DB Corp Ltd. share price target

Decent Growth During the Quarter; EBITDA Margins Continue to Sustain:DB Corp Ltds consolidated revenue witnessed a YoY growth of 3.4% to Rs. 5943 Mn in Q1FY18 compared to Rs.5746 Mn in Q1FY17.

ICICI Securities Ltd | Retail Equity Research Overall revenues at | 594.3 crore (up 4.2% YoY) were largely in line with our estimate of | 593.5 crore. Print advertisement revenues came in at | 390.3 crore, up 4.5% YoY and slightly higher than our expectations of 4% YoY growth. We note that print ad growth of 4.5% YoY on a high base of 20.9% growth seen in Q1FY17 is encouraging despite pre-GST led uncertainty, which had impacted ad revenues across media. Radio ad growth continued to outperform print at 11%...

ICICI Securities Ltd | Retail Equity Research Revenues came in at | 517.1 crore (up 0.6% YoY) below our estimate of | 530.9 crore as advertisement revenues came in lower than expected at | 309.7 crore (down 2.7% YoY) vs. our expectation of | 328.0 crore (up 3.0% YoY). The quarter continued to suffer from post demonetisation woes. Hence, revenues were impacted. However, circulation revenues continued to grow at a steady state of 7.1% YoY to | 121.7 crore. The growth in radio and digital came in at 10.7% YoY...

ICICI Securities Ltd | Retail Equity Research DB Corp's print advertisement revenues came in at | 400.6 crore, up 2.4% YoY, lower than our expectations. Though ad revenues were impacted by the subdued ad environment in the demonetisation regime, the lower ad growth on a negative growth base quarter was slightly disappointing. The radio and digital ad growth continued to outperform print at 12.4% YoY (| 36.3 crore) and 31.7% YoY (| 16.2 crore), respectively. Subscription revenues came in at | 124.3 crore, up...

Print Advertisement Continues to Grow with Improving EBITDA Margins: DBCL posted a good Q2FY17 revenue growth of 10.5% on the consolidated basis at Rs. 5287 Mn. It witnessed a good traction in the advertisement volumesfrom Automobile and educational sectors registering 22.0% & 16.0% growth respectively with almost a flat growth in the real estate and other sectors. Print, being a major contributor, witnessed advertisement growth at 9.0% YoY atRs. 3740 Mn.

ICICI Securities Ltd | Retail Equity Research DB Corp's print advertisement revenues came in at | 330.3 crore, up 7.3% YoY, in line with our expectations as the company is recovering its lost ad volumes owing to price hikes in the last fiscal. Radio and digital ad growth continued to outperform print at 24.6% YoY (| 29.9 crore) & 20.7% YoY (| 14.0 crore), respectively. Subscription revenues continued their double digit growth trajectory at 11.5% YoY growth to | 117.9 crore primarily driven by yield growth in mature markets...

Earnings beat led by strong recovery in ad revenue growth: DBCL's 1QFY17 revenue grew 31% YoY to INR5.7b (3.7% above our estimate). EBITDA grew 48.7% YoY to INR1.81b (17.6% above our estimated INR1.54b), albeit on a low base. The EBITDA beat was primarily led by strong recovery in print ad revenue. PAT grew 56% YoY to INR1.04b (21% above our estimated INR0.86b). Ad bounce-back underpinned by strong ad volume/market share recovery: Post a dismal FY16, 1QFY17 marked a recovery in ad volumes and market share. Print ad revenue grew 20% YoY to INR3.73b (3.6% above our estimated...

ICICI Securities Ltd | Retail Equity Research Revenues came in better than expected at | 570.4 crore vs. estimates of | 532.9 crore owing to stellar print advertisement revenues which came in at | 373.4 crore, up 20.2% YoY higher than estimated 15.0% YoY growth. There was volume & market share gains which the company had lost after price hikes taken in the last year. The radio and digital ad growth continued to outperform print at 30.7% YoY (| 28.1 crore) & 21.8% YoY (| 12.3 crore), respectively. Subscription revenues...

Other expenditure increased 15% yoy and was higher than our estimates EBITDA and margins were lower than our estimate on higher other expenditure PAT missed our estimates due to the EBITDA miss...

ICICI Securities Ltd | Retail Equity Research Revenues came in at | 514.3 crore vs. our expectation of | 491.3 crore, up 5.9% YoY owing to positive overall advertisement growth of 1.6%...