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Buy DB Corp; target of Rs 95: ICICI Direct

ICICI Direct is bullish on DB Corp has recommended buy rating on the stock with a target price of Rs 95 in its research report dated January 29, 2021.

February 04, 2021 / 05:21 PM IST
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ICICI Direct's research report on DB Corp


DB Corp’s revenues fell 17.4% YoY to Rs 494.3 crore as prevailing Covid-19 situation continued to impact revenues. Print & digital ad revenue dipped 12.9% YoY to Rs 337.6 crore while radio ad revenue also registered de-growth of 21.9% YoY to Rs 29.1 crore. Circulation revenue fell 18.1% YoY to Rs 108.2 crore mainly due to lower circulation of copies. EBITDA was up 16.9% YoY to Rs 165.6 crore while margins at 33.5% were up 984 bps YoY. Operating performance improved on the back of cost control measures and soft newsprint prices. Hence, reported PAT was at Rs 99 crore, up 21.3% YoY


Outlook


We value the stock at 5x FY23E EPS (vs. 6x FY22 EPS earlier) with a target price of Rs 95 (vs. earlier TP of Rs 80).


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Feb 4, 2021 05:21 pm

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