HT Media ACCUMULATE. Performance Highlights CMP. `102 Target Price `113. 3QFY2013 Result Update Media. Investment Period 12 months

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1 3QFY13 Result Update Media February 13, 13 HT Media Performance Highlights Quarterly Data (Consolidated) (` cr) 3QFY13 3QFY12 % yoy 2QFY13 %qoq Revenue EBITDA OPM (%) bp bp Recurring PAT For 3QFY13, HT Media reported a subdued 4.4% yoy growth in its topline to `547cr. Its OPM expanded by 9bp yoy to 16% aided by 134bp yoy decline in consumption of raw materials as a percentage of sales (driven by pagination efficiency, cutback in excess circulation in few markets and lower job work). Consequently, the company s profit grew by a healthy 11.4% yoy to `54cr. Key highlights for the quarter: Advertising revenue registered a sluggish growth of 2% yoy to `415cr, primarily driven by volume growth. Although the decline in advertising revenue in Delhi continued (real estate, education and BFSI sector continue to be laggards in ad spend), HT Media s hindi print business subsidiary, HMVL s ad revenue grew by 15% yoy (aided by strong growth in local ad revenues in UP, Bihar and Jharkhand on back of festive season). The circulation revenue grew by 12.3% yoy to `56.5cr driven by combination of higher circulation and higher realization per copy. In terms of other segments, the radio segment contributed `22cr, HT Burda contributed `29cr while the digital business contributed `14cr to the topline. Outlook and valuation: At the current market price, HT Media is trading at 13.0x FY14E consolidated EPS of `7.8. We recommend Accumulate on the stock with a target price of `113, based on 14.4x FY14E EPS. Downside risks to our estimates include 1) a sharp rise in newsprint prices in INR terms, and 2) higherthanexpected losses/increase in the breakeven period of emerging editions and digital business. Key financials (Consolidated) Y/E March (` cr) FY11 FY12 FY13E FY14E Net Sales 1,776 2,003 2,061 2,5 % chg Net Profit (Adj.) % chg 31.1 (8.6) (5.7) 18.1 EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) ACCUMULATE CMP `2 Target Price `113 Investment Period 12 months Stock Info Sector Media Market Cap (` cr) 2,391 Net Debt (` cr) (643) Beta Week High / Low 150/82 Avg. Daily Volume 59,576 Face Value (`) 2 BSE Sensex 19,608 Nifty 5,933 Reuters Code HTML.BO Bloomberg Code HTML@IN Shareholding Pattern (%) Promoters 68.8 MF / Banks / Indian Fls 7.3 FII / NRIs / OCBs 13.4 Indian Public / Others.5 Abs. (%) 3m 1yr 3yr Sensex HTML 5.2 (30.3) (29.4) Amit Patil Ext: 6839 amit.patil@angelbroking.com Please refer to important disclosures at the end of this report 1

2 Exhibit 1: Quarterly performance (Consolidated) Y/E March (` cr) 3QFY13 3QFY12 % yoy 2QFY12 % qoq 9MFY13 9MFY12 % chg Net Sales ,548 1, Consumption of RM (4.3) (% of Sales) Staff Costs (5.2) (% of Sales) Other Expenses (% of Sales) Total Expenditure ,337 1, Operating Profit (11.5) OPM Interest Depreciation (9.1) Other Income (2.3) PBT (excl. Ext Items) (11.2) Ext Income/(Expense) PBT (incl. Ext Items) (11.2) (% of Sales) Provision for Taxation (16.1) (% of PBT) Recurring PAT (9.4) PATM Minority Interest 3 (0) Reported PAT (11.1) Equity shares (cr) EPS (`) (11.1) February 13, 13 2

3 Subdued topline growth For 3QFY13, HT Media reported a subdued 4.4% yoy growth in its topline to `547cr. Although the decline in advertising revenue in Delhi continued (real estate, education and BFSI sector continue to be laggards in ad spend), HT Media s hindi print business subsidiary, HMVL s ad revenue grew by 15% yoy (aided by strong growth in local ad revenues in UP, Bihar and Jharkhand on back of festive season). Exhibit 2: Subdued topline growth (` cr) Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Consolidated Topline yoy growth (RHS) (%) Exhibit 3: Circulation revenue up by 12.3% Exhibit 4: Volume driven ad revenue growth (` cr) (2) Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q (5) (%) (` cr) (1) 2 (3) Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q (5) (%) Circ. revenue (LHS) yoy growth (RHS) Ad revenue (LHS) yoy growth (RHS) The circulation revenue grew by 12.3% yoy to `56.5cr driven by combination of higher circulation and higher realization per copy. In terms of other segments, the radio segment contributed `22cr, HT Burda contributed `29cr while the digital business contributed `14cr to the topline. February 13, 13 3

