DB Corp, 1Q FY 2014

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Please refer to important disclosures at the end of this report 1

Quarterly Results (Consolidated)(` cr) 1QFY14 1QFY14 % yoy 4QFY13 % qoqRevenue 449 377 19.2 398 12.9EBITDA 133 79 69.1 94 41.4

OPM (%) 29.6 20.8 873bp 23.6 596bpPAT 76 44 74.1 55 37.8Source: Company, Angel Research

For 1QFY2014, DB Corp (DBCL) reported a robust top-line and bottom-line

performance, beating our expectations as well as street estimates. Its top-line

grew 19.2% yoy to `449cr, primarily due to a robust 20.4% yoy growth in

advertising revenue to `325cr (mainly driven by higher yields). Sectors such as

lifestyle, education, automobile, FMCG and real-estate have contributed to strong

growth in advertising revenues. The company also reported a strong 16.9% yoy

growth in circulation revenue to `77cr. Among the other segments, the companys

radio business reported a robust advertising revenue growth of 22.1% yoy to `17cr.Strong operational performance: At the operating level, the EBITDA grew by69.1% yoy to `133cr, aided by strong performance of mature editions, reduction

in losses of emerging editions as well as cost rationalization measures such as

improving ad edit ratio, and pagination efficiency, among others. Mature editions

reported a 573bp yoy margin expansion to 36%. Losses in emerging editions stood

at `5.8cr in 1QFY2014 compared to `12.1cr in 1QFY2013. Consequently, the

OPM expanded by 873bp yoy to 29.6% and net profit grew by 74.1% yoy to `76cr.

Akola edition launched, Amravati edition in August: DBCL has launched an Akolaedition and is expected to launch an Amravati edition in August. The

Management is bullish on the advertising market (especially local advertising) in

Maharashtra. Therefore, it is also considering more launches in other tier-2 cities

such as Nanded and Latur.

Outlook and valuation: At the current market price, DBCL is trading at 14.4xFY2015E consolidated EPS of `17.2. We maintain our Buy view on the stock with arevised target price of `302, based on 17.5x FY2015E EPS, benchmarking it to ourprint media sector valuations (which are at ~15% premium to our Sensex target

valuation multiple). The downside risks to our estimates include 1) sharp rise innewsprint prices in INR terms, and 2) higher-than-expected losses/increase in the

breakeven period of the new launches.

Key financials (Consolidated)Y/E March (` cr) FY2012 FY2013 FY2014E FY2015ENet sales 1,451 1,592 1,783 1,968% chg 15.2 9.7 12.0 10.4

Net profit 202 218 267 316% chg (21.8) 7.9 22.4 18.5

EBITDA margin (%) 23.2 23.6 25.2 26.8

EPS (`) 11.0 11.9 14.5 17.2P/E (x) 22.5 20.8 17.0 14.4

P/BV (x) 4.9 4.4 3.8 3.2RoE (%) 23.0 22.3 23.9 24.2

RoCE (%) 24.7 25.4 28.3 29.7

EV/Sales (x) 3.1 2.8 2.4 2.2

EV/EBITDA (x) 13.2 11.9 9.7 8.1Source: Company, Angel Research

BUYCMP `248

Target Price `302

Investment Period 12 Months

Stock Info

Sector

Net Debt (` cr) (38)

Bloomberg Code DBCL@IN

Shareholding Pattern (%)

Promoters 75.0

MF / Banks / Indian Fls 5.3

FII / NRIs / OCBs 14.8

Indian Public / Others 4.9

Abs. (%) 3m 1yr 3yr

Sensex 7.5 17.7 12.1

DBCL 12.6 27.8 6.1

Media

Market Cap (` cr) 4,543

Beta 0.4

52 Week High / Low 267/181

Avg. Daily Volume 22,110

Face Value (`) 10

BSE Sensex 20,128

Nifty 6,038

Reuters Code DBCL.BO

Amit Patil022-39357800 Ext: 6839

[email protected]

DB CorpPerformance Highlights

1QFY2014 Result Update | Media

July 18, 2013

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DB Corp | 1QFY2014 Result Update

July 18, 2014 2

Exhibit 1:Quarterly Performance (Consolidated)Y/E March (` cr) 1QFY14 1QFY13 % yoy 4QFY13 % qoq FY2013 FY2012 % chgNet Sales 449 377 19.2 398 12.9 1,592 1,451 9.7Consumption of RM 142 133 6.7 134 6.3 545 508 7.2(% of Sales) 31.6 35.3 33.6 34.2 35.0

