A director at D B Corp Ltd bought 3,820 shares at 201.353INR and the significance rating of the trade was 34/100. 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 years clearly ...
D B CORP (IN), a company active in the Publishing industry, sees its general evaluation downgraded to Neutral on account of a double requalification. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour has also deteriorated and is evaluated as moderately risky. theScreener believes that the loss of a star(s) and the increased risk justifies the general evaluation downgrade, which passes to Neutral. As of the analy...
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 DB Corp reported better results versus muted expectations. Cons. rev. fell 9.2% yoy to ~Rs6bn (2% beat), PBT fell 5.6% yoy to ~Rs1.1bn (19% beat), while PAT grew 3.5% yoy to ~Rs816m (20% beat). DBCL reports ad revenue for print and digital combined from Q1FY20 onwards. Ad revenue (Print+Digital) performance remains weak, falling ~10.8% yoy to ~Rs3.9bn (in-line). Govt. segment (~15% yoy fall) continues to remain weak (esp. National Govt.) while sectors like Auto/FMCG/...
Q2FY20 Result Highlights Cons. rev. fell 8.7% yoy to ~Rs5.3bn (1% beat), PBT fell 8.2% yoy to ~Rs639mn (5% beat), while PAT grew 64% yoy to ~Rs756m (27% beat). DBCL has clubbed Digital ad rev. with Print Ad rev. for reporting purposes from Q1FY19 onwards. Ad revenue (Print+Digital) continues to remain poor and fell 10.8% yoy to ~Rs3.35bn (in-line). Govt ad (18% yoy fall) remains a key weak-point (esp. national govt.) Autos/FMCG too fell, albeit in single digits. Lifestyle/Education registere...
Q1FY20 Result Highlights Cons. rev. fell 4% yoy to ~Rs6.1bn (1% miss), PBT fell 3.2% yoy to ~Rs1.4bn (2% beat), while PAT fell 3.9% yoy to ~Rs938m (2% beat). DB Corp has clubbed Digital ad rev. with Print Ad rev. for reporting purposes from this quarter. Ad revenue growth (Print+Digital) continues to remain poor and fell 4.4% yoy to ~Rs4bn (in-line). Govt+Political category grew by ~3%, followed by Real Estate (15% on small base). Declines were seen in Education (Q1 is usually strong), Autom...
D B Corp: Cost measures supporting in weak environment (DBCL IN, Mkt Cap USD0.4b, CMP INR176, TP INR210, 19% Upside, Buy) Revenue disappointment, but lower opex drives EBITDA: revenue declined 4% YoY to INR6.1b (9% miss) due to weak print ad growth (-5% YoY) and lower circulation revenue (-2% YoY). However, consol. EBITDA increased 4% YoY to INR1.8b (14% miss), benefiting from a 6%/12% drop in newsprint/SG&A cost, partly due to Ind-AS 116 cost reallocation of INR85m (exhibit 4). PAT decli...
Q4FY19 Result Highlights Cons. rev grew 5.0% yoy to ~Rs5.9bn (1% miss), EBITDA grew 6.4% yoy to ~Rs1.0bn (7% beat led by lower than exp. increase in newsprint prices), while PAT fell 4.6% yoy to ~Rs545m (10% beat on EBITDA beat and lower tax rate at 32.4% vs exp of 34.5%). Print ad revenue grew 8.2% yoy to ~Rs3.6bn (2% miss). Growth was weaker than expected due to near zero political spending, although hike in government ad rates helped in Q4. Subscription revenue was up 1.7% yoy (2% miss),...
D B Corp: Softening newsprint price benefits to reflect going forward (DBCL IN, Mkt Cap USD0.5b, CMP INR183, TP INR215, 17% Upside, Buy) Increase in RM cost starts subsiding: 4QFY19 was characterized by EBITDA margin expansion as against the steep 880bp/210bp YoY drop witnessed in 2QFY19/3QFY19. Consol. EBITDA at INR1b grew 6% YoY (5% beat), while margin expanded 20bp to 17.7%. This was due to a modest 5% YoY increase in cons. revenue to INR5.9b (in-line) coupled with a deceleration in Yo...
Q3FY19 Result Highlights Cons. rev grew 11.3% yoy to ~Rs6.6bn (2% beat), EBITDA was flat yoy at ~Rs1.4bn (17% beat), while PAT fell 3.1% yoy to ~Rs757m (18% beat). Print ad revenue grew by a healthy 11.5% yoy to ~Rs4.2bn (in-line) – led by election related spends in key markets and the entire festive season falling in Q3 (versus Q2 last year). Subscription revenue was up 3.1% yoy (IDFCe: flat yoy), mainly driven by copy growth in emerging markets. The company has increased its circulation i...
