Embed Size (px)
DESCRIPTION
IPL Business Model.pdf
Citation preview
1
Participate in a media property of the future – India Cements Ltd
Yasmin Shah (+91-22-6639 9175)[email protected]
15 April 2008
Dhaval Parekh (+91-22-6639 9128)[email protected]
Indian Premier League (IPL)
Nitesh Momaya(+91-22-6639 9181)[email protected]
2
Opening doors to the next big media movement Indian Premier League ushers in a new era of marketing of sports in India. We take this opportunity to analyze IPL and compare it with leagues like EPL and ICL (Indian Cricket League).
IPL- already a US$2bn property, is essentially an attempt to sell cricket as a reality show. Creation of club culture – would be key to its success. Nevertheless IPL provides a new entertainment genre which cuts across classes.
Some of the franchisee would look at IPL as a means to promote their brand (UB group) while the others would look it as a financial investment e.g. (India Cements).
The concept is yet to evolve and revenues streams though difficult to predict would be numerous. Our belief is that the three successful teams could easily do revenues of Rs3bn per year in the next three-four years and all the teams are likely to turn profitable after two-three years. Their OPMs could range from 15-20%.
Value unlocking for teams would happen through listing and P/E participation. The world over, average teams like Tottheham Hotspurs are trading at a 1.5X sales while a successful team like Manchester have been sold for 2-5X sales.
Investors looking for an exposure to IPL should look at investing in India Cements Ltd. We believe that the company would be EBIDTA positive in the first year. On conservative basis, it is likely to earn a turnover of Rs3bn from IPL in the next three-four years. Assuming a m cap/sales multiple of 2X, the value per share would be Rs20.
3
Key features of IPLThe Indian Premier League or IPL is a 20-20 format cricket tournament. This league was formed by the Board of Cricket Control of India (BCCI) and sanctioned by the International Cricket Committee (ICC).IPL has been conceived on the lines of the English premier league, where local football teams with a defined fan base (supporters) play against each other.
The idea behind IPL is to sell cricket as a high involvement reality show that would appeal to all audiences.IPL has eight teams sold to franchises for perpetuity. These franchises can run the league in their individual styles and can raise resources from the primary market. The teams have been capped at 10 – with one at the end of every three years.
SONY-WSG has bagged broadcasting rights for 10 years for US$918mn, excluding marketing for US$108mn.
The franchise amount collected is US$724mn, with each of the clubs being sold for US$67-112mn, depending on the city.
Besides acquiring teams, each of these franchises has spent US$6-7mn on acquiring players for their teams.
A total of 59 matches, including finals and semi–finals will be played in this season. (56 league matches plus two semi finals and one final). 7 matches are to be played on the home ground.
Its final leg will be called ‘Champions Twenty20 League’ and all the finalists from across the world will play in it. The champion team will get US$5mn – the highest ever price money in a cricket event.
“In England, where it was first introduced in 2003, Twenty20 has resuscitated a moribund domestic game, packing stadiums on summer evenings" The Economist, September 22nd 2007
“The key brand values of Twenty20 and the IPL e.g. Modern, Racy, Engaging, Fresh, Accessible –allied to the traditional values of cricket e.g. Reliable, Honest, Traditional, Gentlemanly - make for an extraordinarily and compelling mix for brands”.
Source: IPL
TVRs in India for International Cricket in India 2007
0
5
10
15
20
25
ICC world Twenty20 Averagetournament
ICC world Twenty20 India matches
India vs PakistanODI series average
English vs IndiaTest series average
ESPN
- St
ar
Spor
ts ES
PN-
Star
Sp
orts
NEO
Spor
ts
ESPN
- St
ar
Spor
ts
4
The broadcasting angle
The BCCI created history when it sold television rights of this yet untested format to Sony–World Sports consortium for US$1.02bn.
However, of this US$1.02bn, US$108mn is to be spent by Sony on promoting the event over the next 10 years. This brings down the actual cost to US$918mn.
