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About the Company
HT Media Limited (HTML) is one of India’s foremost media companies. The company publishes newspapers in English and Hindi.
The newspapers of HTML are ‘Hindustan Times’ (English daily), ‘Hindustan’ (Hindi daily, through a subsidiary) and ‘Mint’ (business
daily). The company has started publishing ‘Hindustan Times’ in 1924.
It has four FM radio stations - “Fever 104” in Delhi, Mumbai, Bengaluru and Kolkata. The Company has also made a foray into the
Internet space through its subsidiary Firefly e-Ventures Limited and has launched a new job portal www.Shine.com. These are in
addition to the existing websites livemint.com and hindustantimes.com.
The company has a joint venture with Velti Plc, one of the world’s leading providers of mobile advertising solutions, to provide these
services in India. HTML holds 65% in this joint venture. In addition to this, it has a joint venture with German media group Hubert
Burda to leverage HT Media's expertise in printing and publishing and capture opportunities in the booming high-end magazine and
catalogue printing space in India and the Asia-Pacific region. HTML also publishes two Hindi magazines Nandan and Kadambini
through its subsidiary Hindustan Media Ventures Limited.
HTML has presence in Event & Marketing Solutions segment also. It entered in this business in 2007. HT Events primarily focus to
create IPRs that grow in size and scale over time. The company has formed HT Marketing Solutions to offer holistic solutions to
clients aiming for a complete and effective connect with the target consumers.
Investment Rationale
As per IRS Q3 2011, ‘Hindustan Times’ (HT) added 2.16 lakh readers nationally in comparison with the corresponding period of the
last year. This is the highest addition by any English news paper in the quarter. It has maintained its leadership position in Delhi
NCR. Now HT’s readership in Delhi NCR is now reached 22.21 lakh (average issue readership)- an increase of 85,00 over the
corresponding period of the last year. HT also reaffirms its position as the undisputed choice of the premium and affluent readers in
Delhi NCR region. HT continued to be the fastest growing news paper in Mumbai. In Mumbai HT maintained its No.2 position.
The company’s Hindi daily ‘Hindustan’ maintained its No.2 position in the country based on total readership. The total readership
figure of the newspaper now stand at 37.5million, which represent an addition of 44 lakh readers over the same period of the last
year. Its daily AIR gas reached 12 million. This growth is mainly due to the rapid expansion of the company’s brand in Uttar Pradesh.
The daily readership of Hindustan reached 30 lakh in Uttar Pradesh (a growth of 22% YoY). In Bihar, Hindustan has consolidated its
position further. The readership share of Hindustan stood at 75% in Uttar Pradesh and 50% in Jharkhand.
‘Mint’ has consolidated its No.2 position as per IRS Q3 2011. It grew 41% YoY with a daily readership of 2.53 lakh. Mint has
continued its readership in Mumbai while strengthened its position in Delhi NCR. It also continues to have the best reader profile
among business dailies, both in terms of metro skew as well as SEC A portion.
The new business of the company is performing well and revenue has started increasing. Revenue growths as well as profitability of
these businesses are expected to grow well in time ahead. The company will continue to invest in the digital business by considering
its future growth potential.
Valuation
At the current market price, the shares of HTML are trading at 12.39x to the earnings of FY12E and 10.97x for FY13E. On the basis
of price to book value, it is trading at 1.80x and 1.55x respectively for FY12E and FY13E. We expect the Income from Operation and
PAT will grow at a CAGR of 20% and 25% over FY10 to FY13E. We recommend to buy this scrip with a target price of ` 219 per
share.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
About the Company
HT Media Limited (HTML) is one of India’s foremost media companies. The company publishes newspapers in English and Hindi.
The newspapers of HTML are ‘Hindustan Times’ (English daily), ‘Hindustan’ (Hindi daily, through a subsidiary) and ‘Mint’ (business
daily). The company has started publishing ‘Hindustan Times’ in 1924.
It has four FM radio stations - “Fever 104” in Delhi, Mumbai, Bengaluru and Kolkata. The Company has also made a foray into the
Internet space through its subsidiary Firefly e-Ventures Limited and has launched a new job portal www.Shine.com. These are in
addition to the existing websites livemint.com and hindustantimes.com.
The company has a joint venture with Velti Plc, one of the world’s leading providers of mobile advertising solutions, to provide these
services in India. HTML holds 65% in this joint venture. In addition to this, it has a joint venture with German media group Hubert
Burda to leverage HT Media's expertise in printing and publishing and capture opportunities in the booming high-end magazine and
catalogue printing space in India and the Asia-Pacific region. HTML also publishes two Hindi magazines Nandan and Kadambini
through its subsidiary Hindustan Media Ventures Limited.
HTML has presence in Event & Marketing Solutions segment also. It entered in this business in 2007. HT Events primarily focus to
create IPRs that grow in size and scale over time. The company has formed HT Marketing Solutions to offer holistic solutions to
clients aiming for a complete and effective connect with the target consumers.
Investment Rationale
As per IRS Q3 2011, ‘Hindustan Times’ (HT) added 2.16 lakh readers nationally in comparison with the corresponding period of the
last year. This is the highest addition by any English news paper in the quarter. It has maintained its leadership position in Delhi
NCR. Now HT’s readership in Delhi NCR is now reached 22.21 lakh (average issue readership)- an increase of 85,00 over the
corresponding period of the last year. HT also reaffirms its position as the undisputed choice of the premium and affluent readers in
Delhi NCR region. HT continued to be the fastest growing news paper in Mumbai. In Mumbai HT maintained its No.2 position.
The company’s Hindi daily ‘Hindustan’ maintained its No.2 position in the country based on total readership. The total readership
figure of the newspaper now stand at 37.5million, which represent an addition of 44 lakh readers over the same period of the last
year. Its daily AIR gas reached 12 million. This growth is mainly due to the rapid expansion of the company’s brand in Uttar Pradesh.
The daily readership of Hindustan reached 30 lakh in Uttar Pradesh (a growth of 22% YoY). In Bihar, Hindustan has consolidated its
position further. The readership share of Hindustan stood at 75% in Uttar Pradesh and 50% in Jharkhand.
‘Mint’ has consolidated its No.2 position as per IRS Q3 2011. It grew 41% YoY with a daily readership of 2.53 lakh. Mint has
continued its readership in Mumbai while strengthened its position in Delhi NCR. It also continues to have the best reader profile
among business dailies, both in terms of metro skew as well as SEC A portion.
The new business of the company is performing well and revenue has started increasing. Revenue growths as well as profitability of
these businesses are expected to grow well in time ahead. The company will continue to invest in the digital business by considering
its future growth potential.
Valuation
At the current market price, the shares of HTML are trading at 12.39x to the earnings of FY12E and 10.97x for FY13E. On the basis
of price to book value, it is trading at 1.80x and 1.55x respectively for FY12E and FY13E. We expect the Income from Operation and
PAT will grow at a CAGR of 20% and 25% over FY10 to FY13E. We recommend to buy this scrip with a target price of ` 219 per
share.
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