HT Media Ltd. share price target

revenue fell sharply by 7% YoY to INR5.4b (13% miss), mainly due to a 7% YoY drop in print ad revenue to revenue to INR0.7b aggravated the impact on revenue. EBITDA plunged 50% YoY to INR360m (54% miss). While RM cost rose 14% YoY, it was more than offset by savings in employee/SGA cost (down 21%/4% YoY). EBITDA margin contracted 540bp YoY to 6.6%. PAT stood at a meager INR12m (INR386m in 1QFY18). (1) Print business is facing turbulence; expect headwinds to continue for the next few quarters. (2) Newsprint cost to remain high for the next 2-3 quarters, post which it should start coming down. (3) The merger of the metro radio business of HTML with the radio business of Next Mediaworks (NMW) is under consideration.

HT Media and Hindustan Media Ventures results missed estimates, impacted by 4% miss on revenues and in-line cost assumptions. 14% miss on Hindi advertisement revenues was compensated by English ad revenues. Lower-than-estimated other revenues dented topline. Circulation revenues declined by 9% yoy, 4% below estimate. Till Q3FY18, both companies were reaping benefits of cost rationalization initiatives. But, the same seems to have...

Revenues at | 561.2 crore (down 4.1% YoY) were below our estimate of | 592.3 crore. Hindi ad revenue declined 14.6% YoY, which was attributed to heavy base of UP election as well as continued muted spend from categories such as auto, medical & health, FMCG, consumer durables. English ad revenue improved handsomely by 15.1%YoY on a low base (~22% decline in base quarter). The radio performance was disappointing as it reported ~2% YoY revenue growth vs. our expectation of 8% YoY growth. Digital business...

Consol. revenue fell 4% YoY to INR5.6b (5% miss), mainly due to a 9% YoY decline in circulation revenue, partly offset by ad revenue growth. Yet, consol. EBITDA of INR805m grew 10% YoY (11% miss), driven by a 12% YoY decline in SGA expenses. This, coupled with a surge in other income (+73% YoY), provided impetus to PAT (+193% YoY to INR750m). Ad revenue grew marginally by 2% YoY to INR4.2b. For FY18, revenue declined 4% YoY to INR23.4b (1% miss), EBITDA grew 34% to INR4b (3% miss) and PAT increased 80% YoY to INR3.1b (12% beat)

ICICI Securities Ltd | Retail Equity Research Revenues at | 625.4 crore (fell 3.8% YoY) came in below our estimate of | 629.2 crore. Hindi ad revenue came in at | 177 crore, up 4.9% YoY vs. our estimate of ~3% YoY growth. English ad revenue declined 7.6% YoY (our estimate: ~7% decline). The performance of radio was disappointing at 4.8% YoY revenue growth. Digital business revenues were impacted by weak performance of shine.com The company's continued effort on cost savings aided EBITDA...

Muted ad and circulation revenue growth pulled down overall revenue by 4% YoY (+12% QoQ) to INR6.3b (5% miss). However, EBITDA increased 22% YoY (+29% QoQ) to INR1.3b (est. of INR1.0b), led by the company's cost-restructuring initiatives. Margin expanded 450bp YoY (+290bp QoQ) to 21.5%. This coupled with a) 20% YoY reduction in finance cost and b) 17% YoY rise in other income (led by INR311m gain on sale of Land & Building) led to overall PAT growth of 36% YoY (+88% QoQ) to INR1.2b (est. of INR0.6b) English business ad revenue declined 8% YoY, led by a lower-double-digit decline in ad volumes, partly offset by yield improvement. Hindi business ad revenues recovered, growing 5% YoY (3% volume and 2% pricing), as the impact of GST-related uncertainty subsided. Circulation-wise, both English and Hindi saw a sharp 14-15% YoY decline, as volumes and pricing were impacted by intense competition in the legacy markets. However, rising newsprint prices may compel industry players to increase cover prices, partly mitigating the adverse impact

Curtailed Advertising spend and continued sluggishness in English Print segment impacted the Print Ad revenue. Both Hindi and English Ad revenue declined by 8% yoy each. Radio revenue grew by 18% yoy, driven by new launches. Sharp fall in expenses was driven by continued efforts on cost rationalization and discontinuation of non-performing editions, leading to robust EBITDA growth. Benefits of...