Operating Expense 100 97 3.1 101 (1.2) 392 364 7.7

(% of Sales) 22.3 25.8 25.4 24.6 25.1

Staff Costs 74 68 9.1 69 7.5 280 243 15.1

(% of Sales) 16.6 18.1 17.4 17.6 16.7

Total Expenditure 317 298 6.1 304 4.1 1,216 1,115 9.1Operating Profit 133 79 69.1 94 41.4 376 336 11.8OPM (%) 29.6 20.8 23.6 23.6 23.2

Interest 2 4 (33.3) 2 14.8 8 9

Depreciation 16 14 16.7 15 4.4 58 51 14.8

Other Income 5 5 (1.2) 9 (50.9) 21 24 (11.3)

PBT 119 66 80.8 86 38.7 331 301 10.3(% of Sales) 26.5 17.5 21.6 20.8 20.7

Provision for Taxation 43 22 93.7 31 40.3 113 98 15.1

(% of PBT) 36.1 33.7 35.7 34.2 32.7

Minority Interest 0 0 0 0 (0)Recurring PAT 76 44 74.1 55 37.8 218 202 8.0PATM 17 12 14 14 14

Exceptional items 0 0 0 0

Reported PAT 76 44 74.1 55 37.7 218 202 8.0Equity shares (cr) 18.3 18.3 18.3 18.3 18.3

FDEPS (`) 4.2 2.4 74.1 3.0 37.8 11.9 11.0 8.0

Source: Company, Angel Research

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July 18, 2014 3

Top-line driven by robust advertising growth

For 1QFY2014, DBCL posted a robust 19.2% yoy growth in its top-line to `449cr.

Advertising revenue grew by 20.4% yoy to `325cr, primarily driven by higher

yields. Sectors such as lifestyle, education, automobile, FMCG and real-estate havecontributed to the strong growth in advertising revenues. National advertising

which has been subdued in the last few quarters has also picked up. The

upcoming state elections in Madhya Pradesh, Rajasthan and Chhattisgarh are

further expected to boost government advertising, which may raise the overall

share of national advertising. Among other segments, the companys radio

business reported a robust advertising revenue growth of 22.1% yoy to `17cr.Exhibit 2:Top-line beats estimates, driven by strong ad growth


Circulation revenue grew by robust 16.9% yoy

The company reported strong growth of 16.9% yoy in circulation revenue to `77cr

(driven by both cover price hike as well as increase in circulation). In spite of cover

price hike, its the lowest among its peers at `2.8.

Exhibit 3:Strong growth in advertising revenue


Exhibit 4:Price hike inches up circulation revenue


352

351

395

353

377

378

439

398

449

18.016.6

13.411.3

6.9 7.8

11.2 12.719.2

-

5.0

10.0

15.0

20.0

25.0

-

50

100

150

200

250

300

350

400

450

500

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

(%)

(`cr)

Top line (LHS) yoy growth (RHS)

271

275

287

263

270

283

318

298

325

14.916.6 6.8 5.4

(0.2) 2.810.9

13.1

20.4

(5.0)

-

5.0

10.0

15.0

20.0

25.0

-

50

100

150

200

250

300

350

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

(%)

(`cr)

Advertising revenue (LHS) yoy grow th (RHS)

57

60

63

62

66

70

73

73

77

5.813.0

17.0 16.1

15.5

16.1 15.7

18.2 16.9

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

-

10

20

30

40

50

60

70

80

90

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

(%)

(`cr)

C irculation reve nue (LH S) yoy growth ( RH S)

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July 18, 2014 4

Strong operational performance

At the operating level, the EBITDA grew by 69.1% yoy to `133cr, aided by strong

performance of mature editions, reduction in losses of emerging editions as well as

cost rationalization measures such as improving ad edit ratio, and paginationefficiency, among others. Mature editions reported a 573bp yoy margin expansion

to 36%. Losses in emerging editions stood at `5.8cr in 1QFY2014 compared to

`12.1cr in 1QFY2013. Consequently, the OPM expanded by 873bp yoy to 29.6%

and net profit grew by 74.1% yoy to `76cr.

