism.