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Last Updated : May 06, 2020 09:03 AM IST | Source: Moneycontrol.com

Hold Zee Entertainment; target of Rs 150: ICICI Direct

ICICI Direct recommended Hold rating on Zee Entertainment with a target price of Rs 150 in its research report dated April 15, 2020.

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ICICI Direct's research report on Zee Entertainment


Zee Entertainment has announced that it will invest Rs 522 crore in its subsidiary, Margo Networks (80% holding), which operates under brand name SugarBox over the next couple of years. SugarBox operates in the content delivery network and telecommunications industry. It provides content distribution services at places of interest (POIs) such as public transport, rural areas, public places, hospitality and residential areas by installing necessary infrastructure. The customers can use the services available through SugarBox platform even without access to the internet.


Outlook


Hence, we remain cautious on the SugarBox investment by Zee Entertainment. Zee’s inventory and related party receivables remain high. We maintain HOLD with a target price of Rs 150, valuing it at 8x FY22E P/E.


For all recommendations report, click here


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First Published on May 6, 2020 09:03 am
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