DB Corp 4Q FY 2013

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

Quarterly Results (Consolidated)(` cr) 4QFY13 4QFY12 % yoy 3QFY13 % qoqRevenue 398 353 12.7 439 (9.3)EBITDA 94 73 29.4 119 (21.1)

OPM (%) 23.6 20.6 304bp 27.2 (355)bp

PAT 55 45 21.8 71 (21.9)Source: Company, Angel Research

For 4QFY2013, DB Corp (DBCL) reported a robust performance on the earnings

front, registering a 21.8% yoy growth to `55cr (in-line with our expectations),

aided by reduction in losses in emerging editions from `18.5cr in 4QFY2012 to

`5.8cr in 4QFY2013.

Key highlights for the quarter: For 4QFY2013, DBCL posted healthy 12.7% yoygrowth in its top-line to `398cr. Advertising revenue grew by 13.1% yoy to

`298cr, primarily driven by higher yields. Sectors such as lifestyle, FMCG,

real-estate and automobile, among others, have contributed to strong growth in

advertising. National advertising, which has been subdued in last few quarters,

has also grown by ~12% yoy (due to increase in government advertising). The

company also reported strong growth of 18.2% yoy in circulation revenue to

`73cr (driven by both cover price hike as well as increase in circulation). Among

the other segments, the companys radio business reported a robust advertising

revenue growth of 24.2% yoy to`19cr.

At the operating level, EBITDA grew by 29.3% yoy to `94cr on account of

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

such as improving ad edit ratio, and pagination efficiency, among others.

Consequently, the OPM expanded by 304bp yoy to 23.6% and net profit grew by

21.8% yoy to`55cr.

Outlook and valuation: At the current market price, DBCL is trading at 14.6xFY2015E consolidated EPS of`16.8. We maintain our Buy view on the stock with arevised target price of `285, based on 17x 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 FY2013E FY2014E FY2015ENet sales 1,451 1,593 1,750 1,925% chg 15.2 9.8 9.9 10.0

Net profit 202 219 261 308% chg (21.9) 8.2 19.2 18.1

EBITDA margin (%) 23.2 23.7 25.1 26.6

EPS (`) 11.0 11.9 14.2 16.8P/E (x) 22.3 20.6 17.3 14.6

P/BV (x) 4.9 4.4 3.8 3.2RoE (%) 23.0 22.4 23.4 23.4

RoCE (%) 24.7 25.5 27.6 28.8

EV/Sales (x) 3.1 2.8 2.5 2.2

EV/EBITDA (x) 13.3 11.8 9.9 8.3

Source: Company, Angel Research

BUYCMP `246

Target Price `285

Investment Period 12 Months

Stock Info

Sector

Net Debt (` cr) (79)

Bloomberg Code DBCL@IN

Shareholding Pattern (%)

Promoters 75.0

MF / Banks / Indian Fls 5.5

FII / NRIs / OCBs 14.5

Indian Public / Others 5.1

Abs. (%) 3m 1yr 3yr

Sensex 4.0 26.6 20.5

DBCL 2.8 24.6 3.3

Media

Market Cap (` cr) 4,502

Beta 0.4

52 Week High / Low 261/181

Avg. Daily Volume 28,051

Face Value (`) 10

BSE Sensex 20,286

Nifty 6,187

Reuters Code DBCL.BO

Amit Patil022-39357800 Ext: 6839

[email protected]

DB CorpPerformance Highlights

4QFY2013 Result Update | Media

May 17, 2013

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DB Corp | 4QFY2013 Result Update

May 17, 2013 2

Exhibit 1:Quarterly Performance (Consolidated)Y/E March (` cr) 4QFY13 4QFY12 % yoy 3QFY13 % qoq FY2013 FY2012 % chgNet Sales 398 353 12.7 439 (9.3) 1,592 1,451 9.7Consumption of RM 134 130 2.7 145 (7.6) 545 508 7.2(% of Sales) 33.6 36.8 33.0 34.2 35.0

Operating Expense 101 89 13.2 103 (1.3) 392 364 7.7

(% of Sales) 25.4 25.3 23.4 24.6 25.1

Staff Costs 69 61 13.4 72 (4.4) 280 243 15.1

(% of Sales) 17.4 17.3 16.5 17.6 16.7

Total Expenditure 304 281 8.4 320 (4.9) 1,216 1,115 9.1Operating Profit 94 73 29.4 119 (21.1) 376 336 11.8OPM (%) 23.6 20.6 27.2 23.6 23.2

