At 27/24x FY19/20E EPS, Zee's valuations look reasonable given its superior growth and execution. Reiterate BUY with TP of Rs 512 @ 25x Dec-20E EPS. Zee delivered yet another strong quarter on all the operating parameters viz. ad, subscription and margins. This is despite ongoing investments in digital (ZEE5). In 3QFY19, revenue/EBITDA/APAT grew by 18/27/44% YoY. Even in 9MFY19, revenue/EBITDA/APAT grew by healthy 19/27/31%.