External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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<ul><li>DB Corp (DB Corp) is India’s largest print media company that publishes five newspapers in three multiple languages</li><li>Other segments of the company include radio (MY FM) with a presence in seven states, 30 cities and digital business</li><li>Target Price and Valuation: We value DB Corp at Rs 95 i.e. 6x FY23E P/E</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

DB Corp (DB Corp) is India’s largest print media company that publishes five newspapers in three multiple languagesOther segments of the company include radio (MY FM) with a presence in seven states, 30 cities and digital businessTarget Price and Valuation: We value DB Corp at Rs 95 i.e. 6x FY23E P/EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DB Corp: Higher Newsprint Costs to Impact Margins

<p>The management indicated that their focus in FY22 would be to bring back volumes, which means that ad pricing would be still suppressed. We expect a pricing recovery only in FY23, provided circulation is not impacted by any potential third wave. The company had taken Rs 8-10 per month circulation hike, which was positively surprising considering the on ground situation. However, we believe it could be largely absorbed due to market share gain in its key markets. We now bake in lower print + digital ad revenue at Rs 1299 crore in FY23E with 18.4% CAGR in FY21-23E on a supressed base.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The management indicated that their focus in FY22 would be to bring back volumes, which means that ad pricing would be still suppressed. We expect a pricing recovery only in FY23, provided circulation is not impacted by any potential third wave. The company had taken Rs 8-10 per month circulation hike, which was positively surprising considering the on ground situation. However, we believe it could be largely absorbed due to market share gain in its key markets. We now bake in lower print + digital ad revenue at Rs 1299 crore in FY23E with 18.4% CAGR in FY21-23E on a supressed base.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DB Corp: Newsprint Price Hike to Restrict EBITDA Growth...

India

D.B. Corporation Ltd. is a print media and publishing company.

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D.B. Corp Ltd (DBCL IN)

DB Corp: Higher Newsprint Costs to Impact Margins

DB Corp (DB Corp) is India’s largest print media company that publishes five newspapers in three multiple languages. Other segments of the company...

ICICI Securities Limited

DB Corp: Newsprint Price Hike to Restrict EBITDA Growth...

The management indicated that their focus in FY22 would be to bring back volumes, which means that ad pricing would be still suppressed. We expect...

ICICI Securities Limited

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