DB Corp's (DBCL) flagship daily, the Dainik Bhaskar is the 2nd most widely read Hindi daily. However, DBCL is the overall leader in ad revenue. It enjoys a higher readership and thus revenue share in high-yielding urban markets. Led by a recovery in ad revenue growth and benign newsprint costs, we estimate revenue/EBITDA/earnings to grow at a CAGR of 5.4/21.5/25.3% over FY19-21E. DB Corps (DBCL) 4QFY19 operating performance was marginally ahead of estimates. This was led by 8% advertising revenue growth in print, modest decline in newsprint (NP) prices with lower other opex YoY. Maintain BUY with TP of Rs 291 (+59%) @ 12x FY21E EPS (a discount of ~35% to 3/5/10 years avg PE).