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Last Updated : Jun 03, 2020 11:31 AM IST | Source: Moneycontrol.com

Buy Jagran Prakashan; target of Rs 55: ICICI Direct

ICICI Direct is bullish on Jagran Prakashan has recommended buy rating on the stock with a target price of Rs 55 in its research report dated Jun 02, 2020.

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ICICI Direct's research report on Jagran Prakashan


Jagran Prakashan reported a weak set of Q4FY20 numbers. Operating revenue (consolidated) declined 24.8% YoY to Rs 445.6 crore as print ad revenue was down 24.3% YoY to Rs 262 crore. Subscription and radio revenue also registered de-growth of 9.6% YoY and 44% YoY, respectively. EBITDA declined 60.7% YoY to Rs 54.3 crore due to a weaker topline with EBITDA margins at 12.2%, down 1109 bps YoY. Softened newsprint prices helped restrict EBITDA decline partially. Consequently, PAT was at Rs 11.2 crore, down 83.1% YoY mainly due to a weaker operational performance.



Outlook


Therefore, we upgrade the stock from HOLD to BUY with a revised target price of Rs 55 (6x FY22 P/E).





For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Jun 3, 2020 11:31 am
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