Of this US$918mn, Sony has to pay US316mn for rights of broadcasting for the first five years, and then pay US608mn – if this format has been remunerative in the first five years.
In the first year, payouts are not dependent on TRPs. However, TRPs would drive payouts from the second year.
The franchisee have a share of 80% in the first year decreasing to 60% in the fifth year of broadcasting rights and the balance would go to IPL.
There is an overall cap of US$918mn on the rights which can be shared with the franchisees.
Source: Company, Alchemy
234816501016439-8518861264724254-155P/L
4896489648964896489624482448244824482448Outflows
432432432432432432432432432432Promotions
7676697863445767524347664144360431342725Ad inflows
Year 10Year 9Year 8Year 7Year 6Year 5Year 4Year 3Year 2Year 1Rs mn Cash flows for Sony
5
Minimum cash outflows for franchises
13.7
16.6
14.2
14.8
10.3
16.9
15.3
16.7
Team cash outflow per year
(US$ mn)
7.5
11.2
7.6
8.4
6.7
11.2
9.1
10.7
Cash outflow per year(US$ mn)
6.275.0KolkottaShah Rukh Khan/ Juhi - Jay Mehta
5.4111.9MumbaiReliance – Mukesh Ambani
6.676MohaliPreity Zinta/Ness Wadia/Burman
6.484DelhiGMR Group
3.667JaipurEmerging Media
5.7111.6BangaloreUB Group –Vijay Mallya
6.291ChennaiIndia Cements
6.0107Hyderabad Deccan Chronicle
Price of Players(US$ mn)
Price paid for team franchise(US$ mn)
CityOwners
Source: Alchemy
6
What comes in and goes out?Revenues
World over, any league has three main sources of income namely media receipts, gate receipts and sponsorships. Under IPL, these three streams are categorized under central and local. Central revenues are through IPL. Central
Media rights – To be shared equally amongst franchises after removing IPL’s share.
Sponsorship rights (IPL sponsors) – 60% of the amount collected to be distributed equally amongst the franchises.
Local
Sponsorships – Team sponsorship revenues are the most variable and are dependent on the marketing skills. For example, teams like India Cements have marketed their teams based on the format of IPL – where sponsorships are sold on categories. ICL’s main sponsor is Aircel. In contrast, the other team of Deccan Chronicle will have team partners. These partners will have ownership of the team. For example, in case of an entertainment partner, anything to do with entertainment from cheerleaders to fours and sixes will be seen by that party.
Gate receipts – Are anticipated to be a major source of revenues. 20% of tickets are to be allocated to IPL.
Expenses
Team franchising costs – A franchisee has to pay 10% of total franchisee costs every year to IPL. Assuming that a team is bought by a franchise at US$100mn – it would have to pay US$10mn per year to IPL.
Player costs – Franchisees have acquired players at a total cost of US$4-6mn per year. This includes cost of managers and coaches. Each franchise has 18-22 players who are tradable after a year. The players have a three year contract with the franchise.
Marketing costs – Each franchise is expected to incur a marketing cost of US$3-4mn for promoting its team.
Stadium expenses – The franchises have to contract stadiums for seven matches at BCCI agreed rates. On an average, the expense is Rs2.5mn per match.
Other expenses like administration and event management.
7Source: Alchemy
P&L of a franchise - The business of sport
6%12%15%19%25%20%21%15%13%4%OPM
29445354559065842838620715040Operating profit
Income
29445354559065842838620715040EBIT
42613468298725992000168814141137983862Total
6554433221.8Stadium management
70615346403530262320Event management expenses
3342902522191911661381159680Administration
564490426387337293234188150120Marketing
28872221185115421028791608406312240Player acquisition
400400400400400400400400400400Franchisee costs
Expense
455539213532319026572116180013441133902Total
366318265221184154123957050Appearances
12211110192847666585030Merchandising
98898174676153464020Licensing programme
634551479417362315263210150100In stadia advertising
13481037943857571497432216180150Lead sponsor
2612382161961781621351048050Shirt sponsorship
Team sponsorships251228208189172156104694631F&B
963838728633528440338260200154Ticket sales
Gate receipts1441441441441447272727272Other sponsorships
Sponsorships (IPL)367367367367367184214214245245Global media rights
60606060606070708080Media rights (% share)
Year 10Year 9Year 8Year 7Year 6Year 5Year 4Year 3Year 2Year 1Rs mn
8
Assumptions for our model80% media rights will be paid to the franchises in equal proportions and 20% will be based on final league positions. However, in our model, we have assumed them to be distributed, equally.
