Brokerage house Emkay Global Financial Services is bullish on Just Dial and has recommended buy rating on the stock with a target price of Rs 1725, in its research report dated January 29, 2015.
Paid Campaigns at 3,12,800 growth of 23% YoY and 6% QoQ. Average monthly realizations per campaign stood at Rs 1656, growing 4.4% YoY and declining by 0.85 QoQ. Total listing increases by 0.2mn to 14.7mn
Higher than estimated paid campaigns led to beat in our revenue estimates, while lower than estimated Other Expenses led to beat on EBITDA margins. Much lower Other Income led to miss on PAT with much lower growth than Operating profit
Search Plus services adds 3 more platform taking the total to 23. The launch and monetization of the same will be seen in H1CY15 and H2FY16 respectively. There would be one-time costs towards the launch which will affect the margins
"Maintain Buy rating with TP of Rs 1725. The delta in growth will be seen from monetization of Search Plus services, which will lead to any meaningful re-rating. We maintain our estimates until more clarity on the Search Plus platform emerges", says Emkay Global Financial Services research report.
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To read the full report click here
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