Exhibit 5:Strong margin expansion in mature editions


Exhibit 6:Reduction in losses of emerging editions


Exhibit 7:Consolidated OPM expands 872bp yoy


Exhibit 8:Adjusted PAT grew by 74.1%


Akola edition launched, Amravati edition in August

DBCL has launched an Akola edition and is expected to launch an Amravati

edition in August. The Management is bullish on the advertising market (especially

local advertising) in Maharashtra. Therefore, they are also considering more

launches in other tier-2 cities such as Nanded and Latur.

114

92

96

93

123

108.5

141

33.7

29.9 30.3 29.6

33.231

36

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

-

20

40

60

80

100

120

140

160

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

(%

)

(`c

r)

EBITDA OPM

(17) (23) (17) (20) (12) (10) (6) (6) (6)

(79.0)

(76.5)

(43.9)

(57.2)

(27.4)

(21.9)

(11.4) (15.4) (16.0)

(90.0)

(80.0)

(70.0)

(60.0)

(50.0)

(40.0)

(30.0)

(20.0)

(10.0)

-

(25)

(20)

(15)

(10)

(5)

-

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

(%

)

(`c

r)

EBITDA OPM

66.4 64.5 65.8 63.2 64.7 64.867.0 66.4 68.4

28.1

19.824.1

20.6 20.8 22.827.2

23.629.6

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

(%)

Gross Margin OPM

60 40 56 45 44 49 71 55 76

17.3

11.5 14.012.8

11.6

12.916.1

13.9

13.9

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

-

10

20

30

40

50

60

70

80

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

(%)

(`cr)

Adjusted PAT (LHS) NPM (RHS)

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July 18, 2014 5

Investment rationale

Well-planned aggression in business edges DBCL over peers: DBCL, though adominant No. 2 player in the overall regional print space (trailing behind

Jagran Prakashan), enjoys a premium valuation to its peers - Jagran

Prakashan (flagship daily Dainik Jagran) and Hindustan Media Ventures

(flagship daily Hindustan). We attribute the reason for this trend to DBCLs

business model (which is primarily driven by ad revenue) and well thought-out

launches in new markets. We believe the companys continuous endeavor to

diversify its print business coupled with aggressive expansion into new markets

(urban towns beyond metros) backed by exhaustive market research and focus

on achieving leadership are the key factors differentiating the company from

its peers. The company has been successful in executing its expansion plans

with launches in Maharashtra and Jharkhand.Outlook and valuation

At the current market price, DBCL is trading at 14.4x FY2015E consolidated EPS of

`17.2. We maintain our Buy view on the stock with a revised target price of `302,based on 17.5x FY2015E EPS, benchmarking it to our print media sector valuations

(which are at ~15% premium to our Sensex target valuation multiple). The

downside risks to our estimates include 1) sharp rise in newsprint prices in INR terms,

and 2) higher-than-expected losses/increase in the breakeven period of the new

launches.

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July 18, 2014 6

Exhibit 9:Peer valuationCompany Reco Mcap CMP TP Upside P/E (x) EV/Sales (x) ROE(%) CAGR #

(` cr) (`) (`) (%) FY14E FY15E FY14E FY15E FY14E FY15E Sales PATHT Media Buy 2207 94 117 25 11.4 10.3 0.6 0.5 11.5 11.4 7.8 13.0Jagran Buy 2712 86 119 39 13.3 11.0 1.7 1.5 21.0 23.1 9.4 -

DB Corp Buy 4541 248 302 22 17.0 14.4 2.4 2.1 23.9 24.2 11.2 20.4Source: Company, Angel Research Note:# denotes CAGR for FY2013-15

Exhibit 10:Angel vs consensus estimatesTop-line (` cr) FY2014E FY2015E EPS (`) FY2014E FY2015EAngel estimates 1,783 1,968 Angel estimates 14.5 17.2

Consensus 1,786 1,990 Consensus 14.4 17.1

Diff (%) (0.2) (1.1) Diff (%) 1.0 0.8


Exhibit 11:Return of DB Corp vs Sensex


Exhibit 12:One-year forward P/E band


Company Background

DB Corp is one of the largest print media companies in India that publishes 8

newspapers with 65 editions, and 199 sub editions in 4 multiple languages across

13 states in India. The companys flagship newspaper Dainik Bhaskar, Divya

Bhaskar and Saurashtra Samachar have a combined average daily readership of

~19 million, making them one of the most widely read newspaper groups in India

with presence in Madhya Pradesh, Chhattisgarh, Rajasthan, Haryana, Punjab,

Chandigarh, Himachal Pradesh, Uttrakhand, Delhi, Gujarat, Maharashtra and

Jammu. The companys other noteworthy newspaper brands are Dainik Divya

Marathi, Business Bhaskar, DB Gold, DB Star and DNA on a franchise basis.

