DB Corp Ltd. share price target and research reports

29 Jan 2022

205.15

-0.44%

DB Corp

Hold: DB Corp Ltd.

Target

ICICI Securities Limited

Revenues at | 446.8 crore, were up ~10.4% on a depressed base (Q3FY21 revenues were down ~17%). Print & digital ad revenue was up ~6% YoY on base of 13% decline while subscription revenues remained resilient and were up 5.4% YoY driven by cover price hike. Radio ad revenue registered...

29 Oct 2021

205.15

-0.44%

DB Corp

Hold: DB Corp Ltd.

Target

ICICI Securities Limited

Q2FY22 Results: DB Corp reported strong performance on a depressed base Revenues at | 446.8 crore, were up ~29% on depressed base (Q2FY21 revenues were down ~35%). Print & digital ad revenue was up ~32% YoY on base of 38% decline while subscription revenues remained resilient and were up 12.1% YoY driven by cover price hike. Radio ad revenue registered...

17 Aug 2021, 12:00AM

205.15

-0.44%

DB Corp

Hold: DB Corp Ltd.

Target

ICICI Securities Limited

Revenues at | 304.3 crore were up 45% on a depressed base but down 33% QoQ. Print & digital ad revenue was up 57% YoY (down 45% QoQ) on the base of 76% decline while subscription revenues remained resilient and were up 19.3% YoY and flattish QoQ at | 110.6 crore. Radio ad revenue...

18 Jun 2021

205.15

-0.44%

DB Corp

Hold: DB Corp Ltd.

Recommendation Target

ICICI Securities Limited

The management indicated that their focus in FY22 would be to bring back volumes, which means that ad pricing would be still suppressed. We expect a pricing recovery only in FY23, provided circulation is not impacted by any potential third wave. The company had taken | 8-10 per month circulation hike, which was positively surprising considering the on ground situation. However, we believe it could be largely absorbed due to market share gain in its key markets. We now bake in lower print + digital ad revenue at | 1299 crore in FY23E with 18.4% CAGR in FY21-23E on a supressed base. DB...

29 Jan 2021

205.15

-0.44%

DB Corp

Buy: DB Corp Ltd.

Recommendation Target

ICICI Securities Limited

Ad volume improves QoQ; circulation seeing slower recovery Print ad revenue has improved sequentially and was at 87% of pre-Covid level during the quarter. Festive period in October and November saw ad spend at 95% of corresponding period in previous year. While ad volume was down 8-10%, ad yield was also down due to discounts offered. The management stated tier 2 and 3 cities saw faster recovery and they expect faster recovery in auto, education and FMCG segment, going ahead. We estimate print+digital ad revenue of | 1434 crore in FY23E with nil CAGR in...

22 Oct 2020

205.15

-0.44%

DB Corp

Hold: DB Corp Ltd.

Target

ICICI Securities Limited

24 Jun 2020

205.15

-0.44%

DB Corp

Hold: DB Corp Ltd.

Target

ICICI Securities Limited

Post a weak FY20, FY21E outlook also looks challenging for the print industry considering the extended lockdown in Q1FY21E, stretched fiscal (impacting government ads) and dislocation at local business levels. We believe a recovery in ad volume will take time. Among positives, DB Corp has maintained good dividend payout (| 10/share in FY20). Softened raw material prices with cash of | 135 crore will support operational performance in the near term. The stock price has sharply corrected since our last recommendation but we remain wary of promoters' pledge (~35.3% of...

27 Jan 2020

205.15

-0.44%

DB Corp

Hold: DB Corp Ltd.

Target

ICICI Securities Limited

Key sectors remain weak dragging down print ad Print ad continues to be hit sharply as ad spend of the central government for 9MFY20 has declined 40-50%, given no major schemes were launched. For Q3FY20, overall government (state+ central) and auto sectors fell 810%. On a positive note, the management said their market share of ad volume has increased 15-20% in all states in the last two years. We note that the company has refrained from guiding on print ad growth given the overall uncertainty. Going forward, post a washout FY20 (decline of ~7% YoY), we are baking in print and digital ad growth CAGR of 5% in FY20-22E to | 1659...

19 Jul 2019

205.15

-0.44%

DB Corp

Hold: DB Corp Ltd.

Target

ICICI Securities Limited

DB Corp's revenue for the quarter came in lower than our expectations on account of muted print ad revenues from some of its key sectors like automobile, education, lifestyle, etc. We note that the company did not disclose digital revenues separately and clubbed it with print revenues. (Print + digital) revenues came in at | 404.8 crore, down 4.4% YoY (steeper than expected decline of 3% YoY). Circulation revenues came in at | 131.4 crore, down 2.3% YoY, largely led by clamping down on some copies in key markets of Gujarat and Bihar. Radio revenues grew a strong 19% YoY....

18 Jul 2019

205.15

-0.44%

Cost measures supporting in weak environment

Buy: DB Corp Ltd.

Target

Motilal Oswal

revenue declined 4% YoY to INR6.1b (9% miss) due to weak print ad growth (-5% YoY) and lower circulation revenue (-2% YoY). EBITDA increased 4% YoY to INR1.8b (14% miss), benefiting from a PAT declined 4% YoY to INR937m (22% miss) owing to (a) lower other income and (b) reallocation and higher cost of depreciation/interest cost of INR92m based on Ind-AS 116. Radio segment performance was the only silver lining with healthy revenue/EBITDA growth of 19%/84% YoY. (c) The focus on cost reduction will continue against the backdrop of weak revenue performance. Given weak ad spending by both national and local advertisers, management refrained from providing any guidance. Yet we build in revenue/EBITDA growth of 3%/16% for the year in view of low newsprint cost and the strong focus on reducing cost. Despite the cut in earnings, PAT is estimated to grow at 12%/19% in FY20/21, given the sharp reduction in opex.