Fwd: DB Corp Q2FY12 Result Update; Near term margin headwinds, Retain ACCUMULATE; Target: Rs271

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Deepak Vaishnav

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Oct 29, 2011, 3:18:01 AM10/29/11
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DB Corp

Near term margin headwinds, Retain ACCUMULATE

 

ACCUMULATE

 

CMP: Rs230                                        Target Price: Rs271

n     Robust ad revenue of Rs2.7bn, growing by 15.7% yoy (our estimate of 14.8%). Print ad revenues grew 15.2% yoy to Rs2.6bn, driven by strong growth in local ads (+20% yoy)

n     EBITDA at Rs771mn declined 18.9% yoy. EBITDA margin declined 981bps to 21.8%, on account of high opex pertaining to continued new launches in Maharashtra

n     Q2FY12 PAT at Rs402mn (our est. of Rs493mn), declined 37.1% yoy due to lower EBITDA and forex loss of Rs58.1mn.

n     Cut our EBITDA est. by 8.7%/8.4% for FY12E/13E resulting in EPS downgrade of 12.1%/8.9% for FY12E/13E. Maintain ACCUMULATE with target price Rs271

 

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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DB Corp Q2FY12 Result Update.pdf
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