Interest 2 2 (8.5) 2 16.8 8 9

Depreciation 15 13 15.9 15 - 58 51 14.8

Other Income 9 11 (15.8) 4 140.3 21 24 (11.3)

PBT 86 68 26.0 106 (19.0) 331 301 10.3(% of Sales) 21.6 19.3 24.2 20.8 20.7

Provision for Taxation 31 23 33.3 35 (12.9) 113 98 15.1

(% of PBT) 35.7 33.7 33.2 34.2 32.7

Minority Interest 0 0 (0) 0 (0)Recurring PAT 55 45 21.8 71 (21.9) 218 202 8.0PATM 14 13 16 14 14

Exceptional items 0 0 0 0

Reported PAT 55 45 21.9 71 (21.8) 218 202 8.0Equity shares (cr) 18.3 18.3 18.3 18.3 18.3

FDEPS (`) 3.0 2.5 21.8 3.9 (21.9) 11.9 11.0 8.0Source: Company, Angel Research

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Top-line driven by strong advertising growth

For 4QFY2013, DBCL posted healthy 12.7% yoy growth in its top-line to`398cr.

Advertising revenue grew by 13.1% yoy to `298cr, primarily driven by higher

yields. Sectors such as lifestyle, FMCG, real-estate and automobile, among others,have contributed to strong growth in advertising. National advertising which has

been subdued in last few quarters has also grown by ~12% yoy, due to increase in

government advertising. The proportion of local advertising to national advertising

is 65:35. However, upcoming state elections are expected to boost government

advertising, which may boost overall share of national advertising. Among the

other segments, the companys radio business reported a robust advertising

revenue growth of 24.2% yoy to`19cr.

Exhibit 2:Top-line growth in-line with expectations


Circulation revenue grew by robust 18.2% yoy

The company reported strong growth of 18.2% yoy in circulation revenue to `73cr

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

price hike of ~5% yoy to`2.6, its lowest among its peers.

Exhibit 3:Strong growth in advertising revenue


Exhibit 4:Price hike inches up circulation revenue


353

352

351

395

353

374

378

439

398

11.3

18.0

16.6

13.411.3

6.2

7.8 11.2 12.7

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

-

50

100

150

200

250

300

350

400

450

500

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

(`cr)

Top line (LHS) yoy growth (RHS)

250

271

275

287

263

270

283

318

298

30.8

14.9

16.6 6.85.4 (0.2)

2.810.9 13.1

(5.0)

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

-

50

100

150

200

250

300

350

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

(`cr)

Advertising revenue (LHS) yoy growth (RHS)

45 60 40 56 45 41 49 71 55

12.8

17.3

11.5

14.012.8

10.912.9

16.1

13.9

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.020.0

-

10

20

30

40

50

60

7080

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

(`cr)

Adjusted PAT (LHS) NPM (RHS)

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Gross margin and OPM expands yoy

The fall in newsprint prices and cost rationalization measures such as improving ad

edit ratio, and pagination efficiency, among others led to 326bp yoy increase in

gross margin to 66.4%. EBITDA grew by 29.3% yoy to`94cr aided by reduction inlosses of emerging editions (`5.8cr loss in 4QFY2013 vs a loss of `18.5cr in

corresponding quarter last year). Consequently, the OPM expanded by 304bp yoy

to 23.6% and net profit grew by 21.8% yoy to`55cr.

Exhibit 5:OPM expands 303bp yoy


Exhibit 6:Adjusted PAT grew by 21.8%


Exhibit 7:Reduction in losses of emerging editions(` cr) Mature

EditionsEmerging

EditionsRadio

BusinessRevenue 352 377 18.5EBITDA (incl other income) 108.5 (5.8) 6.9

EBITDA margin (%) 31 (15.4) 37Source: Company, Angel Research

Akola edition to be launched

Although DB Corp has put major launches on backburner, due to slowdown in

economy, it is still going ahead with launch of Akola edition. The management is

bullish on advertising market (especially local advertising) in Maharashtra.

Therefore, they are also considering more launches in other tier-2 cities such as

Nanded, Latur and Amravati.

