Monday, October 18, 2021

Eros STX Global Corporation (ESGC) Stock Price Suffer Amidst Pandemic

Eros STX Global Corporation (ESGC) stock prices were down to USD$1.2 as of market close on April 20th, 2021, having dropped by a demoralizing 16.67% throughout the day.


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Disclosure of 2020 Financials

April 1st, 2021 saw ESGC release its unaudited consolidated financials for the six-month period ended September 20th, 2020. Complete and audited financial statements for the period are expected to be issued by April 30th, 2021.

2020 Fiscal Report


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Revenues reported for the six-month period ended September 30th, 2020 were USD$144 million, as compared to the USD$210 million reported in the same period of the previous year. The onset of the global pandemic is largely to blame for this decrease, on account of the unprecedented reduction in releases of global films. Fortunately for ESGC, revenue growth from the STX film library served to moderate the devastating financial effects of the pandemic.

Operating Cost Variance

With the pandemic also severely affecting marketing and distribution, operating costs for the six-month period ended September 30th, 2020 were USD$152 million, with USD$18 million being merger-related costs. Operating costs in the same pre-pandemic period of the previous year were USD$276 million.

Comparative Operating Profits

Operating profit came in at USD$10 million, with merger-related costs totaling USD$17 million to culminate in an operating loss of USD$7 million. This is compared to the UD$65 million reported in operated loss by ESGC.

ESGC’s Financial Situation

With a total debt of USD$384 being reported as of September 30th, 2020 with USD$82 million in cash on hand, ESGC’s net debt balance ending the fiscal year 2021 is expected to be less than USD$325 million, as per the guidance provided on November 4th, 2020 on an investor call. In order to consolidate their balance sheet, ESGC hopes to work with J.P. Morgan to optimize its debt facilities as they stand and to extend ESGC maturities.

Scope of ESGC

With global vaccinations for COVID underway, ESGC hopes for a return to pre-pandemic media engagement soon so it can capitalize on its presence in more than 150 countries. Eros Now, the company’s OTT platform, alone has rights to more than 12,000 films in various languages, with a user base of 211.5 million registered users and 36.2 million users with a paid subscription as of September 30th, 2020.

Future Outlook of ESGC

Investors are wary of the timeline of vaccine deployment and the longer-lasting consequences of the pandemic, but maintain a hopeful eye on the media giant in light of their developments during the pandemic. Once the crippling effects of government mandated lockdowns eases, investors are hoping for a surge in shareholder value.

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