Flat Revenue but NP grows by 26%.
Posts in category Value Pickr
Pincon Spirit Stock (02-11-2015)
Very good results by Pincon
http://www.bseindia.com/xml-data/corpfiling/AttachLive/C792ABF6_FC5A_414A_9C9F_5D4AA81435D4_155341.pdf
Market responding positively for result with upper circuit. UC may continue for few more days as stock is far below 52w high.
Disc: Invested
Jagran prakashan (02-11-2015)
There is extraordinary income in the TTM figures.
Try looking up the company presentation put up along with results or download the results and get the figures.
EPS before extraordinary items for first half is 4.8.
Cupid Ltd – Helping the world play safe! (02-11-2015)
VA wow price is for 35 million units. where as Cupid price is for 1 million units only. Obviously price will come down with increase in quantity. Check retail price, VA wow price is more than Cupids price
Deccan Cement : Dull company.Dull business.Big wealth creation opportunity (02-11-2015)
India cements , anjani Portland cement and sagar cement all posted stellar results.
Realization is up 200 rs qoq.
Expect a superb performance
Jagran prakashan (02-11-2015)
Hi Hitesh,
Thanks for bringing this to our attention. I have downloaded financial reports and will be going through them over next few days in detail and will ask for clarity/questions as required.
Though valuation exercise should be considered in the end, however just a quick glance on moneycontrol website shows below figures for consolidated:
EPS (TTM) 13.24
P/E 10.68 @ CMP 141.3
Jagran prakashan (02-11-2015)
The impact of disruptions are always over or under emphasised.
One has to judge which applies here.
If u look at the presentation post q2 fy 16, management has given a bar chart depicting growth in hindi newspaper revenues including circulation and ad revenues. From 2010 till 2019, it is shown as 9 % cagr growth.
About the 25 years logic and impact of disruptions due to internet penetration, I dont look that far ahead. At current juncture I find jagran attractive in the medium term.
If one looks at figures of growth in hindi and english newspaper growth its easy to make out where the max impact of disruption is felt. Thats not to say that jagran also will not be affected. But that scenario looks a few years away.
About freebies provided by gujarat samachar and sandesh it was to mitigate the impact of a new player dainik bhaskar. It had nothing to do with internet impact. And after a brief spell it all stopped. In fact a few months back gujarat samachar has raised its prices.
For newspapers to raise prices its not a very difficult thing. Just think about a scenario where a 2 rupee newspaper costs 2.50. How much is it going to impact the reader of the newspaper? For the newspaper company it makes a huge impact but on the reader's wallet it makes a change of only 15-20 Rs per month.
And about radio, just look at the story of ENIL and you will see the impact of radio. As long as internet data charges dont reach abysmally low levels, radio seems to be there to stay.
I like the characteristics of the business. Growth will not be explosive. But some amount of growth from new ventures like radio, and digital plus turnaround of subsidiary newspapers (which seems to have started looking at last two quarters results) could provide decent profit growth.
Cupid Ltd – Helping the world play safe! (02-11-2015)
Guys..I was looking at how USFDA and UNFPA approvals are granted to condom manufacturers. Find the link below
https://www.unfpa.org/sites/default/files/resource-pdf/Female%20Condom%20Generic%20Specification%20EN_0.pdf
This says that the product is run through many clinical trials post which the approvals are granted. Now, this doesnt seem to be a high entry barrier. Also, in the link given below, V.A wow female condom has the lowest price / unit. If they get the necessary approvals, orders for Cupid can dry up. Hence , it is vital for them to enter the retail market. I think the only way this business can grow and command a higher multiple is by being more consumer facing. Looks good for short/medium term. Long term , I am not too sure
http://www.path.org/publications/files/RHSC_fem_condom_br.pdf
Profit lies where noone is watching: some turnaround plays (02-11-2015)
Mrpl post q2 loss at 901 cr. But most of it of foeeign exchange and inventory losses. So donot worry
Jagran prakashan (02-11-2015)
I dont track HMVL but had a look at ENIL. It seems interesting.
ENIL is slightly expensive mainly bcos it is perceived to be in a business which is supposed to grow at much better rates than newspapers. I think its at close to 30 PE.
Jagran could be quoting at 14-15 PE based on fy 16 estimated eps figures of 9.5 or thereabouts.