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Result Update: Zee Entertainment Exterprises Ltd - REDUCE - TP Rs.610 - Kotak

Posted On: 2018-01-28 10:01:48

Zee Entertainment's operating performance was largely in line with our estimates. The company brought in a strong performance in advertising revenues, far exceeding the industry growth rates. However, the quarter failed to produce confidence in subscription revenue growth as negotiations got delayed. Our negative stance on ZEEL over the past few quarters has hinged on questioning the ability of an entrenched incumbent, deriving strength from large bouquets, to be able to manage growth in what could be an adverse pricing regulation. While we continue to have reservations on that count, we acknowledge that ZEEL has filled significant holes (viewership of its flagship Hindi GEC, for example) over recent quarters, and stands a better chance of managing change. We raise our price target to Rs 610 (30X FY20E PER) as we roll-forward to FY20, and raise our target multiple to 30X FY20E PER.

Shares of ZEE ENTERTAINMENT ENTERPRISES LTD. was last trading in BSE at Rs.595.5 as compared to the previous close of Rs. 601.75. The total number of shares traded during the day was 97992 in over 1158 trades.

The stock hit an intraday high of Rs. 609.8 and intraday low of 593.25. The net turnover during the day was Rs. 58927031.


Source: Equity Bulls

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