63.266.4 64.5 65.8 63.2 64.4 64.8

67.0 66.4

20.6

28.1

19.8 24.1 20.6 19.7 22.8

27.2

23.6

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

EBITDA OPM

45 60 40 56 45 41 49 71 55

12.8

17.3

11.5

14.0

12.810.9

12.9

16.1

13.9

-

2.0

4.0

6.08.0

10.0

12.0

14.0

16.0

18.0

20.0

-

10

20

30

40

50

60

70

80

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

(%)

(`cr)

Adjusted PAT (LHS) NPM (RHS)

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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 14.6x FY2015E consolidated EPS of

`16.8. We maintain our Buy view on the stock with a revised target price of `285,based on 17x 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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Exhibit 8:Peer valuationCompany Reco Mcap CMP TP Upside P/E (x) EV/Sales (x) ROE(%) CAGR #

(` cr) (`) (`) (%) FY13E FY14E FY13E FY14E FY13E FY14E Sales PATHT Media Buy 2,317 99 117 19 11.9 10.8 0.7 0.6 11.5 11.4 7.8 13.0Jagran Buy 2,974 94 121 29 12.8 11.2 1.8 1.6 26.7 26.8 12.4 13.7

DB Corp Buy 4,500 246 285 16 17.3 14.6 2.5 2.2 23.4 23.4 9.9 18.6Source: Company, Angel Research Note:# denotes CAGR for FY2013-15

Exhibit 9:Angel vs consensus estimatesTop-line (` cr) FY2014E FY2015E EPS (`) FY2014E FY2015E

Angel estimates 1,750 1,925 Angel estimates 14.2 16.8

Consensus 1,785 1,965 Consensus 14.5 17.1

Diff (%) (1.9) (2.0) Diff (%) (1.9) (1.8)


Exhibit 10:Return of DB Corp vs Sensex


Exhibit 11: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.

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

Apr-10

Jun-1

0

Aug-1

0

Oct-10

Dec-1

0

Feb-1

1

Apr-11

Jun-1

1

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1

Oct-11

Dec-1

1

Feb-1

2

Apr-12

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2

Aug-1

2

Oct-12

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2

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3

Apr-13

Sensex DB Corp

100

150

200

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350

Oct-10

Dec-1

0

Feb-1

1

Apr-11

Jun-1

1

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1

Oct-11

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1

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2

Apr-12

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2

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2

Feb-1

3

Apr-13

SharePrice(`)

12x 15x 18x 21x

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May 17, 2013 7

Profit and loss Statement (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015EGross sales 1,058 1,260 1,451 1,593 1,750 1,925Less: Excise duty - - - - - -Net Sales 1,058 1,260 1,451 1,593 1,750 1,925

Total operating income 1,058 1,260 1,451 1,593 1,750 1,925% chg 10.4 19.1 15.2 9.8 9.9 10.0

Total Expenditure 720 862 1,115 1,216 1,310 1,412Cost of Materials 328 383 508 540 568 597

SG&A Expenses 249 279 350 392 415 456

Personnel 132 185 243 280 312 343

Others 12 16 15 5 16 16

EBITDA 338 398 336 377 440 513% chg 133.8 17.7 (15.4) 12.1 16.8 16.5

(% of Net Sales) 31.9 31.5 23.2 23.7 25.1 26.6

Depreciation & Amortisation 38 43 51 58 63 69

EBIT 300 354 286 318 377 444% chg 159.7 18.1 (19.4) 11.5 18.5 17.6

(% of Net Sales) 28.4 28.1 19.7 20.0 21.6 23.1

Interest & other Charges 25 15 9 8 8 6

Other Income 5 19 24 21 19 21

(% of PBT) 1.9 5.4 8.0 6.4 4.9 4.6

Share in profit of Associates - - - - - -

Recurring PBT 281 359 300 332 389 459% chg 258.9 27.9 (16.2) 10.5 17.2 18.1

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

PBT (reported) 280 357 300 332 389 459Tax 106 98 98 113 128 152

(% of PBT) 37.6 27.4 32.7 34.2 33.0 33.0

PAT (reported) 175 259 202 219 261 308Add: Share of earn. of assoc. - - - - - -

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

PAT after MI (reported) 183 259 202 219 261 308ADJ. PAT 183 260 202 219 261 308% chg 283.5 42.2 (22.4) 8.2 19.2 18.1(% of Net Sales) 17.3 20.6 13.9 13.7 14.9 16.0

