Reiterate Neutral with TP of Rs 618 @ 32x Dec19E EPS. Zee Entertainment (Zee) reported revenue growth of 23% YoY (like-to-like) led by healthy advertising revenues (+28%). Subscription revenue growth was muted at 7.5% YoY. EBITDA grew by 17% YoY owing to higher opex on 25 years completion celebration and brand refresh. Zee is trading at 34/30x FY19/20E EPS. Valuations are rich but tenable given Zees focused strategy, superior execution, constant investments and profitable growth.