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ZEEL Share Price Target

Zee Entertainment Enterprises Ltd.
Sector: Services
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ZEEL Share Price *
298.9 +17.55 (6.24%)
* (quote may be delayed)
ZEEL Share Price Forecast - Consensus
No. of reports in last year
19
No. of analysts
12
Average Consensus Forecast
458.68
Consensus Potential
35.68%

ZEEL Share Price Target - Broker Reports - 2019

Edelweiss
18-Oct-19
Price @ Call: 262
Target: 399
BUY
While we expect ZEE to gain in the new tariff regime, near-term ad growth is likely to be subdued. Though festive season could offer some respite, material growth is likely to resume once demand from FMCG, auto, among others, revives. In our view, though the valuation is attractive now, resolution of promoter’s pledged shares remains key trigger for the stock. We maintain our target PE of 18x and retain TP at INR399. The stock is trading at ~13x/12x FY20E/21E EPS. We maintain ‘BUY/SP’.
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ICICIdirect.com
18-Oct-19
Price @ Call: 251.89
Target: 220
REDUCE
Near term concerns like a softer ad outlook due to macroeconomic challenges, promoter pledge issues as well as possible risks of tweak in NTO policies makes us cautious. Furthermore, steep spending in content seems aggressive. We also remain wary of related party dues, given their weak financial position. We, therefore, downgrade the stock to REDUCE from HOLD earlier, with a revised target price of Rs 220/share, valuing it at 10x FY21 P/E. (vs. Rs 380/share at 18x FY21 P/E earlier). Lower multiple is on account of cash flow challenges and promoter debt issue.
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Sharekhan
2-Aug-19
Price @ Call: 345.82
Target: 400
HOLD
Deal provides some relief but overhang stays; Maintain Hold:
The deal with Invesco Oppenheimer will provide some credibility to the stock along with retaining management’s control. We believe the streetmay be upset with ZEEL’s decision to go with the financial investor ratherthan a strategic investor who can take the company to the next level. The deal provides relief to the promoters’ liquidity concern to some extent, butthe overhang remains till the finalisation of other assets’ sale by the endof September 2019. Hence, we maintain our Hold rating on the stock with a revised PT of Rs. 400.
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ICICIdirect.com
1-Aug-19
Price @ Call: 348.66
Target: 380
HOLD
We had turned constructive with the possibility of a deal and complete removal of pledge, which did not play out. Furthermore, a stake sale to financial investors (vs. a global tech/media player) that could have added value in expanding its OTT reach, is another dampener, in our view. The overhang on the stock will remain as promoters grapple to sell a stake in non-media/media assets in a time bound manner. On the business front, steep and aggressive spending in content to enhance Zee5 offering, a necessary evil, is likely to keep FCF generation modest. We expect the stock price to hover below fair value till there is a complete removal of pledge. Therefore, we downgrade the stock to HOLD with target price of Rs 380/share, valuing it at 18x FY21E P/E.
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Geojit Financial Services
29-Jul-19
Price @ Call: 403.95
Target: 444
BUY
We expect the company to continue performing well backed by strong growth in subscription revenue and resurgence of advertising business. Proposed stake sale also remains a key catalyst for the stock in the near-term. The stock is currently trading at 20.5x FY20E P/E. We roll forward to FY21E and value the stock at 20x FY21E adj. EPS. We rate the stock a BUY with a target price of Rs. 444.
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LKP Securities Limited
25-Jul-19
Price @ Call: 379.25
Target: 425
BUY
We witnessed a slowdown in ad revenues in Q1 mainly due to softness at its main client verticals. The impact of new tariff order as well led to this slowdown. On the other hand, subscription revenues zoomed on the new tariff order and FTA conversion. Digital business and further investments in TV and movies content is expected to follow post stake sale, which has been the overhang on the stock since last few quarters. We believe with management’s confidence to strike a deal shortly, the stock will gain a direction. With sound fundamentals, we maintain our BUY rating on the stock with a pruned down (based on lower ad revenues) TP of ₹425.
