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Hold HT Media; target of Rs 75: ICICI Direct

ICICI Direct recommended hold rating on HT Media with a target price of Rs 75 in its research report dated May 22, 2017.

May 23, 2017 / 05:17 PM IST
 
 
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ICICI Direct's research report on HT Media


Revenues came in at Rs 585.3 crore (decline of 7.2% YoY) and much below our estimate of Rs 638.4 crore. Hindi ad revenue growth at 3.6% YoY was higher than our estimate of 2.5% YoY growth and slightly better than its peer DB Corp that reported 2.7% YoY growth.


Outlook


We continue to maintain HOLD recommendation valuing HT Media at 10x FY19E EPS of Rs 7.5, with a revised target price of Rs 75. Any multiple re-rating can only happen post there is clarity on the visible balance sheet mismatch.


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first published: May 23, 2017 05:17 pm

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