The media rights accrue to teams in the formula, with a re-pricing after five years as per the Sony-WSG contact.
For central and team sponsors, we have assumed renegotiation of contract every five years and three years, respectively, in keeping with the nature of deals signed by most teams.
Team costs are amortized over 10 years.
Since players are contracted for three years, we have assumed a renegotiation in salaries after it.
Player acquisition cost is assumed to increased at 30% per year.
We have not assumed any trading of players.
We have not assumed any debt in the financing of the leagues. Further, interest on working capital loans would not be significant hence we have not considered the same. The asset is likely to be treated as an intangible asset.
70Year 11 onwards
60Year 5-10
70Year 4
70Year 3
Share (%)Time period
80Year 2
80Year 1
The franchises will receive the following share of central revenuesTelevision revenue Sponsorship revenue
Share (%)Time period
50Year 11 onwards
60Year 10 onwards
Source: IPL
9
India Cements Ltd - An opportunity to play on IPL
Revenues thru IPL
5Net profit/loss
730Total
60Admin
70Advertising
240Team
360Franchisee
Expenses
735Total revenues
12880%Gate receipts
250Total
20Merchandising
30Cheer leader, mascots
50Co-sponsors
150Main sponsor
Team sponsors
357Total
13100%Pouring sponsors
6970%Other sponsorships
27560%SET
Broadcasting rights
Rs mnshare (%)Year 1
Of the total 72 in-stadia boards, a sixth are available to the local franchises. Of the 12, 6 would go to main team sponsor.
The remaining boards are expected to generate ~Rs0.8mn per board.
Besides playing matches for teams, players are also contracted to make appearances for the franchises for 10 days and eight hours a day .
ExpensesThe franchisee has spent Rs240mn on acquiring its team includingplayers, manager, coach and physiotherapists.
The marketing expenses for events including local and national advertising are assumed at Rs70mn.
Conclusion On conservative basis, India Cements is likely to do turnover of Rs3bn from IPL in the next 3-4 years. Assuming mcap/sales multiple of 2X, the value per share would be Rs20.
Aircel is its lead sponsor, who has paid Rs150mn for it. Sponsorship includes cap, leading arm, shirt center, six in- stadia boards.
RevenuesThe matches are to be held at the Chidambaram stadium in Chennaiwhich have a capacity of 50,000. 20% of the tickets would be offered to the local cricket associations for use of the stadium for seven league matches .
We have assumed 80% capacity utilization for matches and averageticket prices of Rs500. We have assumed the collection to be about half of that in a normal ODI .
Source: Company, Alchemy
10
International perspective
We have analysed the business models of various clubs from the English Premier League like TottenhamHotspurs, Liverpool and Arsenal.
These clubs usually own their stadiums and invest heavily into modernizing/constructing stadiums and training their teams.
Most of these leagues are more than 100 years old and have a strong and established local fan base.
These clubs also have high community involvement and offer training facilities for upcoming players and children in the area.
However lately some league matches have been telecast with players and teams finding support overseas in countries like China and the Middle East.
Growth in revenues is largely dependant on the on field performance of the teams, nevertheless all teams have had positive EBIDTA
Recently some of these leagues have been sold/ bought by individuals. The valuations received by these leagues depend on their success on field and from 1.5X to 5X sales.
Source: IPL
11
EPL – A case study
Structure of EPL
EPL has 20 teams and its top five teams qualify for the European cup.
