Zee Entertainment Enterprises Ltd. share price target

1QFY17 operational performance above est.: ZEE's 1QFY17 EBITDA grew 44% YoY (6% above est.) to INR4.53b. The beat was led by higher-than-expected other sales and services; better sports biz performance and lower programming costs. On a like-to-like basis; PAT grew 22% YoY to INR2.17b (vs. est: INR3.19b). PAT miss was primarily led by loss booked in P&L on account of fair value accounting of ZEE’s preference shares and related spike in finance cost.Motilala Oswal maintain Buy rating with a revised target price of INR530 per share (earlier INR500) based on 28x average FY18 EPS plus INR18/sh toward &TV DCF value less INR18/sh toward pref. share liability.

Trendlyne has 10 reports on ZEEL updated in the last year from 4 brokers with an average target of Rs 519.8. Brokers have a rating for ZEEL with 1 upgrade,4 price upgrades in past 6 months and 6 price upgrades in past 1 Year.

Ad?revenue growth of ~19% yoy was ahead of our and consensus estimates. Industry? leading ad?revenue growth was driven by market share gain in regional markets   9 Subscription growth of 14% yoy was ahead of our estimates 9 Sports business reported EBITDA of Rs 171mn (we saw an EBITDA loss of Rs 200mn) 9 EBITDA margin was higher than estimated because of higher ad and other sales revenue 8 PAT growth was lower than EBITDA growth due to routing of MTM loss on investments and change in price of preference shares through P&L account (because of migration to Ind?AS accounting norms).Phillip Capital maintain BUY rating with a TP of Rs 540 (vs. earlier Rs 475) due to robust ad revenue continuing in FY17.

Trendlyne has 10 reports on ZEEL updated in the last year from 4 brokers with an average target of Rs 519.8. Brokers have a rating for ZEEL with 1 upgrade,4 price upgrades in past 6 months and 6 price upgrades in past 1 Year.

ICICI Securities Ltd | Retail Equity Research Revenue growth of 13.7% YoY was led by robust advertisement revenues, which grew 29.0% YoY to | 864.5 crore (vs. estimate of...

4QFY16 operational performance above estimates: ZEE's 4QFY16 EBITDA grew 53% YoY (17% above est.) to INR4.14b. The beat was led by higher-than-expected advertising and subscription revenue and lower sports losses. PAT grew 13% YoY to...

9 Industryleading adrevenue growth of ~29% was ahead of our and consensus estimates,drivenbyrobustadspendfromFMCGandecommercecompanies. 9 Subscription growth was ahead of our estimates, as Zee booked some catchup'...

Losses from sports business increased to Rs 150mn (higher than we estimated). Zee airedvariouscricketrelatedsportspropertiesinQ3. EBITDAmarginwashigherthanestimatedbecauseofhighersubscriptionrevenueand...

revenue, primarily driven by market share (because of increased programming hours) in regionalchannels.Adrevenueoutlookcontinuestoberobustdueto(1)higheradspendsby FMCGplayers,(2)recoveryininterestratesensitivesectors,and(3)continuedadspendby...

Zee Entertainment ltd (ZEL) has consistently outperformed the industry's ad growth owing to improvement in viewership market share driven by investments in content. Moreover, the company...

ZEELs 1QFY16 numbers were ahead of ours and consensus estimates on account of stronger than expected ad and subscription revenue growth. This led to APAT growth of 2%YoY/14%QoQ, beating estimates. ZEEL continues to deliver ahead of industry ad revenue growth while guiding for EBITDA margins within 50-100bps of FY15 levels (25.7%).