4 OPM expands 9bp yoy The company s OPM expanded by 9bp yoy to 16% aided by 134bp yoy decline in consumption of raw materials as a percentage of sales (driven by pagination efficiency, cutback in excess circulation in few markets and lower job work). Consequently, profit grew by a healthy 11.4% yoy to `54cr. Exhibit 5: OPM expands by 9bp... Exhibit 6:...boosting profitability (%) (` cr) (%) 3Q11 4Q11 1Q12 2Q12 OPM 3Q12 4Q12 1Q13 Gross margins 2Q13 3Q13 3Q11 4Q11 1Q12 2Q12 3Q12 Recurring PAT (LHS) 4Q12 1Q13 2Q13 NPM (RHS) 3Q13 Investment rationale Margin pressure to ease as ad revenue picks up: HT Media s recent underperformance can be attributed to OPM pressure on account of losses in digital business and emerging markets, higher newsprint costs and cyclical nature of ad revenue growth (sluggish due to slower GDP growth). We expect ad revenue to bounce back as economic activity picks up. New businesses continue to grow: In terms of other segments, HT Media s digital businesses continued with its growth momentum during the quarter (18.2% yoy rise in digital segment revenue in 3QFY13). The company s job portal, Shine, has more than ~5.2mn engaged candidates and is expected to achieve a positive EBITDA in the current year. HT Campus became EBITDA positive in 1QFY13. The radio segment also registered a strong growth of 25.6% yoy to `22cr while HT Burda grew by 28.3% yoy to `29cr. We expect these segments to continue to post robust revenues. Going forward, we believe reduction in losses of emerging editions and stabilization of newsprint costs in INR terms will help HT Media to improve its margin to ~15% in FY14. Outlook and valuation At the current market price, HT Media is trading at 13.0x FY14E consolidated EPS of `7.8. We recommend Accumulate on the stock with a target price of `113, based on 14.4x FY14E EPS. Downside risks to our estimates include 1) a sharp rise in newsprint prices in INR terms, and 2) higherthanexpected losses/increase in the breakeven period of emerging editions and digital business. February 13, 13 4

5 HT Media 3QFY13 Result Update Exhibit 7: Peer valuation Company Reco Mcap (` cr) HT Media Jagran DB Corp Accum. Buy Accum 2,391 3,270 4,362 CMP TP Upside P/E (x) EV/Sales (x) (`) (`) (%) FY13E FY14E FY13E FY14E , Note:^ denotes consensus data, # denotes CAGR for FY1214E RoE (%) CAGR FY13E FY14E Sales PAT Exhibit 8: Angel vs. consensus estimatess Topline (` cr) FY13E FY14E EPS (`) FY13E FY14E Angel estimates 2,061 2,5 Angel estimatess Consensus 2,069 2,270 Consensus Diff (%) (0.4) (2.9) Diff (%) (5.7) (7.1) Exhibit 9: Return of HT Media vs. Sensex Exhibit : Oneyear forward P/E band 0% 180% 160% 140% 1% 0% 80% 60% 40% % 0% Apr Jun Aug Oct Dec Sensex Feb11 Apr11 Jun11 Aug11 Oct11 HTMedia Dec11 Feb12 Apr12 Jun12 Aug12 Oct12 Dec12 Share Price (`) Oct Dec Feb11 9x Apr11 Jun11 Aug11 13x 17x Oct11 Dec11 Feb12 Apr12 Jun12 Aug12 21x Oct12 Dec12 Source: Company, Angel research Source: Company, Angel research Company Background HT Media is the second largest print media company in terms of readership/ /circulation and the largest listed print media company in terms of revenue. The company's two key offerings, Hindustan Times and Hindustan, feature in the top five newspaperss in their respective categories in terms of readership. The company is a market leader in Delhi (Hindustan Times), Bihar and Jharkhand (Hindustan) and has emerged as a strong contender in the financial daily segment (Mint). February 13, 13 5