-10%10%

30%50%

70%

90%

110%

130%

150%170%

190%

210%

230%250%

Apr-10

Jun-1

0

Aug-1

0

Oct-10

Dec-1

0

Feb-1

1

Apr-11

Jun-1

1

Aug-1

1

Oct-11

Dec-1

1

Feb-1

2

Apr-12

Jun-1

2

Aug-1

2

Oct-12

Dec-1

2

Feb-1

3

Apr-13

Sensex DBCorp

0

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100

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250

300

350

Apr-10

Jun-1

0

Aug-1

0

Oct-10

Dec-1

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Feb-1

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Oct-11

Dec-1

1

Feb-1

2

Apr-12

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2

Aug-1

2

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Dec-1

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Feb-1

3

Apr-13

SharePrice(`)

10x 14x 18x 22x

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July 18, 2014 7

Profit and loss Statement (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EGross sales 1,058 1,260 1,451 1,592 1,783 1,968Less: Excise duty - - - - - -Net Sales 1,058 1,260 1,451 1,592 1,783 1,968

Total operating income 1,058 1,260 1,451 1,592 1,783 1,968% chg 10.4 19.1 15.2 9.7 12.0 10.4

Total Expenditure 720 862 1,115 1,216 1,333 1,442Cost of Materials 328 383 508 545 592 625

SG&A Expenses 249 279 350 380 415 459

Personnel 132 185 243 280 308 341

Others 12 16 15 12 17 17

EBITDA 338 398 336 376 450 527% chg 133.8 17.7 (15.4) 11.7 19.8 17.0

(% of Net Sales) 31.9 31.5 23.2 23.6 25.2 26.8

Depreciation & Amortisation 38 43 51 58 64 70

EBIT 300 354 286 318 386 456% chg 159.7 18.1 (19.3) 11.1 21.6 18.1

(% of Net Sales) 28.4 28.1 19.7 19.9 21.7 23.2

Interest & other Charges 25 15 9 8 8 6

Other Income 5 19 24 21 20 22

(% of PBT) 1.9 5.4 8.0 6.4 4.9 4.6

Share in profit of Associates - - - - - -

Recurring PBT 281 359 301 331 398 472% chg 258.9 27.9 (16.2) 10.1 20.3 18.5

Prior Period & Extra Exp/(Inc.) 0 2 - - - -

PBT (reported) 280 357 301 331 398 472Tax 106 98 98 113 131 156

(% of PBT) 37.6 27.4 32.7 34.2 33.0 33.0

PAT (reported) 175 259 202 218 267 316Add: Share of earn. of assoc. - - - - - -

Less: Minority interest (MI) (8) 0.3 0 (0) - -

PAT after MI (reported) 183 259 202 218 267 316ADJ. PAT 183 260 202 218 267 316% chg 283.5 42.2 (22.3) 7.9 22.4 18.5(% of Net Sales) 17.3 20.6 13.9 13.7 15.0 16.1

Basic EPS (`) 10.1 14.1 11.0 11.9 14.5 17.2Fully Diluted EPS ( ) 10.0 14.1 11.0 11.9 14.5 17.2% chg 283.9 41.4 (21.8) 7.9 22.4 18.5

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

previous year numbers

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July 18, 2014 8

Balance Sheet (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 182 183 183 183 183 183Share Capital suspense a/c 1 3 5 5 5 5

Reserves& Surplus 466 643 739 840 1,016 1,225

Shareholders Funds 649 829 927 1,029 1,204 1,413Minority Interest 4 0 2 1 1 1

Total Loans 321 172 180 137 127 97

Deferred Tax Liability 61 69 75 83 83 83

Other long term liablities 26 30 33 33 33

Long term provisions 3 3 3 3 3

Total Liabilities 1,035 1,100 1,216 1,287 1,452 1,631APPLICATION OF FUNDSGross Block 660 783 906 1,001 1,100 1,215

Less: Acc. Depreciation 112 149 191 238 302 372

Net Block 547 634 715 763 799 843Capital Work-in-Progress 61 41 45 7 11 12

Goodwill 39 33 33 68 68 68

Investments 21 16 46 81 106 128Long term loans and adv. 63 87 85 99 99

Current Assets 561 557 610 622 726 859

Cash 193 173 188 128 212 281

Loans & Advances 103 71 54 56 79 98

Other 266 313 367 438 435 480

Current liabilities 207 255 329 346 367 378

Net Current Assets 354 302 280 276 359 481Mis. Exp. not written off 13 10 9 6 9 -

