Centrum is bullish on HT Media has recommended hold rating on the stock with a target price of Rs 120 in its research report dated January 15, 2018.
Centrum's research report on HT Media
We maintain our Hold rating on HT Media and revise our TP to Rs120 as we continue to value the company on our conservative Adj. OCF/EV yield based methodology and introduce FY20 estimates. We expect the ad growth to bounce back in FY19 as Q4FY18 could also be impacted due to high base of UP elections. Further we believe the worst is behind the circulation revenue decline as the company has started to take price hikes due increase in newsprint prices.
OutlookWe maintain our hold rating with revised TP of Rs120 as we value the company on an adjusted OCF to EV yield based methodology, taking its account five year average cash flows. Key upside risk is stronger than expected ad growth while downside risk being increase in newsprint cost.
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