Motilal Oswal - Hindustan Media Ventures (HMVL) MOSL: HINDUSTAN MEDIA VENTURES (Buy)-GST-led pain impacts ad growth

Report

Motilal Oswal

MOSL: HINDUSTAN MEDIA VENTURES (Buy)-GST-led pain impacts ad growth

â€‹Hindustan Media Ventures: GST-led pain impacts ad growth

(HMVL IN, Mkt Cap USD0.3b, CMP INR274, TP INR350, 28% Upside, Buy)

EBITDA misses estimate led by unfavorable operating leverage: HMVLâ€™s 1QFY18 EBITDA declined 10% YoY to INR510m (est. of INR651m) due to GST-led ad pain. The base quarter does not include charges pertaining to HTDSL (HTMLâ€™s multimedia digital content arm) carve-out, and thus, financials are strictly not comparable. Like-to-like comparison is not disclosed. Reported PAT declined 8% YoY to INR448m (est. of INR559m).
Teething days of GST implementation hit ad growth: Ad volumes dipped ~6% with advertisers tightening their budgets in the month leading to GST implementation. With ad budget cuts leading to volumes decline across categories, ad revenues remained flat YoY at INR1.78b in 1QFY18. However, HMVL did manage to offset the decline through 6% yield improvement.
Flat circulation revenues miss expectations: Circulation revenues remained flat YoY at INR560m (est. of INR591m), largely led by lower realization/copy. HMVL took a cut in cover price in the quarter to protect its turf in select UP and Bihar markets.

20/07/2017 8 EN

Underlying

Hindustan Media Ventures

Hindustan Media Ventures Limited is an India-based company, which is engaged in the printing and publication of newspapers and periodicals. The Company's Hindustan is a Hindi daily, which includes coverage of local, national and international news relating to politics, business, entertainment, sports and other general interests. Its other offerings include a weekly supplement dealing with issues close to women; a weekly supplement for jobs; a monthly magazine with cultural and literary content; online Hindi news Website; matters relating to health and lifestyle; weekly supplement featuring stories of the glamour world; weekly supplement on education, and children's magazine. Its brands include Hindustan, Anokhee, Hindustan Job Search, Kadambini, Tann Mann and Nandan, among others. Its Live is an extension of Hindustan that covers city-based news and events. The Company has operations in Delhi, Uttarakhand, Uttar Pradesh, Bihar and Jharkhand.

See profile

INE871K01015 National Stock Exchange of India India

Provider

Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

See profile

Other Reports on these Companies

TheScreener

HINDUSTAN MEDIA VENTURES with less fundamental stars is reduced to Neutral

HINDUSTAN MEDIA VENTURES (IN), a company active in the Publishing industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date July 21, 2020, the closing price was INR 49.60 and its expected value was estimated at INR 48....

Free Trial

July 22, 2020 July 22, 2020 6 EN

Motilal Oswal

MOSL: HINDUSTAN MEDIA VENTURES (Neutral)-Muted earnings-growth outlook modest

HINDUSTAN MEDIA VENTURES: Muted earnings; growth outlook modest (HMVL IN, Mkt Cap USD0.3b, CMP INR220, TP INR237, 8% Upside, Neutral) Dismal revenue growth: revenue declined 14% YoY (-12% QoQ) to INR2b (16% miss). Ad revenue fell 15% YoY to INR1.5b, primarily due to a high base (4QFY17 - due to UP elections). Circulation revenue was down 11% YoY to INR0.5b, mainly due to lower yields. Consol. EBITDA fell 54% YoY to INR264m (59% miss), with the margin down 11.1pp YoY to 13.1%. Yet, PAT fell by a meager 5% YoY (-18% QoQ) to INR403m (27% miss), aided by a 54% YoY jump in other income. For ...

May 4, 2018 May 4, 2018 10 EN

Motilal Oswal

MOSL: HINDUSTAN MEDIA VENTURES (Buy)-Lackluster growth, but outlook improving

Hindustan Media Ventures: Lackluster growth, but outlook improving (HMVL IN, Mkt Cap USD0.3b, CMP INR266, TP INR305, 15% Upside, Buy) Muted revenue growth: 3QFY18 revenue came in flat YoY (9% QoQ) at INR2.3b (in line v/s est. of INR2.35b), despite a low base (3QFY17 was impacted by demonetization), largely due to (i) shift of Diwali ad spends to 2Q this year and (ii) lackluster local ad spend due to GST-related uncertainty. EBITDA increased 43% YoY (+29% QoQ) to INR583m (est. of INR439m), as 3QFY17 included high one-off expense related to HT Digital hive-off. EBITDA margin expanded 760bp Y...

January 12, 2018 January 12, 2018 10 EN

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality (HOMEFIRS IN, Mkt Cap USD0.9b, CMP INR802, TP INR1025, 28% Upside, Buy) HomeFirst’s 2QFY23 PAT grew 21% YoY/6% QoQ to INR543m (in-line). Credit costs grew 37% QoQ to INR50m (MOFSLe: INR31m). Underlying this, the NII grew 58% YoY to ~INR1b (in-line). ‘Other income’ grew 13% QoQ, driven primarily by higher treasury gains and investment income. Opex was 7% higher than estimated and grew 47% YoY and 14% QoQ, led by investments in new branches and resultant higher employee expenses. Disbursements grew 36%...

EUR 120.00

October 21, 2022 October 21, 2022 12 EN

Aliasgar Shakir

Aliasgar Shakir

MOSL : SHOPPERS STOP: Ticking the right boxes

. SHOPPERS STOP: Ticking the right boxes (SHOP IN, Mkt Cap USD1b, CMP INR780, TP INR805, 3% Upside, Neutral) Aided by price hikes, SHOP reported a healthy 19% revenue growth in 2QFY23 from pre-COVID levels (8% beat) on healthy (+10%) SSSG and sustained volumes. EBITDA grew 2.3x YoY (22% over pre-COVID levels), with a 540bp margin improvement. 1) A strong recovery in revenue, backed by an improved pricing; 2) expansion within the Beauty and Private Label segment; and 3) healthy annual 12/15 store additions for SHOP/Beauty are expected to drive business growth going forward. We expect a r...

EUR 120.00

October 21, 2022 October 21, 2022 13 EN

Tushar Manudhane

Tushar Manudhane

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities (ERIS IN, Mkt Cap USD1.2b, CMP INR708, TP INR860, 21% Upside, Buy) Eris Lifesciences (ERIS) delivered better than expected 2QFY23 performance, led by superior traction in new launches and improved operating leverage. ERIS is notonly sustaining the momentum in its recently launched products, but it is also preparing itself for an aggressive pace of new introductions. We reiterate our earnings estimate for FY23/FY24 and continue to value ERIS at 22x 12M forward earnings to arrive at a price target of INR860. We re...

EUR 120.00

October 21, 2022 October 21, 2022 11 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

MOSL: HINDUSTAN MEDIA VENTURES (Buy)-GST-led pain impacts ad growth

HINDUSTAN MEDIA VENTURES with less fundamental stars is reduced to Neutral

MOSL: HINDUSTAN MEDIA VENTURES (Neutral)-Muted earnings-growth outlook modest

MOSL: HINDUSTAN MEDIA VENTURES (Buy)-Lackluster growth, but outlook improving

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe