Buy DB Corp; target of Rs 450: Motilal Oswal
Motilal Oswal recommended buy rating on DB Corp with a target price of Rs 450 in its research report dated July 24, 2017.
July 27, 2017 / 04:20 PM IST
Motilal Oswal's research report on DB Corp
DBCL's 1QFY18 EBITDA grew 3% YoY to INR1.86b, (largely in-line; our estimate: INR1.85b). Revenue grew 4% YoY to INR5.94b (in-line) as better than expected print ad revenue made up for the circulation disappointment. PAT grew 6% to INR1.1b (our estimate: INR1.12b).
We maintain our PAT estimates, which factor in 9% CAGR in ad/circulation revenue. DBCL trades at 15.8x FY18E and 13.6x FY19E EPS. Maintain Buy, with a target price of INR450 (16x FY19E EPS; 11% discount to average P/E of 18x since listing).
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