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HT MEDIA
TARGET PRICE: Rs. 200
RECOMMENDATION: BUY
INVESTMENT RATIONALE
Strong topline growth aided by growth in Hindustan, as well as growth in
metro advertising, to help manage newsprint expenses, lead to 23%
CAGR in EPS over FY2011-FY2013.
Readership trends positive, to help garner advertising revenues and likely
to lead to stronger growth going ahead.
Strong entry barriers of HT, strengthening position of Hindi and business
newspaper (Mint) long-term positives. See HT Media as a multi-year
growth story with multiple opportunities.
In line with our DCF valuation, we see HT Media value at Rs 200/ share,
implying strong upside potential. We have a BUY rating on the stock.
RISKS & CONCERNS
Downside risks to earnings include stronger than expected rise in
newsprint price. Softening of adex environment, especially in metros /
real estate, remains an industry risk.
Competitive risks: especially relating with ongoing tussle with The Times
of India in Mumbai
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