3 DBCORP share price target reports by brokerages below. See what is analyst's view on DBCORP share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
Print continues to face the dual challenge of macroeconomic slowdown as well as a sharp dip in government ad spends. Post a weak FY20, hopes now shift to a possible recovery on a benign base in FY21. The key solace, however, is attractive dividend payout as the company intends to maximise dividend payout amid no major capex plan. We maintain HOLD, valuing the company at 8x FY21E P/E for a target price of Rs 155. The decision on import duty on newsprint is a key thing to watch in the near term as a reversal of the same could provide some more margin benefits.
Revenue growth was sluggish due to economic slowdown as well as one off headwinds faced by some key categories. Growth is expected to pick up in H2FY20 on account of festivities. This, coupled with moderation of newsprint prices, is expected to drive margin expansion. We maintain HOLD rating, valuing the company at 10x FY21E P/E for a target price of | 190. Decision on import duty on newsprint will be a key monitorable, which could partially dilute lower price benefits.
We estimate revenue/EBITDA/earnings to grow at a CAGR of 2.2/18.6/15.6% over FY19-21E led by economic recovery and thus in advertising revenue. This is aided by softened newsprint prices. Our rating is BUY, with a TP of Rs 251 (+42%) @ 12x FY21E EPS (a discount of 35% to 3/5/10 years avg PE).
We value DBCL with a target price of INR215 – ascribing 9x (~40% discount to three-year average) P/E on FY21 EPS. We believe the revival in earnings driven by softening newsprint prices is not fully captured in the valuation. Maintain Buy.
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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