Basic EPS (`) 10.1 14.1 11.0 11.9 14.2 16.8Fully Diluted EPS (`) 10.0 14.1 11.0 11.9 14.2 16.8% chg 283.9 41.4 (21.9) 8.2 19.2 18.1

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

previous year numbers

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May 17, 2013 8

Balance Sheet (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 182 183 183 183 183 183Share Capital suspense a/c 1 3 5 - - -

Reserves& Surplus 466 643 739 844 1,019 1,241

Shareholders Funds 649 829 927 1,028 1,202 1,424Minority 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 4 - -

Total Liabilities 1,035 1,100 1,216 1,282 1,447 1,639APPLICATION OF FUNDSGross Block 660 783 906 996 1,080 1,188

Less: Acc. Depreciation 112 149 191 250 312 381

Net Block 547 634 715 746 768 807Capital Work-in-Progress 61 41 45 55 86 95

Goodwill 39 33 33 37 37 37

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

Current Assets 561 557 610 622 690 822

Cash 193 173 136 119 187 259

Loans & Advances 103 71 106 65 76 94

Other 266 313 367 438 427 469

Current liabilities 207 255 329 349 346 356

Net Current Assets 354 302 281 273 344 466Mis. Exp. not written off 13 10 9 6 6 6

Total Assets 1,035 1,100 1,216 1,282 1,447 1,639Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with


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Cash flow (Consolidated)

Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 281 359 300 332 389 459

Depreciation 38 43 51 58 63 69Change in Working Cap. (14) (24) (73) (44) (17) (51)

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

Direct taxes paid 101 98 98 113 128 152

Others 2 0 0 0 (12) (11)

Cash Flow from Operations 229 295 189 241 301 321(Inc.)/ Dec. in Fixed Assets (38) (103) (127) (99) (117) (117)

(Inc.)/ Dec. in Investments 3 4.22 (29.73) (34.69) (25.00) (22.00)

Cash Flow from Investing (34) (99) (157) (134) (142) (139)Issue of Equity 251 2 0.55 - - -

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

Dividend Paid (Incl. Tax) 42 69 80 86 86 86

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

Cash Flow from Financing (48) (216) (69) (125) (92) (110)Inc./(Dec.) in Cash 147 (20) (36) (18) 68 72

Opening Cash balances 45 193 173 136 119 187Closing Cash balances 193 173 136 119 187 259



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May 17, 2013 10

Key Ratios

Y/E March FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 24.6 17.4 22.3 20.6 17.3 14.6P/CEPS 20.2 14.9 17.8 16.2 13.9 11.9

P/BV 6.9 5.5 4.9 4.4 3.8 3.2

Dividend yield (%) 0.8 1.3 1.5 1.6 1.6 1.6

EV/Sales 4.4 3.5 3.1 2.8 2.5 2.2

EV/EBITDA 13.7 11.2 13.3 11.8 9.9 8.3

EV / Total Assets 4.5 4.0 3.7 3.5 3.0 2.6

Per Share Data (`)EPS (Basic) 10.1 14.1 11.0 11.9 14.2 16.8

EPS (fully diluted) 10.0 14.1 11.0 11.9 14.2 16.8

Cash EPS 12.2 16.5 13.8 15.1 17.6 20.5

DPS 2.0 3.2 3.7 4.0 4.0 4.0

Book Value 35.7 44.7 50.1 55.7 65.2 77.3

Dupont AnalysisEBIT margin 28.4 28.1 19.7 20.0 21.6 23.1

Tax retention ratio 0.6 0.7 0.7 0.7 0.7 0.7

Asset turnover (x) 1.3 1.4 1.5 1.4 1.4 1.5

ROIC (Post-tax) 22.4 29.1 19.2 18.7 20.9 22.5

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) (0.0) (0.1) (0.2)

Operating ROE 45.7 31.2 19.0 18.1 18.8 18.7

Returns (%)ROCE 31.4 33.2 24.7 25.5 27.6 28.8

Angel ROIC (Pre-tax) 35.6 38.3 26.5 27.4 30.0 32.2

ROE 40.3 35.0 23.0 22.4 23.4 23.4

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 57 55 53 58

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

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

Interest Coverage (EBIT / Int.) 12.2 23.7 31.0 40.8 49.4 76.0



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May 17 2013 11

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

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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`

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Documents

DB Corp 4Q FY 2013