reports
- 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 Corp’s management at our ‘Midcap Conference’.​- 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 increa...
- Aliasgar Shakir
MOSL: D B CORP (Buy)-Circulation drive, ad recovery bode well
​D B Corp: Circulation drive, ad recovery bode well(DBCL IN, Mkt Cap USD1.0b, CMP INR360, TP INR430, 19% Upside, Buy)Higher RM cost dragged down PAT: Consolidated revenue grew 5.4% YoY (4.4% QoQ) to INR5.7b (3% beat). Adjusted for the INR104m one-off income (profit on the sale of Gitanjali Gems shares) in 2QFY17, revenue grew 7% YoY, led by increase in print revenue. Consolidated EBITDA declined 7% YoY (25% QoQ) to INR1.4b (7% miss); adjusted EBITDA declined 11% YoY (adjusting for music royalt...
MOSL: D B CORP (Buy)-In-line quarter-maintain estimates and target pri...
​D B Corp: In-line quarter; maintain estimates and target price(DBCL IN, Mkt Cap USD1.0b, CMP INR372, TP INR450, 21% Upside, Buy)Operational performance largely in-line: DBCL's 1QFY18 EBITDA grew 3% YoY to INR1.86b, (largely in-line; our estimate: INR1.85b). Revenue grew 4% YoY to INR5.94b (in-line) as better than expected print ad revenue made up for the circulation disappointment. PAT grew 6% to INR1.1b (our estimate: INR1.12b). Ad growth healthier than expected: Print ad revenue grew 4.5% Y...
MOSL: D B CORP (BUY)-Demonetization hangover on ad growth continues-op...
​D B Corp: Demonetization hangover on ad growth continues; opex levers salvage margins(DBCL IN, Mkt Cap USD1.0b, CMP INR368, TP INR460, 25% Upside, Buy)Operational performance below expectations; PAT cushioned by lower interest/tax outgo: DBCL’s 4QFY17 EBITDA declined 3% YoY to INR1.12b, 6% below our estimate of INR1.2b. The miss was driven by depressed revenue – both print ad and circulation revenue disappointed. Opex levers partially cushioned the impact of the subdued revenue on margins...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.