Zee Entertainment Enterprises Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Revenues came in at | 1582.1 crore vs. our estimate of | 1585.9 crore. Advertisement revenues saw 2.9% YoY growth to | 986.7 crore. Adjusting for sports (now exited) & RBNL, domestic ad revenues grew 5.8% YoY. International ad revenues were down 19.9%. Subscription revenue was at | 501.4 crore, down 14% YoY (domestic subscription declined 13.5% while international de-grew 16.1% YoY) mainly due to absence of sports business & weak international subscription...

Ad recovery in sight; subscription growth stable Ex-sports revenue up 7%, EBITDA flat: Ex-sports revenue rose 7% YoY, led by domestic ad and subscription revenue. Consol. revenue fell 7% YoY to INR15.8b (in-line). Consol. EBITDA stood at INR4.9b (flat YoY, 4% beat) with a 31% margin (+210bp YoY), despite lower revenues, led by 25% YoY savings in content cost. PAT surged 148% to INR5.9b (est. of INR3b). PAT, after adjusting for INR1.3b exceptional gains from sports, INR1.6b other income from equity revaluation and reversal of INR81m interest provision, rose 21% YoY to INR2.9b (7% miss)....

Zee has acquired 9X Media's six music channels for INR1.6b (1x FY17 sales). 9X Media holds ~26% share in the music ad market. The acquisition allows Zee to widen its TV portfolio and also provides channels to market its own music/movie production. We maintain our Buy recommendation for Zee, with a TP of INR630. Has acquired 9X Media's six music channels for INR1.6b in cash Zee announced the acquisition of 9X Media's six music channels for INR1.6b, which will be paid in cash. These six channels across four languages 9XM (Latest...

ZEELs Q1 domestic ad revenue grew ~7%, despite sluggish growth in June (ad slowdown due to GST-driven destocking). While continued slower ad spend in July may restrict Q2 ad growth as well, we expect GST implementation to aid medium-term ad spends (for industry in general), given possible reinvestme..

Revenue increased by 0.81% to Rs. 1540.25 Cr in Q1FY18 when compared to the previous quarter. Revenue increased by 0.81% to Rs. 1540.25 Cr in Q1FY18 when compared to the previous quarter.

Zee Entertainment Enterprises Ltd.'s Q1FY18 result was largely inline with our expectations. The company reported 2% YoY degrowth in sales primarily led by lower subscription revenue. EBITDA increased by 26.8% YoY on account of lower operating cost while sharp surge in other income supported PAT growth at 15.8% YoY.

Zee Entertainment Enterprises Ltd.'s April-June quarter profit fell short of market estimates, even as its margins improved. The acquisition of Reliance Broadcast Network Ltd (RBNL) which includes two channels BIG...

ICICI Securities Ltd | Retail Equity Research Revenues came in at | 1540.3 crore (vs. our estimate of | 1592.2 crore). Advertisement revenue, despite GST uncertainty led setback in June, witnessed 6% YoY growth to | 966 crore and was higher than our estimates of 4.2% YoY growth. Adjusting for sports (now exited) and RBNL (acquired recently), domestic ad revenues grew 6.9% YoY to | 868.8 crore. Subscription revenues came in at | 479.1 crore, down 9.3% YoY mainly due to absence of sports business. On a like-to-like...

while remained stable yoy. Higher depreciation and amortization along with an abnormally higher tax rate of 48% (resulted from the dividend remitted from the foreign subsidiaries and RBN acquisition) resulted into depressed bottomline. Reported PAT came in at an 2.5 bn,...

Revenue fell by 6.78% to Rs. 1527.95 Cr in Q4FY17 when compared to the previous quarter.