Fundamental Result Update

JAGRAN PRAKASHAN



For the quarter ended December 2016, Jagran Prakashan Ltd. reported strong profitability with net profit growing by 28% YoY to Rs 89 cr while sequentially the net profit grew by 18%. Total revenue for the company grew by 4% YoY to Rs 501 cr while sequentially the revenue grew by 9%.

Valuations: Demonetization caused a remarkable disruption in the economic activity. However, the overall performance of the company could withstand this unusual economic condition and reported net profit growth of 25% inspite of low single digit growth in advertisement revenue. At CMP of Rs 187 per share the stock is trading at P/E and P/BV multiple of 13.2(x) and 3.0(x) respectively. We have valued the stock at P/E multiple of 15(x) to FY18E and have arrived at fair value of Rs 213 per share. We have Accumulate rating for the stock.


Tags: FundamentalResult Update


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