15 April 2008
Indian Premier League (IPL)
Participate in a media property of the future – India Cements Ltd
Yasmin Shah (+91-22-6639 9175)
Dhaval Parekh (+91-22-6639 9128)
Nitesh Momaya(+91-22-6639 9181)
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 twothree 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.
Key features of IPL
The 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.
TVRs in India for International Cricket in India 2007
25 20 15 ESPNStar Sports 10 5 0 ICC world Twenty 20 Average tournament ICC world Twenty 20 India matches India vs Pakistan English vs India ODI series average Test series average ESPNStar Sports
“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”.
“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 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$918mn on the rights which can be shared with the franchisees. Cash flows for Sony
Rs mn Ad inflows Promotions Outflows P/L Source: Company, Alchemy Year 1 2725 432 2448 -155 Year 2 3134 432 2448 254 Year 3 3604 432 2448 724 Year 4 4144 432 2448 1264 Year 5 4766 432 2448 1886 Year 6 5243 432 4896 -85 Year 7 5767 432 4896 439 Year 8 6344 432 4896 1016 Year 9 6978 432 4896 1650 Year 10 7676 432 4896 2348
Minimum cash outflows for franchises
Owners City Price paid for team franchise (US$ mn) 107 91 111.6 67 84 76 111.9 75.0 Cash outflow per year (US$ mn) 10.7 9.1 11.2 6.7 8.4 7.6 11.2 7.5 Price of Players (US$ mn) 6.0 6.2 5.7 3.6 6.4 6.6 5.4 6.2 Team cash outflow per year (US$ mn) 16.7 15.3 16.9 10.3 14.8 14.2 16.6 13.7
Deccan Chronicle India Cements UB Group –Vijay Mallya Emerging Media GMR Group Preity Zinta/Ness Wadia/Burman Reliance – Mukesh Ambani Shah Rukh Khan/ Juhi - Jay Mehta Source: Alchemy
Hyderabad Chennai Bangalore Jaipur Delhi Mohali Mumbai Kolkotta
What comes in and goes out?
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.
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 management. like administration and event
P&L of a franchise - The business of sport
Rs mn Income Media rights (% share) Global media rights Sponsorships (IPL) Other sponsorships Gate receipts Ticket sales F&B Team sponsorships Shirt sponsorship Lead sponsor In stadia advertising Licensing programme Merchandising Appearances Total Expense Franchisee costs Player acquisition Marketing Administration Event management expenses Stadium management Total Operating profit OPM EBIT Source: Alchemy 400 240 120 80 20 1.8 862 40 4% 40 400 312 150 96 23 2 983 150 13% 150 400 406 188 115 26 2 1137 207 15% 207 400 608 234 138 30 3 1414 386 21% 386 400 791 293 166 35 3 1688 428 20% 428 400 1028 337 191 40 4 2000 658 25% 658 400 1542 387 219 46 4 2599 590 19% 590 400 1851 426 252 53 5 2987 545 15% 545 400 2221 490 290 61 5 3468 453 12% 453 400 2887 564 334 70 6 4261 294 6% 294 50 150 100 20 30 50 902 80 180 150 40 50 70 1133 104 216 210 46 58 95 1344 135 432 263 53 66 123 1800 162 497 315 61 76 154 2116 178 571 362 67 84 184 2657 196 857 417 74 92 221 3190 216 943 479 81 101 265 3532 238 1037 551 89 111 318 3921 261 1348 634 98 122 366 4555 154 31 200 46 260 69 338 104 440 156 528 172 633 189 728 208 838 228 963 251 72 72 72 72 72 144 144 144 144 144 80 245 80 245 70 214 70 214 60 184 60 367 60 367 60 367 60 367 60 367 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Assumptions for our model
80% 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. The franchises will receive the following share of central revenues
Television revenue Time period Year 1 Year 2 Year 3 Year 4 Year 5-10 Year 11 onwards Source: IPL Share (%) 80 80 70 70 60 70 Sponsorship revenue Time period Year 10 onwards Year 11 onwards Share (%) 60 50
India Cements Ltd - An opportunity to play on IPL
Year 1 Revenues thru IPL Broadcasting rights SET Other sponsorships Pouring sponsors Total Team sponsors Main sponsor Co-sponsors Cheer leader, mascots Merchandising Total Gate receipts Total revenues Expenses Franchisee Team Advertising Admin Total Net profit/loss Source: Company, Alchemy 360 240 70 60 730 5 80% 150 50 30 20 250 128 735 60% 70% 100% 275 69 13 357 share (%) Rs mn
The matches are to be held at the Chidambaram stadium in Chennai which 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 average ticket prices of Rs500. We have assumed the collection to be about half of that in a normal ODI . Aircel is its lead sponsor, who has paid Rs150mn for it. Sponsorship includes cap, leading arm, shirt center, six in- stadia boards. 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 .
