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ZEE ENTERTAINMENT ENTERPRISES LTD.

NSE : ZEELBSE : 505537ISIN CODE : INE256A01028Industry : TV Broadcasting & Software ProductionHouse : Essel
BSE360.95-2.4 (-0.66 %)
PREV CLOSE ( ) 363.35
OPEN PRICE ( ) 363.50
BID PRICE (QTY) 360.95 (23083)
OFFER PRICE (QTY) 0.00 (0)
VOLUME 291674
TODAY'S LOW / HIGH ( )354.75 367.15
52 WK LOW / HIGH ( )288.95 540.4
NSE360.80-3.25 (-0.89 %)
PREV CLOSE( ) 364.05
OPEN PRICE ( ) 363.55
BID PRICE (QTY) 360.80 (136302)
OFFER PRICE (QTY) 0.00 (0)
VOLUME 7846302
TODAY'S LOW / HIGH( ) 354.50 367.20
52 WK LOW / HIGH ( )288.3 540.75
AnalystDate31 Jan 2019
BSECode505537
BlogURLNA
NoteDescriptionZEEL continues to deliver robust operational performance with Revenue/EBITDA/PAT showing 19.2%/27.1%/9.8% YoY growth over 9MFY19 (9MFY18 includes INR 135cr gain from sale of sports broadcasting business). Despite the concerns over increasing investment on the digital side, ZEEL continued to witness EBITDA margin expansion of 210 bps YoY over 9MFY19 to 33.7%. We continue to expect Revenue/PAT to grow at 16.6%/15.4% CAGR respectively over FY18-20e as the underlying fundamentals of the business remain intact. After the sharp fall in the stock price, ZEEL trades at 18x FY20e EPS which is a 40% discount to its historical forward P/E of over 30x. Despite recent news flows & sharp correction in the stock price, we believe that management has largely addressed minority shareholders concerns & asset continues to be attractive to a large number of potential suitors. We downgrade to HOLD from BUY
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