Hold HT Media; target of Rs 75: ICICI Direct

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.