Buy HT Media, target of Rs 193: Angel

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Angel Broking has maintained its buy rating on HT Media with a target price of Rs 193 in its May 16, 2008 research report. "For 4QFY2008, HT Media (HTML) reported a modest yoy Top-line growth of 13.9% to Rs 313 crore (Rs 275 crore), which was below our estimate of 21% yoy growth to Rs 334 crore. Top-line grew largely aided by a 15% yoy growth in its advertising revenues to Rs 269 crore and joint selling efforts across different businesses. HTML's Earnings for the quarter witnessed a solid yoy growth of 73.6% to Rs 41.6 crore (Rs 24 crore) ahead of our estimates of 57% growth to Rs 37.5 core."

"During the last three months, the HT Media stock has witnessed a sharp fall of 35% owing to broader market correction and heightened concerns over rising newsprint prices. We believe this sharp fall offers an attractive opportunity for investors to enter an emerging national media play. We have valued HT Media on a sum-of-the-parts (SOTP) basis. Our fair value based on FY2010E numbers stands at Rs 180 for HTML's Print business and Rs 13 for its Radio business. At Rs 141, the stock is trading at 15.4x FY2010E Earnings and 9.9x EV/EBITDA. We maintain Buy on the stock, with a target price of Rs 193," says Angel's research report.

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