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TVN SA is a Poland-based media group. The Company owns and operates ten television channels - three free to air (FTA) channels: TVN, its principal channel for broadcasting entertainment, news and affairs programs, TVN 7 and TTV, as well as seven thematic pay channels: TVN 24, TVN Style, TVN Turbo, TVN CNBC, TVN Meteo, ITVN and local NTL Radomsko. Additionally, the Company operates TVN Player (VoD), TVN Media (advertising sales house), Telezakupy Mango 24 (a teleshopping channel) and also holds interests in Grupa Onet.pl SA. The Company's major shareholder is International Investments Holdings SA, based in Luxembourg. The broadcaster was co-founded by Polish businessmen Mariusz Walter and Jan Wejchert in 1997

Finance

TVN has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 0.522% a year during that time to total of PLN 532 mil in 2014, or 33.4% of sales. That’s compared to 27.4% average margin seen in last five years.

The company netted PLN 195 mil in 2014 implying ROE of 20.2% and ROCE of 5.98%. Again, the average figures were 3.96% and 1.52%, respectively when looking at the previous 5 years.

TVN’s net debt amounted to PLN 2,032 mil at the end of 2014, or 2.10 of equity. When compared to EBITDA, net debt was 3.82x, down when compared to average of 6.39x seen in the last 5 years.

Valuation

TVN stock traded at PLN 16.2 per share at the end of 2014 resulting in a market capitalization of USD 1,588 mil. Over the previous five years, stock price grew by 14.5% or 2.74% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 13.3x and price to earnings (PE) of 28.9x as of 2014.