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Hindustan Media Ventures Ltd Research Report - 21st Jan 2016

Media | Published on Oct 27th 2015

IT

For 2QFY2016, Hindustan Media Ventures Ltd (HMVL) reported earnings above our estimates. The top-line growth was healthy with strong growth in advertising and circulation revenue. Advertising revenue growth for the quarter was strong due to pick-up in ad spends by industries. On the operating front, the company’s performance was strong, which led to a higher PAT growth. Strong growth in ad and circulation revenue: HMVL registered a growth of ~18% yoy in advertising revenue to ~Rs168cr, on back of increase in advertising yields and volumes. Further, the company reported a ~8% yoy growth in circulation revenue to Rs53cr on back of higher circulation as well as realization per copy. Higher PAT on back of strong operating performance: The company reported a strong PAT growth of ~43% yoy due to strong operating performance. The operating performance was strong on account of lower cost of news print which is a key raw material for HMVL. Outlook and valuation: Going forward, we believe that the company would perform well, both on the top-line and bottom-line fronts, on back of strong recovery in the Indian economy. Further, we expect strong growth in both advertising and circulation revenue due to the company’s strong presence in the states of Uttar Pradesh, Uttarakhand, Bihar and Jharkhand. Further, HT Media is hiving off its online content business to Hindustan Media Ventures. We are awaiting further clarifications on the deal from the Management in order to assess its financial implications. Until then, we retain our Neutral rating on the stock.

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CMP 275
Target Price
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)1,914.01
MCAP NSE (Rs in Cr)1,905.94
P/E (x)9.71
EPS (Rs.)26.87
BV (Rs.)136.59
Div Yield (%)0.46
FV (Rs.)10.00
P/BV (x)1.91
EV/Sales (x)2.21
EV/EBITDA (x)8.75

Shareholding Pattern (%)

Promoter74.0
Foreign16.0
Public & Others6.0
Corporate3.0
Institution1.0
Grand Total100.0

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