The franchisee has spent Rs240mn on acquiring its team including players, manager, coach and physiotherapists. The marketing expenses for events including local and national advertising are assumed at Rs70mn.
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.
We have analysed the business models of various clubs from the English Premier League like Tottenham Hotspurs, 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.
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
Revenue break up for Tottenhan Hotspurs
IPL versus EPL 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.
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.
25 Sponsorship Merchandising
Gate receipts Media and broadcasting Others
Source: Company, Alchemy
Case study 1: Tottenham Hotspurs
Totteham 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
in £ mn Revenues Gate receipts -Premier league Gate receipts Cup competitions Sponsorship Media and broadcasting Merchandising Others Total revenue Growth (%) Expenses Staff costs Other operating costs Operating profit OPM(%) Amortisiation Depreciation of tangible fixed assets Profit / loss 18.6 2.6 -7.6 38.0 14.8 13.6 34.5 20.3 11.5 17% 10.9 1.7 -1.0 33.1 22.7 14.7 21% 12.7 1.8 0.1 40.6 28.9 4.5 6% 11.7 2.2 -9.4 43.8 27.3 32.4 31% 2.2 19.0 11.1 16.4 1.4 13.6 24.7 5.2 4.9 66.5 16.3 3.4 14.4 23.8 3.8 4.3 66.3 -0.3 16.8 4.2 14.2 25.4 4.9 4.7 70.6 6.1 17.4 0.14 15.7 28.6 5.1 6.9 74.3 5.0 18.0 12.7 25.4 33.7 7.0 6.0 103.6 28.2 2003 2004 2005 2006 2007
120 100 80 60 40 20 0 24.75 13.68 17.94 2003 Total gate receipts 5.26 3.84 23.89 14.59 17.93 2004 Sponsorship 4.99 25.48 14.24 21.86 2005 5.18 28.68 15.73 17.57 2006 7.05 33.73 25.42 30.89 2007 Merchandising
Media and Broadcasting
Source: Company, Alchemy
Case study 2 : Arsenal
Arsenal 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.
in £ mn Turnover (from football) Gate revenues broadcasting Retail Commercial Player Trading Total revenue Growth (%) Expenses Staff costs Other operating Charges Operating profit OPM(%) Depreciation and Amortization Total revenue Profit/ loss 20.6 103.1 0.6 60.5 22.0 21.2 69.8 22.8 22.2 19 22.0 114.8 0.2 66.0 27.6 21.8 19 16.9 110.5 4.9 82.9 37.7 11.9 9 17.7 138.4 -5.8 89.7 28.4 60 34 44.6 162.7 14.9 27.9 51.8 8.5 15.5 0 103.8 33.7 59.7 6.8 14.1 0.5 115.0 10 37.4 48.5 8.3 20.7 0.0 115.4 0 44.1 54.8 10.2 22.8 0.1 132.6 13 90.6 44.3 12.0 29.5 0.5 177.7 25 2003 2004 2005 2006 2007
200 180 160 140 120 100 80 60 40 20 0
12.06 10.22 8.53 6.89 8.39 48.59 20.7 37.4 54.87 22.8 44.1 29.52 44.31
51.8 15.58 27.91
59.78 14.31 33.77
2004 Gate revenues
2006 Broadcasting Retail
Source: Company, Alchemy
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.
Impact of IPL on other media
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.
Channel Zee Star 9X NDTV Source: Industry Genre Soaps + Rock and Roll family Soaps + Paachvi Pass (SRK) Chak De Bacche+ Reality Mythological + Drama Average TRPS 5 - 5.5 4-5 0.7 - 1.35 1.25 - 2.12
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.
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.
