Kew Media Group Inc (Variable Voting) T.KEW.UN

TD continues to believe that KEW is heavily undervalued

[mulliganforlife]

Kew Media Group Inc. (KEW-T) C$6.26 Successful MIPCOM Tour Vince Valentini, CFA Bentley Cross, CFA Event We had the opportunity to meet several members of the KEW management and sales teams at a tour of their exhibition at MIPCOM, the world's largest TV marketplace. Impact: POSITIVE We were thoroughly impressed with the scale and quality of KEW's presence at MIPCOM, with a large outdoor pavilion on the beach right between eOne and Lionsgate, as opposed to most of the hundreds of exhibitors who are in side-by-side booths inside the conference centre. The heads of both distribution subsidiaries (KMD and TCB) clearly have lots of industry experience and deep relationships with key buyers of content around the world. There were many prominent titles on display, and the sales energy at the conference left us feeling confident that KEW will once again deliver upon its revenue growth guidance in 2019 (high single digit growth). Worzel Gummidge and The Movies by CNN were two of the many titles that seem to be fueling strong sales growth for KEW. We also heard about Trickster, which is a bigger budget scripted series that KEW will both produce for CBC, and then distribute globally. A bigger push into scripted (under the leadership of an industry veteran KEW hired 18 months ago) is expected going forward, which is where the potential for megahits exists. With the demand for content remaining very strong, and with KEW's demonstrated leadership at MIPCOM, we continue to believe that the stock is heavily undervalued.