D B Corp: Higher newsprint cost drags earnings; green-shoots visible (DBCL IN, Mkt Cap USD0.5b, CMP INR178, TP INR215, 21% Upside, Buy) Higher newsprint cost hurts performance: DBCL continued to see pain due to higher newsprint prices; though the pain was lower-than expected. Consol. revenue grew 10% YoY to INR6.6b (+13% QoQ, 2% beat) led by healthy 11%/3% YoY growth in print ad/circulation revenues and strong 39% YoY growth in radio revenue. This coupled with lower other operating cost h...
D B Corp: Dismal quarter; near-term headwinds persist (DBCL IN, Mkt Cap USD0.4b, CMP INR163, TP INR170, 4% Upside, Neutral) Higher newsprint costs continue dragging performance: Consol. revenue grew 2% YoY to INR5.8b (5% miss), mainly led by modest 4%/6% YoY growth in the print ad/circulation businesses. Double-whammy of rising newsprint prices and higher circulation copies led to a steep rise of 31% YoY in RM cost. This led to a 34% YoY decline in consol. EBITDA to INR0.9b (31% miss), wi...
D B CORP: Circulation drive to continue; Target to increase ad market share on higher circulation (DBCL IN, Mkt Cap USD0.7b, CMP INR265, TP INR300, 13% Upside, Neutral) We attended DBCL’s analyst meet. Our key takeaways: DBCL intends to continue its circulation drives in Bihar, Gujarat and Rajasthan to attain leadership. Once the circulation drive is complete, it will resume cover price increases in 2-3 quarters. With peers curtailing circulation to mitigate the cost of high newsprint pr...
We present key takeaways from our meeting with the DB Corp Ltd. (DBCL) management at its analyst meet. Bihar/Rajasthan/Gujarat circulation expansion to drive revenue growth: We believe DBCL’s focus on expanding circulation in Rajasthan, Gujarat and Bihar (to become #1 player) will not only drive subscription revenues over the next few quarters, but also improve ad revenues from these states, as circulation copies increase. Cover price hikes taken later could provide additional delta for growt...
Q1FY19 Result Highlights Cons. rev. grew by 6.7% yoy to Rs6.3bn (2% beat), EBITDA fell by 9.8% yoy to Rs1.68bn (7% beat) whereas PAT declined by 11.4% yoy to Rs976m (6% beat); results better than muted expectations. Print ad revenue grew by 5.3% yoy (IDFCe: 3.5% yoy), entire growth was volume-driven. Key categories contributing to growth include Education, FMCG and Govt. Sectors like Real Estate and BFSI were very weak in this quarter. Circulation rev. grew by 10.2% yoy (IDFCe: 9.4% yoy) en...
D B Corp: Cost pressures dent performance; Downgrade to Neutral (DBCL IN, Mkt Cap USD0.7b, CMP INR265, TP INR300, 13% Upside, Downgrade to Neutral) Higher newsprint prices drag PAT lower: revenue increased 7% YoY to INR6.3b (in-line), mainly led by 7% YoY growth in print business. Recovery in FMCG and education category adspend drove modest 5% YoY growth in print ad revenue. Circulation revenue grew at a healthy 10% YoY to INR1.3b, driven by higher circulation copies, while radio revenue ...
D B Corp: Ad revival bodes well; increasing costs pose a challenge, though (dbcl IN, Mkt Cap USD0.7b, CMP INR265, TP INR324, 22% Upside, Buy) High opex pulls down PAT: Consol. revenue grew 10% YoY to INR5.7b (1% miss), led by healthy growth in the Print business. Print ad revenue was up 9% YoY to INR3.4b, driven by a revival in adspend. Moreover, a 14% YoY jump in circulation copies to 5.96m drove 9% YoY growth in circulation revenue to INR1.3b. Radio revenue, too, increased 9% YoY to INR...
Q4FY18 Result Highlights Cons. rev. grew by 9.7% yoy to Rs5.7bn (3% beat), EBITDA fell by 13% yoy to Rs979mn (13% miss) whereas PAT declined by 11% yoy to Rs571m (5% miss). Print ad revenue grew 8.8% yoy (IDFCe: 8.0% yoy), albeit on a soft base. 80% of the growth was volume-driven. Key categories contributing to growth include Education, BFSI, FMCG. Sectors like Real Estate and Auto are showing revival signs but are still weak. Circulation rev. grew by 8.5% yoy (IDFCe: 8.0% yoy) led by incr...
Q3FY18 Result Highlights Results were sharply below estimates with cons. rev. fall of 4.6% yoy to Rs5.99bn (3% miss), EBITDA fall of 30% yoy to Rs1.4bn (15% miss) whereas PAT declined by 34% yoy to Rs781m (17% miss). Print ad revenue fell by 5.8% yoy (IDFCe: 3% yoy decline) due to (1) weak govt. spending (relative to base quarter), (2) Gitanjali Gems ad-for-equity revenue (~Rs120mn) in the base (adj. for this, decline is 3% yoy), and (3) sharp fall in key categories like real estate, educati...
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