Sharekhan is bullish on Zee Entertainment Enterprises has recommended buy rating on the stock with a target price of Rs 680 in its research report dated May 10, 2018.
Sharekhan's research report on Zee Entertainment Enterprises
For Q4FY2018, overall revenue of Zee Entertainment Enterprises Limited (ZEEL) grew by 12.9% y-o-y to Rs. 1,725.3 crore. Revenue growth was primarily led by impressive advertisement revenue growth of 23.9% y-o-y (though on a low base). Domestic ad revenue (adjusted for sports) grew by 24.9% y-o-y on account of strong recovery in advertising spends across categories, while international ad revenue grew by 26.1% y-o-y to Rs. 66.2 crore.
OutlookWe continue to remain positive on ZEEL, as it is one of the key beneficiaries of the structural pan-India media consumption theme. We maintain our Buy rating on the stock with an unchanged price target (PT) of Rs. 680.
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