Growth in International Leagues
Franchisee Owner Year bought Value when bought (in $ mn) 2007 revenue Value in 2007 (in $mn) CAGR (%)
Top 5 Major League Baseball Franchises New York Yankees New York Mets Boston Red Sox Los Angeles Dodgers Chicago Cubs George Steinbrenner Fred Wilpon John Henry & Tom Werner Frank McCourt Tribune Corporation 1973 2002 2002 2004 1981 10 391 380 355 21 302 217 234 211 197 1200 736 724 632 592 15 13 14 21 14
Top five National Football League Franchises Dallas Cowboys Washington Redskins New England Patriots Houston Texans Philadelphia Eagles Jerry Jones Daniel Snyder Robert Kraft Robert McNair Jeffrey Lurie 1989 1999 1994 1999 1994 150 750 172 700 185 242 313 255 225 224 1500 1467 1199 1056 1052 14 9 16 5 14
Top 5 National Basketball Association Franchises Toronto Maple Leafs New York Rangers Detroit Redwings Dallas Stars Philadelphia Flyers Source: IPL Bell Globemedia Cablevision Systems Michael Illitch Tom Hicks Comcast-Spectator 2003 1997 1982 1995 1996 224 195 8 84 150 119 109 89 89 88 332 306 258 248 246 10 5 15 9 5
Teams - Annexure I
DECCAN CHAREGERS PLAYERS Andrew Symonds R.P. Singh Rohit Sharma Adam Gilchrist Shahid Afridi Herschelle Gibbs V V S Laxman Chaminda Vaas Scott Styris Nuwan Zoysa Chamara Silva Halhadar Das Kalyankrishna Pragyan Ojha Ravi Teja Venugopal Rao Vijaykumar Arjun Yadav CHENNAI SUPER KINGS PLAYERS M.S. Dhoni Jacob Oram Albie Morkel Suresh Raina Muralitharan Matthew Hayden Stephen Fleming Parthiv Patel J. Sharma Michael hussey Makhaya Ntini Sudeep Tyagi Srikkanth Anirudha R Aswin S. Badrinath Napolean Shabad Abinav Mukud Lakshmipahy Balaji ROYAL CHALLENGERS PLAYERS Rahul Dravid Jacques Kallis Anil Kumble Cameron White Zaheer Khan Mark Boucher Nathan Bracken Dale Steyn Praveen Kumar Shivnariane C Wasim Jaffer Misbah-ul-haq Ross Taylor Abdur Tazzak Balachandra Akhil KP Appanna Jagadeesh Arunkumar Sunil Joshi Vikrant Kohli Devraj Patil Bharat Chipli Shreevatas Gosawi Vijay Kumar RAJASTHAN ROYALS PLAYERS Mohd Kaif Yousuf Pathan Graeme Smith Shane Warne Munaf Patel Younis Khan Kamran Akmal Justin Langer Shane watson Sohil Tanveer Dimitri Maskerenhas Morne Morkel Ravindra Jadeja Taruvar Kohli Pankaj Singh Anup Revandkar
Bowlers Batsmen All rounders Wicket keepers
Teams - Annexure I
DELHI DAREDEVILS PLAYERS Virender Sehwag Gautam Gambhir Manoj Tiwary Mohammed Asif Daniel Vettori Dinesh Karthik Shoaib Malik Glenn McGrath A B de Villiers T. Dilshan Farveez Mahroof Rajat Bhatia Brett Geevs Shiikar Dhavan Mahesh Mithum Manhas Pradeep Mayak KINGS XI PUNJAB PLAYERS Yuvraj Singh Irfan Pathan Brett Lee K. Sangakkara S. Sreesanth M. Jayawardene Piyush Chawla Ramnaresh Simon Ramesh Powar Luke P James Hopes Ajitesh Agral Kyle Mills VRV Singh Tanmay Srivastava Karan Goel Uday Kaul MUMBAI INDIANS PLAYERS Sachin Tendulkar Sanath Jayasuriya Harbhajan Singh Robin Uthappa Shaun Pollock Lasith Malinga Loots B Ashwell Prince Dilhara Fernando Abhishek Nayyar Manish Pandey Ajinkya Rahane Pinal shah Yogesh Takawale Saurabh Tiwari Ashish Nehra Luke Ronchi
KNIGHT RIDERS PLAYERS Saurav Ganguly Ishant Sharma Chris Gayle B. McCullum David Hussey Murali Kartik Shoaib Akhtar Ricky Ponting Ajit Agarkar Umar Gul Tatenda Taibu Siddharth Kaul Iqbal Abdulla Salman Butt Mohd Hafeez
Bowlers Batsmen All rounder Wicket keepers
Schedule of matches - Annexure II
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