DB Corp Ltd.    
22 Oct 2020
76.30
1.60%
buy
DB Corp Ltd. is trading below all available SMAs
DB Corp Ltd.    
24 Jun 2020
76.30
1.60%
buy
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...
DB Corp Ltd. has lost -52.33% in the last 1 Year
DB Corp Ltd.    
27 Jan 2020, 12:00AM
76.30
1.60%
buy
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...
Promoters pledge reduced to 36.89% of holdings in Sep 2020 qtr.
DB Corp Ltd.    
19 Jul 2019
76.30
1.60%
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....
DB Corp Ltd. has lost -52.33% in the last 1 Year
DB Corp Ltd.    
18 Jul 2019
76.30
1.60%
buy
Dolat Capital
DART view: Likely revival in ad growth key re-rating trigger DBCL's 1QFY20 performance was weak due to a 4% YoY decline in advertising revenue. However, RM tailwinds (-6% YoY) and costs efficiencies (-12% YoY) supported EBITDA (+4.4% YoY). IndAS 116...
DB Corp Ltd. is trading below all available SMAs
DB Corp Ltd.    
18 Jul 2019
76.30
1.60%
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.
DB Corp Ltd. has an average target of 80.00 from 1 broker.
DB Corp Ltd.    
17 May 2019
76.30
1.60%
HDFC Securities
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).
DB Corp Ltd. is trading below all available SMAs
DB Corp Ltd.    
17 May 2019
76.30
1.60%
ICICI Securities Limited
DB Corp reported largely in line revenue numbers in Q4FY19 but a beat on EBITDA (margin of 17.7% vs. 16.7% expected), driven by lower-thananticipated newsprint as well as employee costs. Overall revenues at | 588.5 crore, up 5% YoY, were driven by print ad growth of 8.2% YoY and radio revenue growth of 7.7%. Circulation revenues came in at | 127.3 crore (up 1.7% YoY) with growth being largely volume led. Digital revenues, on the other hand, declined 24.1% YoY to | 9.9 crore, with the company focusing on building direct traffic to site and doing away with low paying inventory....
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ICICI Securities Limited decreased Hold price target of DB Corp Ltd. to 80.0 on 22 Oct, 2020.
DB Corp Ltd.    
25 Jan 2019
76.30
1.60%
ICICI Securities Limited
Overall revenues came in at | 659.7 crore (up 10.2% YoY), much ahead of our estimates of | 639.8 crore, on account of superior print and radio ad revenues. Print ad revenues came in at | 420.8 crore, up 11.5% YoY ahead of our expectation of ~9.5%, with delta possibly contributed by festivities and elections led boost. The key surprise was on radio ad revenues front, which were at | 46.5 crore, up 38.4% YoY (vs. our expectation of 15% YoY growth). We await clarification on such growth. Print circulation revenues, however, were slightly...
ICICI Securities Limited decreased Hold price target of DB Corp Ltd. to 80.0 on 22 Oct, 2020.
DB Corp Ltd.    
24 Jan 2019
76.30
1.60%
Motilal Oswal
24 January 2019 DBCL continued to see pain due to higher newsprint prices; though the pain was lower-than expected. revenue grew 10% YoY to INR6.6b (+13% QoQ, 2% beat) led by healthy 11%/3% YoY growth in print ad/circulation revenues and strong 39% YoY growth in radio revenue. This coupled with lower other operating cost helped EBITDA to remain flat YoY (+51% QoQ, 31% beat) at INR1.4b, even as newsprint cost spiraled 34% YoY. (1) Healthy 11% ad growth in 3QFY19 was driven by 2% election related advertisement while rest was due to a favorable festive season.(2) In FY20, ad growth should be better due to high contribution from election ads as well as due to the government rate hike. (3) Against the peak of USD750/ton, newsprint prices are down to USD560-565/ton and are likely to decline further due to capacity addition globally in Russia and China; we expect 23-24% fall in prices but the benefit will be seen from 1QFY20.
Promoters pledge reduced to 36.89% of holdings in Sep 2020 qtr.