Excluding MBL's current value, JAGP is trading at an EV/EBITDA of 6x (FY19E), and at 11x FY19E EPS. We value JAGP at 14x December 2019E EPS (~10% discount to 3-year average), arriving at a TP of INR215. Growth levers lined up for resurgence in ad revenue As the impact of GST-related hiccups is waning, print ad revenues are expected to grow at a healthy 10% CAGR over FY18-20, on the back of recovery in ad spends led by increased launches across the FMCG and auto space. JAGP should further gain due to its leadership in recent IRS ratings, which should help command higher ad...