We analyzed a few of teams and found that
~35% revenues are from gate receipts
~30% from media
~25% from sponsorships
However, though this revenue break-up is similar across most clubs, the depending on the popularity of the club the amount differs significantly.
The total revenues of three of the total 20 clubs are given below:
Arsenal- £177mn
Tottenham -£103mn
Birmingham City -£40mn
Concept of trading players - Trading of players is another big source of income for teams. Sometimes, it can also result in a loss.
29
33
7
25
6
Gate receipts Sponsorship
Media and broadcasting Merchandising
Others
Revenue break up for Tottenhan Hotspurs
In IPL, media revenues for all teams would be almost EQUAL, internationally they vary depending on the success of the league.
Gate revenues in IPL are largely dependent on stadium capacity and purchasing power of city. They are expected to vary between Rs200-Rs5,000 premium seating. 20% of tickets will go to IPL. Internationally, most of these teams own stadiums.
The club culture already existed in the West. In India, it is yet to develop. This would be a litmus test for IPL’s success.
Trading of players in IPL to start from year 2.
IPL versus EPL
Source: Company, Alchemy
12
Case study 1: Tottenham HotspursTotteham was not the top rated club but it entered the top five in 2006 and qualified for the European Cup.
This had a positive impact on its revenues from 2007 which increased by 28%. The main jump was in gate receipts which were up 43% as the clubs earned a revenue share from its international games. There was also a 25% increase in its sponsorship revenues which is attributed to its increased popularity on an international level.
On the operational front, the margin jumped from 6% to 31%.
It has to be noted that even in a bad year, the company’s OPM was always positive.
The debt for CY07 was £40mn, implying debt to equity of 0.83:1
-9.4
2.2
11.7
6%
4.5
28.9
40.6
5.0
74.3
6.9
5.1
28.6
15.7
0.14
17.4
2006
0.1
1.8
12.7
21%
14.7
22.7
33.1
6.1
70.6
4.7
4.9
25.4
14.2
4.2
16.8
2005
-1.0
1.7
10.9
17%
11.5
20.3
34.5
-0.3
66.3
4.3
3.8
23.8
14.4
3.4
16.3
2004
-7.6
2.6
18.6
13.6
14.8
38.0
66.5
4.9
5.2
24.7
13.6
1.4
16.4
2003
11.1Profit / loss
19.0Depreciation of tangible fixed assets
2.2Amortisiation
31%OPM(%)
32.4Operating profit
27.3Other operating costs
43.8Staff costs
Expenses
28.2Growth (%)
103.6Total revenue
6.0Others
7.0Merchandising
33.7Media and broadcasting
25.4Sponsorship
12.7Gate receipts Cup competitions
18.0Gate receipts -Premier league
Revenues
2007in £ mn
17.94 17.93 21.86 17.57 30.8913.68 14.59 14.24 15.73
25.4224.75 23.89 25.48 28.68
33.73
7.05
5.184.993.845.26
0
20
40
60
80
100
120
2003 2004 2005 2006 2007Total gate receipts Sponsorship Media and Broadcasting Merchandising
Source: Company, Alchemy
13
Case study 2 : ArsenalArsenal is one of the most successful football clubs in UK .
The company has three divisions – Arsenal property development, Arsenal men's league, Arsenal women’s league.
For their football division, the overall revenues were up 25% in 2007. The gate revenues saw a 51% growth –attributed to the team shifting to a new stadium. While the older stadium had a capacity of ~ 40,000, the new stadium has a capacity of almost 60,000 and therefore gate revenues rose from £44mn to 90mn.
Its merchandising or retail revenues contribute 7% to sales due to its popularity.
The operating margin was 34%.
The debt for CY07 was £340mn, implying debt to equity of 2.5:1.
