Motilal Oswal - D B Corp Ltd (533151) MOSL: D B CORP (Buy)-Focus on circulation ramp-up to continue

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Motilal Oswal

Aliasgar Shakir

MOSL: D B CORP (Buy)-Focus on circulation ramp-up to continue

D B CORP: Focus on circulation ramp-up to continue

(DBCL IN, Mkt Cap USD1.0b, CMP INR362, TP INR430, 19% Upside, Buy)

We recently hosted DB Corpâ€™s management at our â€˜Midcap Conferenceâ€™.

â€‹- Ad growth was impacted in October 2017 due to the shift in the festive season to the previous quarter. However, the ad growth outlook for November appears better due to a low base of last year (was impacted by demonetization).
- Management plans to expand to additional 27 districts of Bihar and also increase circulation across other legacy markets. Management targets to take total copies to 6m by March 2018 from 5.6m in October 2017. Also, yield improvement taken in the legacy markets is expected to support growth in 2HFY18 (11% CAGR over FY12-17).
- We expect ad/circulation revenue CAGR of 7%/9% over FY17-20, led by an improving ad market and an increase in the number of circulation copies at healthy pricing. State elections in its legacy markets next year and the general election in 2019 should support growth. We expect EBITDA/PAT CAGR of 9%/14% over FY17-20E.â€‹

06/12/2017 8 EN

Underlying

D B Corp Ltd

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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.

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Analysts

Aliasgar Shakir

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MOSL: D B CORP (Buy)-Focus on circulation ramp-up to continue

MOSL: D B CORP (Buy)-Circulation drive, ad recovery bode well

MOSL: D B CORP (Buy)-In-line quarter-maintain estimates and target price

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

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