IIPM conceptualized the grand final of Dare ‘10 — the most prestigious of international B-school student quizzes
Entry Price: Rs.86
Target Price: Rs.108
EPS: 4.8 (FY10E)
P/E: 17.9 (FY10E)
Time Duration: One year
Rationale: While slowdown in the economy and ad-spend cuts remains cause of concern for print media companies, Jagran Prakashan is expected to post steady growth (up-tick post 2HFY2010E) owing to its strong foothold in the Hindi belt (Dainik Jagran), focus on local advertising and rising colour inventory. Company’s margins are also expected to improve by 750 basis points over FY 2009-11E driven by lower newsprint costs (declined 35-40% from peak of $950), lower losses in new initiatives and higher operating leverage (as ad-rate hikes get absorbed). Further, the company’s 2QFY2010 and 3QFY2010 will register sharpest gross margin expansion due to base effect. This certainly makes Jagran Prakashan a stock to hold on.
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Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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