Fwd: Jagran Prakashan Q2FY12 Result Update; Ad growth remains subdued; Buy; Target: Rs 135

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Deepak Vaishnav

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Oct 29, 2011, 3:21:05 AM10/29/11
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Jagran Prakashan

Ad growth remains subdued

 

BUY

 

CMP: Rs 107                                       Target Price: Rs 135

n     Q2FY12 standalone revenue at Rs3054mn, up 10.3% yoy (in line with est.). Ad revenue growth remains subdued at 9.6% yoy growth (lagging peers in ad growth)

n     Ad rev. of Rs2120mn was up 9.6% yoy (our est. of 9%). Circulation revenue registered growth of 11.6% yoy to Rs612mn. Event & OOH revenues stood at Rs226.4mn. 

n     EBITDA was down 13.0% yoy to Rs790.5mn with EBITDA margin at 25.9% (our est. of 25.4%), down 693bps yoy. Decline was led by significant increase raw material cost

n     Factoring lower ad revenue growth and cost escalation, we cut EPS estimate by 3.2%/8.1% for FY12E/13E. Retain BUY rating with revised target price of Rs135 (earlier Rs 149)

 

Regards,

Naval Seth

Research Associate | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : naval...@emkayglobal.com 

Board No. : +91-22-66121212 | Extn. : 414 | DID : 66242414 | Mob : +919930468398 |

 


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Jagran Prakashan Q2FY12 Result Update.pdf
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