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DB Corp - Q2FY21 Result Update - ICICI Securities

Posted On: 2020-10-21 22:39:24

DB Corp's revenues dipped 34.8% YoY to Rs. 346.4 crore amid current Covid-19 led situation. Print & digital ad revenue declined 37.8% YoY to Rs. 226.3 crore while radio ad revenue also registered de-growth of 42.4% YoY to Rs. 18.2 crore. Circulation revenue fell 19.7% YoY to Rs. 103.3 crore mainly due to lower circulation of copies. EBITDA was down 27.8% to Rs. 71.1 crore while margins at 20.5%, up 201 bps YoY as the company benefitted from softened newsprint prices and cost rationalisation measures. Consequently, reported PAT was at Rs. 28.5 crore, down 62.3% YoY.

Valuation & Outlook

DB Corp's earnings, while sequentially improved, remains short of historical numbers. Print segment has lost its sheen in terms of growth trajectory recently and remains a laggard compared to other media segments. Hence, we expect recovery to be gradual and believe full recovery in ad revenue is at least few quarters away. Also, 26% of promoters' stake is pledged that is a concern. While digital segment is poised for growth, it currently forms minor part of revenue pie. Among positives, DB Corp has maintained steady dividend payout. Softened raw material prices and consistent FCF generation is encouraging. However, we remain cautious considering challenging ad growth outlook in near/medium term and maintain HOLD rating. We value the stock at 6x FY22E EPS with a target price of Rs. 80.

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Shares of D B Corp Ltd was last trading in BSE at Rs.74.9 as compared to the previous close of Rs. 75.8. The total number of shares traded during the day was 27283 in over 811 trades.

The stock hit an intraday high of Rs. 79.95 and intraday low of 74.45. The net turnover during the day was Rs. 2081140.

Source: Equity Bulls

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