Accumulate HT Media; target of Rs 113: Angel Broking

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26 Aug, 2025 12:21

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Angel Broking is bullish on HT Media and has recommended accumulate rating on the stock with a target of Rs 113 in its February 13, 2013 research report.

“HT Media reported a subdued 4.4percent yoy growth in its top-line to Rs547cr for 3QFY2013,. Its OPM expanded by 109bp yoy to 16percent aided by 134bp yoy decline in consumption of raw materials as a percentage of sales (driven by pagination efficiency, cutback in excess circulation in few markets and lower job work). Consequently, the company’s profit grew by a healthy 11.4percent yoy to Rs54cr.”

“Advertising revenue registered a sluggish growth of 2percent yoy to Rs415cr, primarily driven by volume growth. Although the decline in advertising revenue in Delhi continued (real estate, education and BFSI sector continue to be laggards in ad spend), HT Media’s hindi print business subsidiary, HMVL’s ad revenue grew by 15percent yoy (aided by strong growth in local ad revenues in UP, Bihar and Jharkhand on back of festive season). The circulation revenue grew by 12.3percent yoy to Rs56.5cr driven by combination of higher circulation and higher realization per copy. In terms of other segments, the radio segment contributed Rs22cr, HT Burda contributed Rs29cr while the digital business contributed Rs14cr to the top-line.”

“At the current market price, HT Media is trading at 13.0x FY2014E consolidated EPS of Rs7.8. We recommend accumulate on the stock with a target price of Rs113, based on 14.4x FY2014E EPS. Downside risks to our estimates include 1) a sharp rise in newsprint prices in INR terms, and 2) higher-than-expected losses/increase in the breakeven period of emerging editions and digital business,” says Angel Broking research report. 

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