A director at Jagran Prakashan Limited sold 32,834,742 shares at 75.000INR and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
JAGRAN PRAKASHAN (IN), a company active in the Publishing industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 4 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date February 22, 2022, the closing price was INR 72.60 a...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q3FY20 result highlights Standalone (excl. Radio/Mid-Day): Rev. down 7.2% yoy (in-line) to ~Rs4.7bn. Print ad revenue fell 9.5% yoy to ~Rs3.1bn (2% miss) as central govt./national categories pressure continued (DBCL/HMVL ad declines stood at 10.8%/6.7% resp.). Circulation rev. grew 1.2% yoy to ~Rs1bn (in-line) due to cover price hikes. Std. EBITDA, however, was up 23.7% yoy to ~Rs1.3bn (30% beat) on account of sharp fall in RM costs (~26% drop) while other costs were also tightly controlled ...
Jagran Prakashan: Lower opex supports EBITDA; ad outlook remains weak (JAGP IN, Mkt Cap USD0.3b, CMP INR68, TP INR76, 12% Upside, Neutral) Revenue declined 9% YoY in 3QFY20 due to a drop in ad spends amidst a weak consumer economy, which has hit the entire media industry. However, falling RM costs supported profitability during the quarter. As sentiment is likely to remain weak over the short term, we have largely maintained our estimates with a marginal cut of 2%/4% in our revenue assum...
Q2FY20 result highlights Standalone (excl. Radio/Mid-Day): Rev. fell 4.1% yoy (2% miss) to ~Rs4.3bn. Print ad revenue fell 2.3% yoy (3% beat) given weak central govt. ad spends, cutbacks from commercial spenders, as well as sharp decline in ND ad revenue (as base quarter had election related spends). However, Jagran has done better than its peers as DBCL/HMVL ad declines stood at 11%/5% respectively. Std. Circulation fell 1.7% yoy (2% miss) due to copy withdrawals (4-5% decline) partially co...
Q1FY20 result highlights Standalone (excl. Radio/Mid-Day): Rev. fell 2.3% yoy (3% miss) to ~Rs4.9bn. Print ad revenue fell 2.3% yoy (1% miss) on account of declines in auto segment and weak political ad revenue. DBCL/Hindustan ad declines stood at 4.4%/2.4% yoy respectively. Circulation fell 1% yoy (3% miss). Std. EBITDA fell 13.3% yoy to ~Rs1.15bn on account of weak top-line performance (adj. for Ind-AS 116, EBITDA would have been ~Rs1.11bn – 11% miss). RM costs were flattish yoy, while Emp...
JAGRAN PRAKASHAN: Market weakness takes toll on earnings; ad outlook uncertain (JAGP IN, Mkt Cap USD0.3b, CMP INR78, TP INR105, 35% Upside, Buy) Limited earnings support amid weak operating environment: JAGP reported a dismal performance in 1QFY20, in line with other print companies, due to weak market conditions and the limited benefits of softening newsprint prices. Consol. EBITDA declined 14% YoY to INR1.4b (28% beat), with the margin contracting 300bp YoY to 24.2% due to (a) lower rev...
Q4FY19 result highlights Standalone (excl. Radio/Mid-Day): Rev. grew 9.0% yoy (in-line) to ~Rs4.9bn. Print ad revenue grew 10.8% yoy (in-line) majorly driven by government ad revenue (supported by price hikes); DBCL/Hindustan ad growth stood at +8.2%/+8.7% yoy respectively. Circulation grew 3.1% yoy (est 2.0%) led by price hikes. Std. EBITDA grew 15.6% yoy to ~Rs1.0bn (6% beat) supported by healthy ad revenue growth and lower than est. RM costs (+12.6% yoy vs est +13.3%). Employee/other cost...
Jagran Prakashan: Better ad environment, softer newsprint prices to aid earnings (JAGP IN, Mkt Cap USD0.5b, CMP INR115, TP INR138, 20% Upside, Buy) Turnaround in earnings: Bucking the downtrend of the past several quarters, JAGP bounced back with its 4QY19 earnings. Consol. EBITDA grew 15% YoY to INR1.4b (2% beat) with 130bp margin expansion to 23.3%. This was led by twin benefits of (a) healthy 8% YoY growth in consol. revenue to INR5.9b (in-line), and (b) moderating pace of RM cost incr...
Q3FY19 result highlights Standalone rev. (excl. Radio/Mid-Day) grew 1.3% yoy (1% miss) to ~Rs5bn, majorly driven by print ad. rev. performance (+2.1% yoy; 1% miss). Print ad performance was driven by state election related business in Nai Dunia while festive season ad spends remained weak. DBCL/Hindustan print ad rev. grew/fell 11.5%/7.3% yoy respectively. Subs. rev. fell 1.2% yoy due to copy rationalization. Standalone EBITDA plunged 25.3% yoy to ~Rs1bn (4% miss) due to sharp rise in newspr...