ICICI Securities Ltd | Retail Equity Research Revenues were at | 560.6 crore (decline of 6.9% YoY), below our estimate of | 599.1 crore. Hindi ad revenues came in at | 157 crore, with 7.7% YoY decline vs. our estimate of ~4% YoY growth. English print revenues were down 8.4% YoY to | 238 crore (our estimate: 5% decline). Nevertheless, the company posted a healthy performance in the radio segment with 18.4% YoY growth to | 42.8 crore as the newly launched stations continued to boost revenues...

and travel segments). English/Hindi ad revenues declined 8% YoY to INR2.3b/1.57b. English/Hindi circulation revenue remained sluggish (down 13%/7%) on the back of soft pricing and curtailing of copies. PAT doubled despite revenue slowdown: Bucking the revenue trend, EBITDA doubled to INR1045m in 2QFY18, led by a) restructuring benefits (hiving off low-yield regions), b) lower cost on account of a decline in volumes (~12%), c) cut down in discretionary spends and d) GST benefits. PAT increased 114% YoY to INR662m....

provide for any potential acquisition opportunities that may be available bhupendra.tiwary@icicisecurities.com in the course of business. However, the argument seems unconvincing as the company has failed to attract investors' attention. In addition, the English segment's ad growth continues to be elusive. We assign a SELL rating to the stock valuing it at 10x FY19E EPS of | 7.8, with a revised target price of | 78. We highlight that any multiple re-rating can only happen post clarity on the cash allocation or if there is a marked...

Revenues came in at | 585.3 crore (decline of 7.2% YoY) and much below our estimate of | 638.4 crore. Hindi ad revenue growth at 3.6% YoY was higher than our estimate of 2.5% YoY growth and slightly better than its peer DB Corp that reported 2.7% YoY growth. The English segment, however, continued to bleed and reported a steep 21.7% YoY decline in ad revenues (we had built in 4% YoY decline), also hit by discontinuance of several of its English daily editions. Nevertheless, the company posted a strong performance in the radio...

ICICI Securities Ltd | Retail Equity Research Revenues came in at | 649.9 crore (up 4.6% YoY) in line with our estimate of | 651.3 crore. As expected, there was a decline in both Hindi and English ad revenues at 6.8% and 9.5% YoY decline to | 168.8 crore and | 297.7 crore, respectively. Despite the quarter being a festive one, volumes were deeply hit in the last two months of the quarter owing to demonetisation. The lower Hindi ad revenue growth was also an outcome of the high base effect of Bihar...

elections (last year). English ad revenues also remained soft with deQuarterly performance growth of 6.2% YoY (our estimate de-growth of 1.2%) to | 259.8 Q2FY17 Q2FY16 YoY (%) Q1FY17 QoQ (%)...

Hindi ad revenues came in below expectations at 6.9% YoY growth (vs. our estimates 9.5% YoY) to | 177.7 crore. English ad revenues remained soft with de-growth of 1.4% YoY to | 272.8 crore as HT Media faced softness on the national advertising front. Radio advertisement continued to remain robust with 35.5% YoY growth to | 33.2 crore. Circulation revenues came in at | 77.2 crore (5.9% YoY growth) aided by higher net realisation rate per copy. ICICI Securities Limited continue to maintain HOLD, valuing it at 11x FY18E EPS of | 7.8, at a target price of | 86.

Trendlyne has 7 reports on HTMEDIA updated in the last year from 4 brokers with an average target of Rs 98.5. Brokers have a rating for HTMEDIA with 1 price downgrades in past 1 Year.

Motilal Oswal values your support in English Print continues to languish; favorable leverage aids margins the Asiamoney Brokers Poll 2016 for EBITDA up 9% YoY, beating estimates; PAT up 2% YoY: HT Media's (HTML) India Research, Sales and Trading...

Hindi ad revenues continued to remain robust with 14.9% YoY growth (vs. our estimates 13% YoY) to | 168.4 crore. English ad revenues, however, remained soft with muted growth of 1.4% YoY...

9 Hindi print ad revenue growth of +19% yoy was ahead of estimates, driven by robust growth in UP (+26% yoy) and Bihar (+16% yoy). Good festive season and Bihar state electionspurredadrevenuegrowthinthecurrentquarter...

Key highlights: Total consolidated ad revenue grew by 7% yoy (adjusted for seasonality growth was 11%) marginally higher than estimate on higher ad revenue in Bihar and UP markets. Every sector (except for real estate and education) contributed to the growth...

Established foothold in the key cities, ad volume revival are key for the print: Being established strongly in the key metro markets and with revival in the ad volumes on the back of pick up in the overall economic sentiments, we expect the company to improve its print ad revenues and witness a growth to the tune of 5% CAGR in FY15-17E.