Fundamental Result Update

Jagran Prakashan - Q2FY18 Result Update



For the quarter ended Sept 2017, Jagran Prakashan Ltd. reported a fall in profitability with net profit contracting by 19% YoY to Rs 61 cr and 22% sequentially.

Valuations: Media industry which thrives on discretionary spends was impacted in this quarter too due to slow recovery from newer reforms like GST. The overall performance of the company couldn’t withstand this unusual economic condition and reported decline in net profit by 19% due to low single digit growth in advertisement revenue and circulation revenues. At CMP of Rs 169 per share the stock is trading at P/E and P/BV multiple of 10.8(x) and 2.4(x) respectively of FY19E. We have valued the stock at P/E multiple of 11(x) to FY19E and have arrived at fair value of Rs 171 per share. We have Neutral rating for the stock.




Tags: FundamentalResult Update Jagran Prakashan


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