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D B Corp: Focus on circulation ramp-up to continue; Upside 19% -
D B Corp: Focus on circulation ramp-up to continue; Upside 19%
Motilal Oswal | Published: 06 Dec, 2017  | Source :

Ad growth was impacted in October 2017 due to the shift in the festive season to theprevious quarter. However, the ad growth outlook for November appears better dueto a low base of last year (was impacted by demonetization).

 Management plans to expand to additional 27 districts of Bihar and also increasecirculation across other legacy markets. Management targets to take total copies to6m by March 2018 from 5.6m in October 2017. Also, yield improvement taken in thelegacy markets is expected to support growth in 2HFY18 (11% CAGR over FY12-17).

 We expect ad/circulation revenue CAGR of 7%/9% over FY17-20, led by an improvingad market and an increase in the number of circulation copies at healthy pricing.State elections in its legacy markets next year and the general election in 2019 shouldsupport growth. We expect EBITDA/PAT CAGR of 9%/14% over FY17-20E.

  Link to the PDF


About Motilal Oswal

Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.


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