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Elara Capital
25-Jul-19
Price @ Call: 379.25
Target: 410
BUY
Valuation: reiterate Accumulate with a TP of INR 410 Management has guided for strong subscription revenue growth of over 20% YoY in FY20, which translates into a CQGR of 11% over Q2 onwards on a robust Q1 performance. Subscription revenue growth came as a pleasant surprise to us and on track faster than what we had anticipated, given robust growth in core viewership as regional genre channels witnessed strong pull demand. However, ad growth may take more time to revert to double-digit growth as Z has not reported major gains in viewership share within key genres. The stock is currently trading at 18x FY21E P/E, which is inexpensive, and this would prevail until further deal clarity emerges. Our estimates remain largely unchanged as positive impact of higher subscription was offset by negative impact of lower ad growth. We reiterate Accumulate with a March 2020E TP of INR 410 on 20x one-year forward P/E; we still believe a favorable deal indicates the promoter group hold on business strategy post the announcement will trigger a slight rerating.
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ICICIdirect.com
25-Jul-19
Price @ Call: 379.25
Target: 425
BUY
Signing of binding term sheet for stake sale with one of the bidder is a key positive. The company now expects another binding term sheet to be signed in a few days to zero in on a final buyer. On the other hand, steep and aggressive spending in content (largely to enhance Zee5 offering), in our view, is also a necessary evil that is likely to keep FCF generation modest. Given the certainty and proximity of deal, we upgrade to BUY with target price of | 425/share, valuing it at 20x FY21E P/E. However, we note that we would prefer strategic investors to buy the stake, which could enhance the overall prospect of Zee5 expansion globally.
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AnandRathi
25-Jul-19
Price @ Call: 386.73
Target: 450
BUY
Driven by 46.8% y/y growth in domestic subscription revenue, Zee’s Q1 FY20 revenue grew 13.3% y/y to `20.08bn. Domestic advertising revenue grew 4.2% y/y, as 5-6% of advertising growth has been hit by the conversion of two FTA channels into pay channels. Lower other expenses due to good cost control (8.6% vs. 12.8% y/y) resulted in the margin expanding 93bps y/y to 32.9%. We cut our FY20e/FY21e EBITDA 4% and 5.5% respectively and our target multiple to 15x FY21e EBITDA (earlier valuing it at 17x FY21e EBITDA) to reflect soft ad growth and increased investment in OTT, resulting in a target of`450 (earlier `550). The promoter stake sale is a near-term catalyst.
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Dolat Capital
24-Jul-19
Price @ Call: 360.95
Target: 408
ACCUMULATE
Zee’s superior execution, industry leading growth, margins, andviewership share deserve higher multiple. However, the sharp deterioration in its BS/FCF in FY17-19 and lag in the digital business are constraints. Improvement in FCF and acceleration in the digital business are vital triggers. Accumulate, with TP of Rs 408 at 20x FY21E EPS.
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Choice Equity Broking
22-Mar-19
Price @ Call: 435.25
Target: 556
BUY
At a CMP of Rs. 445.0, ZEEL stock is trading at a TTM P/E multiple of 28.4(x), which is at a discount compared to its peer average of 31.3(x). Company's top line and bottom line are expected to grow at a CAGR of 16.2% and 18.8% respectively over FY18-20E led by increase in monetization from growth in market share and rise in ARPU, better cost efficiencies, digital consolidation and increasing device penetration, among other factors. According to the FICCI-EY Report, 2018 the M&E industry is expected to grow at 11.3% CAGR over CY17-20E whereby television and digital media to grow at 9.3% and 23.5% respectively for the same period. ZEEL have outperformed the industry average and with its strong leadership position along with a beneficial strategic partner it is expected to outperform it further as well. We value the business at a TTM P/E multiple of 28.4(x) to its FY20E EPS, to arrive at a target price of Rs. 556.0, reflecting a potential upside of 25% over a period of 12- 18 months. Thus we assign a ‘BUY’ rating on the stock.
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ICICIdirect.com
28-Jan-19
Price @ Call: 319.35
Target: 500
BUY

