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You are here : IndiaNotes >> Research & Analysis >> Companies >> Jagran Prakashan Ltd. >> Research

Jagran Prakashan: Revenue growth at the cusp of revival; Upside 35%

Motilal Oswal | 09 Mar, 2018  | Follow Author | Add to my Favourites 
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Ad revenue is likely to grow at a CAGR of 10% over FY18-20 (FICCI estimates vernacular print ad market growth of 8-9%), led by (a) revival in ad spends, (b) better monetization of IRS data, (c) favorable base, and (d) high ad spends in the run-up to the general elections.

Excluding MBL’s current value, JAGP is trading at an EV/EBITDA of 6x (FY19E), and at 11x FY19E EPS. We value JAGP at 14x December 2019E EPS (~10% discount to 3-year average), arriving at a TP of INR 215.

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163.45 +0.10
164.40 +0.85
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About Motilal Oswal

Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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