'Buy' Jagran Prakashan; target Rs 177: Reliance Sec
Source: IRIS | 03 Sep, 2015, 11.30AM
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Rating: NAN / 5 stars. |
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Reliance Securities has recommended 'Buy' on Jagran Prakashan (JPL) with target price of Rs 177 in its report. Commenting on the investment rationale, the stock broker said, ''JPL has re-invented itself and has on display a renewed focus on its core businesses. The company has weaned itself away from low margin ad for-equity deals and has the intent to hive off its non-profitable Outdoor advertising and events business.
The numero uno print company, with Uttar Pradesh as its bastion, has 12 newspaper brands with over 100 editions across 15 states and 5 languages. In its recently announced 1QFY16 result, the print ad-revenue grew by ~8% yoy, which was heartening and better than peers. Newly integrated radio business delivered strong operating profit margin (OPM) of ~41% and JPL's other publications (ex flagship brand Dainik Jagran) reported maiden operating profit of Rs 69 million (against loss of Rs 76/13 million in 1Q/4QFY15).We recommend Buy on JPL with target price of Rs 177.''
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