Jagran Prakashan: Print business disappoints; Reversal of newsprint prices to revive earnings (JAGP IN, Mkt Cap USD0.4b, CMP INR102, TP INR140, 38% Upside, Buy) High RM costs continue to drag: Consol. revenue grew a meager 3% YoY (+11% QoQ) to INR6.1b (in-line), primarily due to weak print revenues. Yet, consol. EBITDA at INR1.3b, witnessed a steep 19% YoY decline (9% miss, mainly due to miss on revenue) impacted by 15% YoY increase in RM cost. Consequently, margin contracted 560bp YoY to...
Q2FY19 result highlights Standalone rev. (excl. Radio/Mid-Day) fell 0.6% yoy to ~Rs4.5bn (3% miss). Print ad rev. fell sharply by 8% yoy (IDFCe: 3% fall) given shift of festive season/weak national and Central Govt. ad spends . DBCL/Hindustan print ad rev. grew/fell 4%/6.4% yoy respectively. Subs. rev. grew 5% yoy (est. 4%) due to cover price increases. Standalone EBITDA plunged 30% yoy to ~Rs700m (25% miss) due to ad rev. fall and sharp rise in newsprint costs by 10% yoy (JAGP’s newsprint c...
Q2FY19 result highlights Standalone rev. (excl. Radio/Mid-Day) fell 0.6% yoy to ~Rs4.5bn (3% miss). Print ad rev. fell sharply by 8% yoy (IDFCe: 3% fall) given shift of festive season/weak national and Central Govt. ad spends . DBCL/Hindustan print ad rev. grew/fell 4%/6.4% yoy respectively. Subs. rev. grew 5% yoy (est. 4%) due to cover price increases. Standalone EBITDA plunged 30% yoy to ~Rs700m (25% miss) due to ad rev. fall and sharp rise in newsprint costs by 10% yoy (JAGP’s newsprint c...
Q1FY19 result highlights Standalone rev. (cons. minus Radio & Mid-Day) grew by 1.7% yoy to Rs5bn (1% miss); Print ad rev. was flat yoy (IDFCe: +4% yoy) as weakness persisted in overall market. DB Corp Print ad rev grew by 5.3% yoy while for HT Media Hindi print ad rev fell by 5% yoy. Standalone subs. rev. grew by 2% yoy as it starts to increase cover prices (avg. cover price have been increased by ~9% which has led to 4-5% drop in circulation as per the management). Standalone EBITDA was fla...
Jagran Prakashan: EBITDA takes a good turn; higher newsprint prices to limit growth (JAGP IN, Mkt Cap USD0.5b, CMP INR121, TP INR156, 29% Upside, Buy) EBITDA begins uptrend: revenue grew 2% YoY (+10% QoQ) to INR6b (in-line), driven by radio and other operating revenue; print business revenue was flat YoY. Newsprint prices increased 10% YoY; however, a 4-5% decline in circulation copies and the use of old (low-priced) inventory restricted the rise in newsprint cost to a meager 3% YoY (+10%...
Q4FY18 result highlights Standalone rev. (cons. minus Radio & Mid-Day) declined by 4.5% yoy to Rs4.5bn (3% miss); Print ad rev. was down 5.8% yoy (IDFCe: 2.5% fall yoy) due to weak govt./political spending in key markets vs the base quarter (UP elections). DB Corp print ad rev grew by 8.8% yoy (weak base) while for HT Media Hindi print ad rev fell by 14.6% yoy. Standalone subs. rev. fell by 2.8% yoy and fell by 2.5% qoq and is surprising as competitive pressures were easing on cover prices. ...
Jagran Prakashan: Print business hurts performance; Radio business to drive earnings (JAGP IN, Mkt Cap USD0.9b, CMP INR165, TP INR215, 30% Upside, Buy) Dismal quarter: revenue fell 3% YoY (-8% QoQ) to INR5.5b (5% miss) due to a weak performance in the print business, partly offset by growth in the radio business. This, coupled with a 2% YoY rise in opex, led to a 16% YoY (-26% QoQ) decline in consol. EBITDA to INR1.2b (9% miss). Margin contracted 370bp YoY to 22% (~90bp miss). PAT decline...
Jagran Prakashan: Revenue growth at the cusp of revival; Print business valued attractively at 11x FY19E EPS (JAGP IN, Mkt Cap USD0.9b, CMP INR159, TP INR215, 35% Upside, Buy) Ad revenue is likely to grow at a CAGR of 10% over FY18-20 (FICCI estimates vernacular print ad market growth of 8-9%), led by (a) revival in ad spends, (b) better monetization of IRS data, (c) favorable base, and (d) high ad spends in the run-up to the general elections. Increased circulation of Naidunia and other...
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