20072006200520042003in £ mn
-5.8
138.4
17.7
9
11.9
37.7
82.9
13
132.6
0.1
22.8
10.2
54.8
44.1
4.9
110.5
16.9
19
21.8
27.6
66.0
0
115.4
0.0
20.7
8.3
48.5
37.4
0.2
114.8
22.0
19
22.2
22.8
69.8
10
115.0
0.5
14.1
6.8
59.7
33.7
0.6
103.1
20.6
21.2
22.0
60.5
103.8
0
15.5
8.5
51.8
27.9
14.9Profit/ loss
162.7Total revenue
44.6Depreciation and Amortization
34OPM(%)
60Operating profit
28.4Other operating Charges
89.7Staff costs
Expenses
25Growth (%)
177.7Total revenue
0.5Player Trading
29.5Commercial
12.0Retail
44.3broadcasting
90.6Gate revenues
Turnover (from football)
27.91 33.77 37.4 44.190.61
15.58 14.31 20.7 22.8
29.52
51.8 59.78 48.5954.87
44.31
12.06
10.228.396.89
8.53
020406080
100120140160180200
2003 2004 2005 2006 2007
Gate revenues Commercial Broadcasting Retail
Source: Company, Alchemy
14
The Indian Cricket League (ICL): The underdog
Launched by Subhash Chandra in May 2007, ICL is a unique concept in cricket after Zee was not able to secure rights of the World Cup 2011.
ICL initially had six teams which have now increased to eight (over 200 players). All these teams were owned by Subhash Chandra unlike the eight teams in IPL owned by different franchises.
The investments in ICL are in excess of Rs1bn .
ICL is scheduled to have four tournaments in an year, of which three are televised events while IPL has only one season.
ICL has evolved despite several constraints like unavailability of venues and professionals associated with ICC.
The first season was telecast on Zee Sports and was held in one venue.
The second season was more successful as ICL was able to secure three venues for 24 matches. ICL was able to telecast matches on Zee Sports and Ten Sports. Other telecasters include Geo Super in Pakistan, Astro & Telkom Malaysia, Starhub in Singapore, Showtime Arabia in Middle-East, Zee Sports in USA & Canada and Zee Cinema in United Kingdom & Europe. Global rights have been sold for US$10mn.
Besides, the second tournament was able to garner good sponsors. Edelweiss was the title sponsor with Rs150mn (for ten years) while JVC, Aircel, Vodafone and Intel were associate sponsors.
Stakes in teams like Kolkotta and Lahore have been sold to Mithun Chakraborthy and Moammar Rana, respectively.
It had a TVR of 1.2. Its revenues till date have been Rs750mn and is expected to break even in FY09E.
15
Impact of IPL on other media
TV GEC
IPL is scheduled to be telecast in the most sought after prime time slot of 8-11 pm. Currently, this slot is the most popular among housewives for soaps aired on general entertainment channels (GECs) like Star Plus, Zee and Set.
Most homes in India are single TV homes and it is likely that IPL will cause a dent in the ratings and revenues of other GECs.
Not only will the Hindi GECs face problems, even regional channels which hitherto did not face competition from national level reality shows are likely to take a big hit.
Box Office
Besides impacting TV ratings, IPL fever could have a negative rub off on the revenues of movies at the box office. Some of the moves expected to be released in the IPL season are U Me aur Hum, Tashan, Krazzy 4 and Bhootnath.
But IPL is in talks with Multiplex operators to telecast the semi-finals and finals. No decision on the same has been reached.
1.25 - 2.12Mythological + DramaNDTV
0.7 - 1.35Chak De Bacche+ Reality9X
4 - 5Soaps + Paachvi Pass (SRK)Star
5 - 5.5Soaps + Rock and Roll familyZee
Average TRPSGenreChannel
Source: Industry
16
Should one have an exposure to IPL? The franchises are to be treated as a media property generating money over long time. The first season would be most crucial as it would be a test whether there are takers for city rivalry.
Since, the 20-20 format has resurrected cricket in countries like England, the chances of it failing in India are low.
ICL, promoted by Subhash Chandra, has completed two seasons successfully despite a quiet marketing and constraints like availability of two-three stadiums only (which are not with BCCI). The finals generated a TVR of 1.1 while most of its other matches generated TVRs of 0.7-0.9.
Amongst listed players, India Cements, Deccan Chronicle and Reliance Industries have exposure to IPL. Our study of India Cements shows that the company would have a cash break even in the first year itself.
Most of these companies would look at listing its franchises in the next three-four years.
Our analysis shows that the there would be at least two to three successful teams. On a conservative basis, the teams can earn annual revenues of Rs3bn in the next three years and OPMs of 20-25%. Successful teams can fetch a valuation of 2-5x sales.
The downside risks include teams not performing like India’s early exit in the World Cup 2007. However, in the IPL format, as all franchises are guaranteed to play the full league season and there is no marketing risk associated with early elimination. The top Indian and international players are distributed among all teams and hence they will participate in semi final and finals. This is expected to ensure that IPL has audiences across the world interested in it till the very end.
We have taken India Cements Ltd as a case study. We believe that the company would be EBIDTA positive in the first year. Investors looking to have an exposure to IPL should look at investing in India Cements Ltd. On conservative basis, India Cements is likely to do turnover of Rs3bn from IPL in the next 3-4 years. Assuming mcap/sales multiple of 2X, the value per share would be Rs20.
17
Growth in International Leagues
5246881501996Comcast-SpectatorPhiladelphia Flyers
924889841995Tom HicksDallas Stars
152588981982Michael IllitchDetroit Redwings
53061091951997Cablevision SystemsNew York Rangers
103321192242003Bell GlobemediaToronto Maple Leafs
Top 5 National Basketball Association Franchises
1410522241851994Jeffrey LuriePhiladelphia Eagles
510562257001999Robert McNairHouston Texans
1611992551721994Robert KraftNew England Patriots
914673137501999Daniel SnyderWashington Redskins
1415002421501989Jerry JonesDallas Cowboys
Top five National Football League Franchises
14592197211981Tribune CorporationChicago Cubs
216322113552004Frank McCourtLos Angeles Dodgers
147242343802002John Henry & Tom WernerBoston Red Sox
137362173912002Fred WilponNew York Mets
151200302101973George SteinbrennerNew York Yankees
Top 5 Major League Baseball Franchises
CAGR (%)Value in 2007(in $mn)
2007 revenueValue when bought (in $ mn)
Year bought Owner Franchisee
Source: IPL
18
Arjun Yadav
Vijaykumar
Venugopal Rao
Ravi Teja
Pragyan Ojha
Kalyankrishna
Halhadar Das
Chamara Silva
Nuwan Zoysa
Scott Styris
Chaminda Vaas
V V S Laxman
Herschelle Gibbs
Shahid Afridi
Adam Gilchrist
Rohit Sharma
R.P. Singh
Andrew Symonds
PLAYERS
DECCAN CHAREGERS
Lakshmipahy Balaji
Abinav Mukud
Shabad
Napolean
S. Badrinath
R Aswin
Srikkanth Anirudha
Sudeep Tyagi
Makhaya Ntini
Michael hussey
J. Sharma
Parthiv Patel
Stephen Fleming
Matthew Hayden
Muralitharan
Suresh Raina
Albie Morkel
Jacob Oram
M.S. Dhoni
CHENNAI SUPER KINGS
PLAYERS
Vijay Kumar
Shreevatas Gosawi
Bharat Chipli
Devraj Patil
Vikrant Kohli
Sunil Joshi
Jagadeesh Arunkumar
KP Appanna
Balachandra Akhil
Abdur Tazzak
Ross Taylor
Misbah-ul-haq
Wasim Jaffer
Shivnariane C
Praveen Kumar
Dale Steyn
Nathan Bracken
Mark Boucher
Zaheer Khan
Cameron White
Anil Kumble
Jacques Kallis
Rahul Dravid
ROYAL CHALLENGERS
PLAYERS
Anup Revandkar
Pankaj Singh
Taruvar Kohli
Ravindra Jadeja
Morne Morkel
Dimitri Maskerenhas
Sohil Tanveer
Shane watson
Justin Langer
Kamran Akmal
Younis Khan
Munaf Patel
Shane Warne
Graeme Smith
Yousuf Pathan
Mohd Kaif
RAJASTHAN ROYALS
PLAYERS
Teams - Annexure I
Wicket keepers
All rounders
Batsmen
Bowlers
Legend
19
Luke Ronchi
Ashish Nehra