6 Profit and Loss Statement (Consolidated) Y/E March (` cr) FY09 FY FY11 FY12 FY13E FY14E Gross sales 1,347 1,413 1,776 2,003 2,061 2,5 Less: Excise duty Net Sales 1,347 1,413 1,776 2,003 2,061 2,5 Total operating income 1,347 1,413 1,776 2,003 2,061 2,5 % chg Total Expenditure 1,259 1,163 1,444 1,716 1,773 1,872 Cost of Materials Personnel Others (include SG&A) EBITDA % chg (48.3) (13.6) (% of Net Sales) Depreciation& Amortization EBIT % chg (83.1) (21.2) (0.5) 17.4 (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg (85.7) (9.0) (1.2) 17.0 Pr Period & Extraordinary Exp/(Inc.) 19 2 PBT (reported) Tax (% of PBT) PAT (reported) (12) Add: Share of earnings of assoc. Less: Minority interest (MI) (13) (1) PAT after MI (reported) ADJ. PAT % chg (80.3) (8.6) (5.7) 18.1 (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg (80.3) (8.6) (5.7) 18.1 Note: Some of the figures from FY11 onwards are reclassified; hence not comparable with previous year numbers February 13, 13 6

7 Balance Sheet (Consolidated) Y/E March (` cr) FY09 FY FY11 FY12 FY13E FY14E SOURCES OF FUNDS Equity Share Capital Preference Capital 0 Reserves& Surplus ,255 1,400 1,544 1,716 Shareholders Funds ,302 1,447 1,591 1,763 Minority Interest (7) Total Loans Deferred Tax Liability (9) (35) (22) (22) Other long term liabilities Long term provisions Total Liabilities 1,233 1,413 1,726 1,901 2,014 2,141 APPLICATION OF FUNDS Gross Block 823 1,033 1,213 1,284 1,338 1,450 Less: Acc. Depreciation Net Block Capital WorkinProgress Net Block (incl WIP) Goodwill Investments Longterm loans and adv Current Assets ,076 1,188 Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 1,233 1,413 1,726 1,901 2,014 2,141 Note: Some of the figures from FY11 onwards are reclassified; hence not comparable with previous year numbers February 13, 13 7

8 Cashflow (Consolidated) Y/E March (` cr) FY09 FY FY11 FY12 FY13E FY14E Profit before tax Depreciation Change in WC (46) (32) (65) (40) Interest / Dividend (Net) (7) (28) (30) (35) Direct taxes paid Others 6 (6) Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (259) (144) (77) (76) (62) (1) (Inc.)/ Dec. in Investments (82) (133) (240) (9) (38) () Cash Flow from Investing (341) (277) (318) (185) (0) (140) Issue of Equity 0 (2) Inc./(Dec.) in loans (88) 65 (49) (50) Dividend Paid (Incl. Tax) Interest / Dividend (Net) 2 (1) 7 (29) (30) (35) Cash Flow from Financing (31) (27) Inc./(Dec.) in Cash (7) Opening Cash balances Closing Cash balances Note: Some of the figures from FY11 onwards are reclassified; hence not comparable with previous year numbers February 13, 13 8

9 Key ratios Y/E March FY09 FY FY11 FY12 FY13E FY14E Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Posttax) Cost of Debt (Posttax) Leverage (x) (0.1) (0.1) (0.3) (0.4) (0.5) (0.5) Operating ROE Returns (%) RoCE Angel RoIC (Pretax) RoE Turnover ratios (x) Asset Turnover Inventory / Sales (days) Receivables (days) Payables (days) Net WC (days) 24 (4) Solvency ratios (x) Net Debt to equity (0.0) (0.2) (0.4) (0.4) (0.5) (0.5) Net Debt to EBITDA (0.0) (0.7) (1.7) (2.2) (2.8) (2.8) Interest Coverage Note: Some of the figures from FY11 onwards are reclassified; hence not comparable with previous year numbers February 13, 13 9

10 Research Team Tel: Website: www. angelbroking.com Disclaimer This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources 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 this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report. Disclosure of Interest Statement HTML 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 Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors. Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (5 to 5%) Reduce (5% to 15%) Sell (< 15%) February 13, 13

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