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Hold DB Corp; target of Rs 395: ICICI Direct

ICICI Direct recommended hold rating on DB Corp with a target price of Rs 395 in its research report dated May 19, 2017.

May 23, 2017 / 03:20 PM IST
 
 
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ICICI Direct's research report on DB Corp


Though some signs of ad volume recovery were visible in H1FY17, overall FY17 was impacted by demonetisation woes with print ad growth rate of 6.5% YoY. The current quarter continued to face the demonetisation effect resulting in 2.7% YoY decline in advertisement revenues to Rs 356.7 crore.


Outlook


However, the ad growth recovery hinges on the performance of key sectors such as real estate, jewellery, FMCG, consumer durables, etc. We value the company at 15.0x FY19E EPS of Rs 26.3 with a target price of Rs 395. We have a HOLD rating on the stock.


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first published: May 23, 2017 03:20 pm

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