Buy DB Corp; target of Rs 368: Centrum

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26 Aug, 2025 12:21

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Centrum's research report on DB Corp

We believe the ad growth for the company in FY19E would be back ended driven by volumes and uptick in selective categories. Further the company would benefit in medium term as the increase in circulation would translate into readership leading to ad yield increase.

Outlook

We maintain BUY rating on the stock, with a revised TP of Rs368 as we value the company on adjusted OCF (AOCF = OCF – Interest) to EV yield based on five year average cash flows. Key downside risks being pressure on ad growth and sustained increase in newsprint cost.For all recommendations report, click here

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