<p><span style="color: rgb(255, 0, 0);" data-mce-style="color: #ff0000;"><strong>[통신] IPTV 사업가치와 연결고리</strong></span></p><p><strong></strong>&nbsp;</p><p><span style="color: rgb(255, 0, 0);"><strong>(출처: 미래투자클럽)</strong></span><br data-mce-bogus="1"></p><p><br data-mce-bogus="1"></p><p><strong><span style="color: rgb(0, 0, 255);" data-mce-style="color: #0000ff;">12/15&nbsp;CJ헬로비전&nbsp;거래&nbsp;재개</span>:</strong>&nbsp;전일&nbsp;CJ헬로비전은&nbsp;SK브로드밴드의&nbsp;우회상장&nbsp;예비심사신청서&nbsp;제출이&nbsp;확인됨에&nbsp;따라&nbsp;45일&nbsp;만에&nbsp;거래가&nbsp;재개.&nbsp;매매거래재개&nbsp;기준가격은&nbsp;13,400원으로&nbsp;형성됐으며,&nbsp;주가는&nbsp;시초가&nbsp;대비&nbsp;7%&nbsp;하락&nbsp;마감.&nbsp;그러나&nbsp;이는&nbsp;거래정지&nbsp;직전인&nbsp;10/30&nbsp;종가&nbsp;10,900원&nbsp;대비&nbsp;23%&nbsp;상승.&nbsp;</p><p>&nbsp;</p><p><strong></strong>&nbsp;</p><p><strong><span style="color: rgb(0, 0, 255);" data-mce-style="color: #0000ff;">SK브로드밴드&nbsp;내재가치&nbsp;0.88조원</span>:</strong>&nbsp;12/15&nbsp;CJ헬로비전&nbsp;종가&nbsp;기준&nbsp;합병법인의&nbsp;시가총액은&nbsp;2.73조원(정부의&nbsp;인수&nbsp;인가&nbsp;결정&nbsp;시,&nbsp;합병&nbsp;후&nbsp;발행주식수&nbsp;219,411,077주).&nbsp;CJ헬로비전의&nbsp;기업가치&nbsp;1.86조원을&nbsp;제외한&nbsp;피합병법인&nbsp;SK브로드밴드의&nbsp;내재가치는&nbsp;0.88조원인&nbsp;셈.&nbsp;그리고&nbsp;SK텔레콤의&nbsp;CJ헬로비전&nbsp;인수&nbsp;계획(최대주주&nbsp;CJ오쇼핑&nbsp;지분&nbsp;53.92%&nbsp;인수에&nbsp;1조원&nbsp;자금&nbsp;투입)에&nbsp;따라&nbsp;경영권&nbsp;프리미엄&nbsp;20%(가정)를&nbsp;제외할&nbsp;경우,&nbsp;CJ헬로비전의&nbsp;CATV&nbsp;가입자당&nbsp;가치는&nbsp;36만원(경영권&nbsp;프리미엄&nbsp;0%&nbsp;가정&nbsp;시&nbsp;45만원),&nbsp;역으로&nbsp;추정한&nbsp;SK브로드밴드의&nbsp;IPTV&nbsp;가입자당&nbsp;가치는&nbsp;26만원임.&nbsp;</p><p><span style="color: rgb(0, 0, 255);" data-mce-style="color: #0000ff;">&nbsp;</span></p><p><strong><span style="color: rgb(0, 0, 255);" data-mce-style="color: #0000ff;">IPTV&nbsp;사업가치,&nbsp;재평가&nbsp;시기&nbsp;도래</span>:</strong>&nbsp;우리의&nbsp;Implication은&nbsp;1)&nbsp;KT와&nbsp;LG유플러스의&nbsp;IPTV&nbsp;사업가치에&nbsp;대한&nbsp;재평가가&nbsp;필요하다는&nbsp;것,&nbsp;2)&nbsp;IPTV&nbsp;성장성을&nbsp;감안할&nbsp;때,&nbsp;향후&nbsp;CATV와&nbsp;IPTV&nbsp;가입자당&nbsp;가치의&nbsp;괴리율은&nbsp;축소될&nbsp;가능성이&nbsp;높다는&nbsp;것,&nbsp;3)&nbsp;SK텔레콤의&nbsp;금번&nbsp;Deal을&nbsp;통해&nbsp;가시화될&nbsp;비용&nbsp;효율화&nbsp;노력은&nbsp;타&nbsp;유료방송&nbsp;플랫폼업체에도&nbsp;긍정적인&nbsp;영향을&nbsp;미칠&nbsp;것이라는&nbsp;점이다. 우리는&nbsp;통신&nbsp;3사의&nbsp;목표주가&nbsp;산출에&nbsp;있어&nbsp;EV/EBITDA&nbsp;방식을&nbsp;적용했으며,&nbsp;아직&nbsp;손익분기점&nbsp;수준에&nbsp;불과한&nbsp;IPTV&nbsp;사업의&nbsp;이익&nbsp;기여도는&nbsp;미미한&nbsp;것으로&nbsp;추정했다.&nbsp;결론적으로,&nbsp;IPTV&nbsp;사업은&nbsp;기업가치에&nbsp;미반영&nbsp;됐으며,&nbsp;SK브로드밴드의&nbsp;IPTV&nbsp;가입자당&nbsp;가치를&nbsp;동일하게&nbsp;적용할&nbsp;경우,&nbsp;KT와&nbsp;LG유플러스의&nbsp;IPTV&nbsp;사업가치는&nbsp;각각&nbsp;1.08조원,&nbsp;0.58조원으로&nbsp;추가&nbsp;반영될&nbsp;필요가&nbsp;있다고 판단.&nbsp;</p><p>&nbsp;</p><p><strong></strong>&nbsp;</p><p><strong><span style="color: rgb(0, 0, 255);" data-mce-style="color: #0000ff;">무선부문&nbsp;디스카운트,&nbsp;IPTV&nbsp;사업가치로&nbsp;충분히&nbsp;상쇄</span>:</strong>&nbsp;통신&nbsp;3사의&nbsp;ARPU&nbsp;하락&nbsp;우려에&nbsp;따른&nbsp;무선부문의&nbsp;디스카운트는&nbsp;유선부문&nbsp;특히,&nbsp;IPTV&nbsp;사업가치의&nbsp;제고를&nbsp;통해&nbsp;충분히&nbsp;상쇄될&nbsp;수준.&nbsp;이미&nbsp;방송과&nbsp;통신의&nbsp;융합은&nbsp;통신&nbsp;3사의&nbsp;새로운&nbsp;수익창출을&nbsp;위한&nbsp;트렌드로&nbsp;부상했으며,&nbsp;정부도&nbsp;용인할&nbsp;수&nbsp;밖에&nbsp;없는&nbsp;상황으로&nbsp;흘러갈&nbsp;가능성이&nbsp;크다고 전망.&nbsp;이에&nbsp;따라&nbsp;유료방송&nbsp;플랫폼간&nbsp;경쟁이&nbsp;심화되는&nbsp;가운데,&nbsp;IPTV는&nbsp;타&nbsp;플랫폼과의&nbsp;차별화&nbsp;양상이&nbsp;더욱&nbsp;뚜렷해질&nbsp;전망.&nbsp;통신&nbsp;3사&nbsp;기업가치와&nbsp;IPTV&nbsp;사업을&nbsp;연결시킬&nbsp;시기이다.&nbsp;우리는&nbsp;유선부문&nbsp;지배적&nbsp;사업자인&nbsp;KT에&nbsp;대한&nbsp;통신업종&nbsp;내&nbsp;Top-pick&nbsp;의견을&nbsp;유지.&nbsp;</p><p><br data-mce-bogus="1"></p><p><span style="color: rgb(255, 0, 0);" data-mce-style="color: #ff0000;"><strong>(출처: 미래투자클럽)</strong></span></p>