Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Industry - Broadcasting & Cable TV.
Broker Research reports: latest Upgrades
for Industry - Broadcasting & Cable TV
The company logged a decline in revenue for the quarter, mainly due to macroeconomic headwinds faced in the advertising segment. Despite the challenges faced, ZEEL remains optimistic about the future with rising viewership, cost reduction and higher profitability. The upcoming festive season is expected to drive revenue in the advertising segment. With efficient execution in programming and technology as well as continuous cost optimisation in ZEE5, the company's...
We cut our FY27E EPS estimates by 4% as we account for dilution impact resulting from issuance of ~169.5mn fully convertible warrants at a price of Rs132 on a preferential basis to entities forming part of the promoter group. Out of the total preferential proceeds of ~Rs22.4bn, Z IN plans to deploy ~Rs10bn towards building new businesses, ~Rs7.1bn towards inorganic expansion while the balance will be utilized for general & corporate purposes. Post warrant conversion, promoter stake will increase to 18.3% lending better execution comfort on achieving 1) TV viewership share of ~17.5%, 2) adrevenue growth of ~8-10% and 3) EBITDA margin of ~18-20% in FY26E. We...
Zee’s Board of Directors has approved the issuance of up to 169.5m fully convertible warrants to promoter group entities on a preferential basis at INR132 per warrant (~2.6% premium to the SEBI floor price).
We increase our EPS estimates by 6%/2% for FY26E/FY27E and upgrade our rating to BUY (earlier HOLD) with a TP of Rs137 as we revise our target multiple to 11x (earlier 10x) amid sustained improvement in operating performance since last 4 quarters. Despite a weak ad-environment, ZEEL reported better than expected performance with EBITDA margin of 13.1% (PLe 12.5%) led by cost optimization efforts and narrowing losses in ZEE5. In FY25, ZEEL's content and employee cost was down 10.4% and 9.0% respectively while operating loss in ZEE5 almost halved leading to 390 bps expansion in EBITDA margin. While...
Ad revenue declined 6.4% YoY in Q3FY25 as there was a sharp cut in ad spends by FMCG companies in Nov’24 and Dec’24. Subscription grew 2% YoY, lower than our estimated 4% YoY, as pricing hikes by the company are taking time to implement.
In Q1FY25, ZEEL’s EBITDA margin expanded 306bps QoQ, beating our estimates. This was driven by cost optimisation efforts such as right-sizing its tech team for the OTT offering and reducing marketing costs.
Since our initiating coverage on UFO Moviez India Ltd (UMIL) the stock had touched ~INR 174 (from initiation price of 112) and is currently ~19% up from initiation price. Despite the rally we believe that there is still significant upside potential that warrants a relook.
Q1FY24 ad-revenue growth for Sun TV continued to be muted (+0.2% QoQ/-1.2% YoY) due to media spends diversion to sporting events like IPL. We believe management sounded more confident about the revival in ad spends from Q2FY24. Subscription revenue grew higher than expected at 7% QoQ/ 6% YoY led by 5-6% price hikes as implementation of NTO 3.0 was smoother than envisaged earlier.
NCLT order in the matter of the Zee-Sony merger which had been reserved, will be pronounced on 10th Aug’23. We think this could be a trigger for stock re-rating if the judgement is favourable to the merger. ZEEL surprised positively on both revenue and margin front.
