Sandesh Ltd. share price target

Sandesh has witnessed a muted print segment in the last year and a half. While FY20 print revenues declined 1%, the H1FY20 overall revenues declined ~17%. We also highlight that print, as a segment, has witnessed challenging times with weak ad growth. During FY19, key players like DB Corp and Jagran Prakashan reported print revenues (ad + subscription) growth of 6% and 1%, respectively, which for H1FY20 has been a decline of ~6% and 3%, respectively. The segment is likely to continue its declining trend at least in the medium term with key categories like government and...

We had come out with an I-direct Instinct on Sandesh in March, 2017. We reiterate that our upside thesis was based on Gujarat state elections given the company's presence in the state. Moreover, we note that despite the recent run-up, the company is available at attractive valuations of 10x...