Total Assets 1,035 1,100 1,216 1,287 1,452 1,631



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July 18, 2014 9

Cash flow (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EProfit before tax 281 359 301 331 398 472

Depreciation 38 43 51 58 64 70Change in Working Cap. (14) (24) (21) (25) (13) (54)

Interest / Dividend (Net) 25 15 9 8 8 6

Direct taxes paid 101 98 98 113 131 156

Others 2 0 26 (38) 0 0

Cash Flow from Operations 229 295 268 221 326 338(Inc.)/ Dec. in Fixed Assets (38) (103) (127) (92) (103) (116)

(Inc.)/ Dec. in Investments 3 4.22 (29.7) (34.7) (25.0) (22.0)

Cash Flow from Investing (34) (99) (157) (127) (128) (138)Issue of Equity 251 2 0.55 1.36 - -

Inc./(Dec.) in loans (242) (149) 8 (43) (10) (30)

Dividend Paid (Incl. Tax) 42 69 107 118 107 107

Interest / Dividend (Net) 13 1 (2) (4) (4) (6)

Cash Flow from Financing (48) (216) (96) (155) (113) (132)Inc./(Dec.) in Cash 147 (20) 16 (61) 84 69

Opening Cash balances 45 193 173 188 128 212Closing Cash balances 193 173 188 128 212 281



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July 18, 2014 10

Key Ratios

Y/E March FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 24.8 17.6 22.5 20.8 17.0 14.4P/CEPS 20.4 15.0 18.0 16.5 13.7 11.7

P/BV 6.9 5.5 4.9 4.4 3.8 3.2

Dividend yield (%) 0.8 1.3 2.0 2.2 2.0 2.0

EV/Sales 4.4 3.6 3.1 2.8 2.4 2.2

EV/EBITDA 13.8 11.3 13.2 11.9 9.7 8.1

EV / Total Assets 4.5 4.1 3.7 3.5 3.0 2.6

Per Share Data (`)EPS (Basic) 10.1 14.1 11.0 11.9 14.5 17.2

EPS (fully diluted) 10.0 14.1 11.0 11.9 14.5 17.2

Cash EPS 12.2 16.5 13.8 15.1 18.0 21.1

DPS 2.0 3.2 5.0 5.5 5.0 5.0

Book Value 35.7 44.7 50.1 55.8 65.2 77.1

Dupont AnalysisEBIT margin 28.4 28.1 19.7 19.9 21.7 23.2

Tax retention ratio 0.6 0.7 0.7 0.7 0.7 0.7

Asset turnover (x) 1.3 1.4 1.5 1.5 1.5 1.5

ROIC (Post-tax) 22.4 29.1 19.7 19.2 21.6 23.7

Cost of Debt (Post Tax) 0.0 0.0 0.0 0.0 0.0 0.0

Leverage (x) 1.0 0.1 (0.0) (0.1) (0.1) (0.2)

Operating ROE 45.7 31.2 19.0 18.0 19.2 19.2

Returns (%)ROCE 31.4 33.2 24.7 25.4 28.3 29.7

Angel ROIC (Pre-tax) 35.6 38.3 27.9 27.5 31.2 33.9

ROE 40.3 35.0 23.0 22.3 23.9 24.2

Turnover ratios (x)Asset Turnover (Gross Block) 1.6 1.6 1.6 1.6 1.6 1.6

Inventory / Sales (days) 25 21 30 30 26 26

Receivables (days) 67 70 62 63 63 63

Payables (days) 59 22 27 22 25 24

WC cycle (ex-cash) (days) 56 55 44 53 50 55

Solvency ratios (x)Net debt to equity 0.2 (0.0) (0.1) (0.1) (0.2) (0.2)

Net debt to EBITDA 0.3 (0.0) (0.2) (0.2) (0.4) (0.6)

Interest Coverage (EBIT / Int.) 12.2 23.7 31.0 40.2 50.6 78.1



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July 18, 2014 11

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document shouldmake such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of thecompanies referred to in this document (including the merits and risks involved), and should consult their own advisors to determinethe merits and risks of such an investment.

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The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.

Disclosure of Interest Statement DB Corp.

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

DB Corp, 1Q FY 2014

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