Jagran Prakashan Ltd. share price target

Jagran Prakashan reported topline of | 566.5 crore vs our expectations of |586.7 crore. The ad revenue performance of (0.3% YoY, vs our expectation of +5% YoY) was weak compared to DB Corp (+6.1% YoY), but was better than HMVL (-7.7% YoY). The circulation revenues came in at |106.3 crore (down 0.7% YoY) vs our expectations of 108.8 crore. The radio revenues reported a growth of 10% YoY, vs our expectation of 12% YoY growth, albeit better than...

For the quarter ended March 2017, Jagran Prakashan Ltd. reported profitability with net profit growing by 2% YoY to Rs 78 cr and 3% sequentially. Total revenue for the company grew by 4% YoY to Rs 492 cr while sequentially the revenue grew by 5%. Advertisement revenue for the company grew by 3.9% YoY to Rs 346 cr while the circulation revenue grew by 1.5% YoY to Rs 102 cr. Digital Advertisement revenue for the company grew by 17% YoY to Rs 7.3 cr. Page views...

Jagran's performance vis--vis regional print peer remains healthy (reported print ad growth ~4% YoY vs. DB Corp and HMVL who have bhupendra.tiwary@icicisecurities.com...

Q4FY17 standalone print ad revenue grew 4% YoY (in line) impacted by demonetization. Leading publication Dainik Jagran grew ~4% YoY, while other publications (Midday, Naiduniya, Punjabi Jagran, I-Next etc.)

Jagran Prakashan's (JAGP) Q2 standalone print ad revenue grew slower at 5% YoY (Q1 ad grew ~9% YoY) partly due to adverse impact of heavy rains and resultant floods in key states. Ad revenue growth is expected to remain subdued in the coming quarters as well given limited spends across national/ l..

ICICI Securities Ltd | Retail Equity Research The company reported standalone financials in the quarter and has not shared the detailed consolidated financials owing to pending approvals. Mid-day financials have also not been shared. Standalone Ad revenues remained subdued at 5.0% YoY at | 322.9 crore and is below our expectations. The presence of floods in the MPCG market weighed on the advertisement revenues. Circulation revenues also came in better than expectations at | 107.0 crore, up...

For 1QFY2017, Jagran Prakashan (JPL) reported a 9% yoy growth in its standalone top-line but the growth in PAT was relatively lower mainly due to higher employee and other operating expenditure. On a consolidated basis, the company reported healthy double digit growth numbers on the back of a favorable performance in radio and other businesses. However, circulation revenue growth trailed a bit during the quarter. Angel Broking maintain their Accumulate rating on the stock with a target price of `205.

Jagran Prakashan Limited - JAGRAN company reported standalone financials in the quarter and has not shared the detailed consolidated financials owing to pending approvals. However, some key consolidated figures have been shared, which have been used here for analysis .Ad revenues (ex-radio) continued to remain healthy with 10.7% YoY growth to | 355.3 crore, higher than our expectations of 9.5% YoY growth. The company posted industry leading growth in the radio segment with revenues at | 55.9 crore, up 19.0% YoY and higher than our expectations of 16.0% YoY growth. Circulation revenues also came in better than expectations at | 107.0 crore, up 6.5% YoY. ICICI Securities Limited maintain BUY with a revised target price of | 220 arrived via SOTP method.

Print ad performance, core business EBITDA below expectations UP elections/festive season to ensure strong 2H, raising FY17/FY18E EPS by 2-6% EBITDA (ex-Radio) and PAT miss estimates: EBITDA grew 15% YoY to INR1.54b against our estimate of INR1.57b. EBITDA (ex-Radio) grew 6% YoY to INR1.37b, 2% below our estimate of INR1.39b, as print advertising missed our estimate of INR3.59b by 2.6%. Opex grew 18% YoY to INR4.03b, ~1% above our estimate of INR3.98b. PAT grew ~17% YoY to INR0.84b, 4% below our estimate of INR0.87b. The PAT miss was largely a function of the operational miss flowing through,...

EBITDA (ex-Radio) and adjusted PAT ahead of estimates: Jagran Prakashan's (JAGP) EBITDA for 4QFY16 grew by 28% YoY to INR1.36b (vs. our estimate of INR1.32b), while EBITDA (ex-Radio) grew by 11% YoY to INR1.16b (7% higher than...