Jagran Prakashan

Buy Jagran Prakashan With Target Of Rs 165

JAGRAN PRAKASHANWe like JPL for its its leadership position in UP (the largest print market in terms of readership and print ad value), strong position in growing regions like Bihar and Jharkhand, better cost efficiency, phased and planned expansion into other forms of media businesses, and a wider portfolio (including Mid-Day). 9MFY11 business growth (20% ad growth) strengthens our belief that it is well poised to benefit from steady growth in the print media sector.

Robust ad growth of 18% CAGR FY10-FY12E coupled with margin enhancement would drive overall growth for the company;

Buy Jagran Prakashan With Target Of Rs 165

JAGRAN PRAKASHAN LTDNumero Uno in UP, the largest print market Jagran Prakashan's (JPL) key strength is its leading position in the UP market with a 49% share in total readership. It leads by 37% in readership vs. its closest competitor. UP is the largest Hindi print market with a readership base of 19.6mn (28% of total Hindi readership in India) and Hindi ad print share of 31% of the total market of ~ Rs2.6bn. UP recorded economic growth at 11% over FY04-08. We believe JPL will continue to be the undisputed leader in the buoyant state, capitalizing on accelerated growth opportunities.

Jagran Prakashan Ltd Result Review by PINC Research

Jagran Prakashan Ltd Result Review by PINC ResearchJagran Prakashan (JPL) delivered strong growth as expected – top-line grew by 26%YoY, led by advertisement growth of 31%YoY to Rs1.95bn (in line with our estimate) and circulation revenue growth of 7.2%YoY to Rs570mn. Event and outdoor business grew by 20%YoY (10% of total sales).

Strong ad growth of 31% in line with the estimate

Buy Jagran Prakashan With Target Of Rs 165

Buy Jagran Prakashan With Target Of Rs 165PINC Research has maintained buy rating on IRB Infrastructure Developers Ltd with a price target of Rs 165 in its report dated Dec 15, 2010.

As per report, JPL for its leadership in UP (the largest print market in terms of readership and print ad value), strong position in growing regions such as Bihar and Jharkhand, better cost efficiency, phased expansion into other forms of media businesses, and a wider portfolio (including Mid-Day).




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