Saurabh Tiwari
Yogesh Takawale
Pinal shah
Ajinkya Rahane
Manish Pandey
Abhishek Nayyar
Dilhara Fernando
Ashwell Prince
Loots B
Lasith Malinga
Shaun Pollock
Robin Uthappa
Harbhajan Singh
Sanath Jayasuriya
Sachin Tendulkar
MUMBAI INDIANS
PLAYERS
Mohd Hafeez
Salman Butt
Iqbal Abdulla
Siddharth Kaul
Tatenda Taibu
Umar Gul
Ajit Agarkar
Ricky Ponting
Shoaib Akhtar
Murali Kartik
David Hussey
B. McCullum
Chris Gayle
Ishant Sharma
Saurav Ganguly
KNIGHT RIDERS
PLAYERS
Uday Kaul
Karan Goel
Tanmay Srivastava
VRV Singh
Kyle Mills
Ajitesh Agral
James Hopes
Luke P
Ramesh Powar
Simon
Ramnaresh
Piyush Chawla
M. Jayawardene
S. Sreesanth
K. Sangakkara
Brett Lee
Irfan Pathan
Yuvraj Singh
KINGS XI PUNJAB
PLAYERS
Teams - Annexure I
Wicket keepers
All rounder
Batsmen
Bowlers
Legand
Mayak
Pradeep
Mithum Manhas
Mahesh
Shiikar Dhavan
Brett Geevs
Rajat Bhatia
Farveez Mahroof
T. Dilshan
A B de Villiers
Glenn McGrath
Shoaib Malik
Dinesh Karthik
Daniel Vettori
Mohammed Asif
Manoj Tiwary
Gautam Gambhir
Virender Sehwag
DELHI DAREDEVILS
PLAYERS
20
Schedule of matches - Annexure II
Source: IPL
21
Disclaimer
For further information contact Sales
Arun Singh [email protected] 91-22-6639 9125 Dealing
Chetan Chitroda [email protected] 91-22-6639 9134
Disclaimer This report is not a solicitation or offer to buy or sell any securities or related financial products. The information and commentaries are also not meant to be endorsements or offerings of any securities, options, stocks or other investment vehicles. The report is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The securities discussed in this report may not be suitable for all investors. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investor’s circumstances and objectives and should be independently evaluated and confirmed by such investor, and advice should be sought from a financial adviser concerning the suitability of the investment or strategy, taking into account the specific investment objectives, financial situation or particular needs of the investor, before the investor makes a commitment to deal in an investment or implement a strategy. Investment ideas and/or corporations discussed in this website may have a high level of volatility. High volatility investments may experience sudden and large falls in their value causing losses when the investment is realised. Those losses may equal the original investment. Some investments may not be readily realisable and it may be difficult to sell or realise those investments. Similarly, it may prove difficult to obtain reliable information about the value and risks to which such an investment is exposed. Neither us nor any of our affiliates shall assume any legal liability or responsibility for any incorrect, misleading or altered information contained in this report. Past performance is not necessarily indicative of future results and there can be no assurance that any investment will achieve comparable results or its investment objectives. Investors may not get back the full amount invested and the net asset value of the investment will fluctuate. Exchange rate fluctuations may affect the return to investors. Alchemy Share and Stock Broker Pvt. Ltd., their respective affiliate companies, associates, directors and/or employees may have investments in securities or derivatives of securities of companies mentioned in this report, and may make investment decisions that are inconsistent with the views expressed in this report.
ALCHEMY SHARE & STOCK BROKERS PVT. LTD. Navsari Building, 4th Floor, 240 Dr D. N. Road, Fort, Mumbai: 400 001. India
(Tel): 91-22-6639 9100 (Fax): 91-22-2203 3575
