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
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).
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