Team Comm: Die Sal Oppenheimstudie - 500 Beiträge pro Seite

[3030]

Dies steht auf der Team Homepage unter Sal Oppenheimstudie. Eigentlich habe ich mir etwas genaueres erwartet. Wenn SO für diese 2 Seiten 1/2 Jahr gebraucht hat, möchte ich diese Analysten nicht bezahlen müssen.

INTRA-DAY NOTE October 13, 2000
John Mills-Pierre 212.409.2137/Ryan Sullivan 212.409.2252
Team Communications Group, Inc. (TMTV—$5 13/16—NASDAQ)
` Rating: NEAR-TERM ACCUMULATE
LONG-TERM BUY
Risk Factor: Liquidity
Current Fair Value $9.78 Shares Outstanding: 14.1M
12-Mo Fair Value: $11.78 Equity Market Cap: $82.2M
Upside Potential 20% Avg. Daily Vol.: 28,500
Source: Ladenburg Thalmann Estimates
Statistical Info:
TMTV: Initiating Coverage with a NEAR-TERM ACCUMULATE and LONG-TERM BUY Rating With a Current
Fair Value of $9.78
• We are initiating coverage of Team Communications Group, Inc. with a NEAR-TERM ACCUMULATE/LONG-TERM BUY
rating and a current fair value for the stock of $9.78 per share, increasing to $11.78 by year-end 2001 (102% above
present levels). We believe this growth in the stock will be fueled by its focus on growing its library of proprietary
programming and leveraging this content across multiple global entertainment platforms.
• Formed in February 1995, Team has focused its efforts on the development, production, and distribution of television
programming, including dramatic and reality-based series, specials and made-for-television movies for the global
television market. Currently, its on-air programs are featured in 135 countries; it currently has nearly 4,000 hours of
programming inventory in its library. Furthermore, it currently has 90 hours of product in development with nearly 70%
pre-sold.
• Team understands the value of strategic joint ventures, both as a mitigation of financial risk and an ability to produce
more high-quality programming. The company currently has relationships with Alliance Atlantis, Fox Family Network,
United/Chris-Craft television, Rysher Entertainment and PBS — to name a few. In addition, the company’s
relationship with leading talent group CAA (Creative Arts Agency) will give the company access to the industry’s
leading acting and directing talent, thereby raising the notoriety of future projects.
• Team’s Key Strategies: Build the Library; Distribute Product; Continue to Develop International Operations; and
Forge Strategic Partnerships.
COMPANY SUMMARY
• TMTV’s production activities are focused on programming produced for United States cable and network television
channels such as The Discovery Channel, The Family Channel, Showtime Networks and USA Network. Although the
U.S. is the company’s primary market, Team is leveraging the high-profile nature of American-based television to
distribute television programming in the International market, notably Europe.
More detailed note with valuation models to follow…
1996E 2000A 2000FV 2001FV 2002FV 2003FV
Team Communications Shares (TMTV-NASDAQ) 14.3 14.9 15.3 15.9 16.0
Total 20.0 #REF! 14.25 14.90 15.30 15.90 16.00
Price / Fair Value (2000 Current; 2000-2003 Year End Fair Value-Euro) 6.67 EURO 11.22 EURO 13.52 EURO 14.49 EURO 16.65 EURO
Year over Year Percent Change 68.3% 20.5% 7.2% 14.9%
3 Year CAGR 29.5% 14.1%
Price / Fair Value (2000 Current; 2000-2003 Year End Fair Value-US Dollars) $5.81 $9.78 $11.78 $12.63 $14.51
Year over Year Percent Change 68.3% 20.5% 7.2% 14.9%
ChangeFrom Current Price - Fair Value; Fair Value to Fair Value 102.7% 7.2% 14.9%
3 Year CAGR 29.5% 14.1%
Equity (at Market) $82.8 $145.7 $180.3 $200.8 $232.2
Estimated Year-End Debt #REF! $0.0 $0.0 $0.0 $0.0 $0.0
Minority Interest #REF! $0.0 $0.0 $0.0 $0.0 $0.0
Total Enterprise Value #REF! $82.8 $145.7 $180.3 $200.8 $232.2
Less: Estimated Year-End Cash & Option Proceeds #REF! ($7.8) ($7.8) ($20.2) ($19.5) ($31.8)
Other Assets-Detail Below ($5.5) $0.0 $0.0 $0.0 $0.0 $0.0
Adjusted Enterprise Value #REF! $75.1 $138.0 $160.1 $181.3 $200.5
PRO-FORMA ADJUSTED EBITDA FOR VALUATION $6.2 $9.2 $9.2 $13.3 $16.5 $20.0
Multiple Of 2000 EBITDA 8.2x
Multiple Of 2001 EBITDA 5.6x
Fair Value Multiple Applied To EBITDA 15.0x 12.0x 11.0x 10.0x .
Multiple-To-Growth
Pro Forma Cash Flow Year/Year % Chg 48.2% 48.2% 45.0% 23.5% 21.6%
3 Year Foward CAGR For Cash Flow Beginning In Year 38.5% 29.7% 29.7% 22.8% 22.7% 23.3%
5 Year Foward CAGR For Cash Flow 27%
2000 EBITDA Multiple As % Of 1999-2002 CAGR 21.2%
2000 EBITDA Multiple As % Of 2000-2003 CAGR 27.5%
2000 Fair Value EBITDA Multiple As % Of 2000-2003 CAGR 50.6%
2001 Fair Value EBITDA Multiple As % Of 2001-2004 CAGR 52.6%
2002 Fair Value EBITDA Multiple As % Of 2002-2005 CAGR 48.4%
2003 Fair Value EBITDA Multiple As % Of 2003-2006 CAGR 43.0%
Source: Ladenburg Thalmann Estimates
Team Communications, Inc. - EBITDA Valuation Model (In U.S. Dollars, Unless Otherwise Specified)

[akter]

big thanks 3030

+102% fair value