Result Update: Hindustan Media Ventures Ltd. - Accumulate - TP Rs.307 - Kotak

HMVL's 4QFY17 results have come in below estimates. Going forward, we see some risks to the company's margins from circulation growth initiatives likely in Uttar Pradesh. We are also wary about cash utilization. We value the stock at 11X FY19E PER (discount versus DB Corp is justified on higher non-operating income, in addition with the risks associated with cash usage). We downgrade the stock to ACCUMULATE (BUY earlier).

Shares of HINDUSTAN MEDIA VENTURES LTD. was last trading in BSE at Rs.275.65 as compared to the previous close of Rs. 278.55. The total number of shares traded during the day was 773 in over 34 trades.

The stock hit an intraday high of Rs. 279 and intraday low of 271. The net turnover during the day was Rs. 213698.

Source : Equity Bulls

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