Motilal Oswal is bullish on D B Corp has recommended buy rating on the stock with a target price of Rs 460 in its research report dated May 19, 2017.
Motilal Oswal's research report on D B Corp
DBCL’s 4QFY17 EBITDA declined 3% YoY to INR 1.12b, 6% below our estimate of INR 1.2b. 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.
We marginally increase our FY18 and PAT estimates by 3% each, factoring in 10% CAGR each in ad and circulation revenue. DBCL trades at 15.3x FY18E and 12.8x FY19E EPS. Maintain Buy, with a TP of INR 460 (16x FY19E EPS; 11% discount to average P/E of 18x since listing).
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