Sharekhan
16-Jan-19
Price @ Call: 456.7
Target: 550
BUY

HDFC Securities
16-Jan-19
Price @ Call: 456.7
Target: 512
BUY

Kotak Securities
16-Jan-19
Price @ Call: 456.7
Target: 430
REDUCE

LKP Securities Limited
16-Jan-19
Price @ Call: 456.7
Target: 595
BUY

ICICIdirect.com
16-Jan-19
Price @ Call: 456.7
Target: 500
HOLD

ZEEL Share Price Target - Broker Reports - 2018

IIFL
20-Dec-18
Price @ Call: 462.14
Target: 581
BUY

AnandRathi
12-Dec-18
Price @ Call: 478.5
Target: 530
BUY

Sharekhan
30-Nov-18
Price @ Call: 490.72
Target: 550
BUY

Indiabulls Ventures
16-Nov-18
Price @ Call: 442.45
Target: 525
BUY

HDFC Securities
15-Nov-18
Price @ Call: 439.17
Target: 487
BUY

JM Financial
23-Oct-18
Price @ Call: 446.3
Target: 530
BUY

Religare
13-Oct-18
Price @ Call: 472.51
Target: 599
BUY

ICICIdirect.com
12-Oct-18
Price @ Call: 472.51
Target: 540
BUY

Sharekhan
11-Oct-18
Price @ Call: 459.2
Target: 560
BUY

Edelweiss
11-Oct-18
Price @ Call: 464.66
Target: 622
BUY

HDFC Securities
11-Oct-18
Price @ Call: 464.66
Target: 585
BUY

LKP Securities Limited
11-Oct-18
Price @ Call: 464.66
Target: 573
BUY

Motilal Oswal
11-Oct-18
Price @ Call: 459.2
Target: 600
BUY

Sharekhan
10-Sep-18
Price @ Call: 468.6
Target: 560
BUY

Centrum
19-Jul-18
Price @ Call: 521
Target: 651
BUY

Sharekhan
18-Jul-18
Price @ Call: 517.3
Target: 620
BUY

ICICIdirect.com
18-Jul-18
Price @ Call: 517.3
Target: 600
BUY

LKP Securities Limited
18-Jul-18
Price @ Call: 517.3
Target: 632
BUY

Edelweiss
18-Jul-18
Price @ Call: 517.3
Target: 700
BUY

Motilal Oswal
18-Jul-18
Price @ Call: 517.3
Target: 680
BUY

HDFC Securities
18-Jul-18
Price @ Call: 517.3
Target: 610
BUY

JM Financial
18-Jul-18
Price @ Call: 517.3
Target: 610
HOLD

Sharekhan
3-Jul-18
Price @ Call: 539
Target: 680
BUY

Kotak Securities
11-May-18
Price @ Call: 589
Target: 623
ACCUMULATE

Edelweiss
11-May-18
Price @ Call: 589
Target: 687
BUY

LKP Securities Limited
11-May-18
Price @ Call: 591.08
Target: 642
BUY

Sharekhan
10-May-18
Price @ Call: 592.65
Target: 680
BUY

JM Financial
10-May-18
Price @ Call: 593.4
Target: 610
HOLD

HDFC Securities
10-May-18
Price @ Call: 593.4
Target: 620
NEUTRAL

Sharekhan
5-Apr-18
Price @ Call: 584.31
Target: 680
BUY

Motilal Oswal
16-Feb-18
Price @ Call: 575.05
Target: 705
BUY

Axis Direct
29-Jan-18
Price @ Call: 611.1
Target: 670
BUY

Motilal Oswal
18-Jan-18
Price @ Call: 592.95
Target: 705
BUY

ICICIdirect.com
18-Jan-18
Price @ Call: 592.95
Target: 640
HOLD

Edelweiss
18-Jan-18
Price @ Call: 592.95
Target: 715
BUY

LKP Securities Limited
18-Jan-18
Price @ Call: 592.95
Target: 678
BUY

ZEEL Share Price Target - Broker Reports - 2017

Motilal Oswal
14-Dec-17
Price @ Call: 569.9
Target: 690
BUY

LKP Securities Limited
30-Oct-17
Price @ Call: 541.7
Target: 589
BUY

HDFC Securities
27-Oct-17
Price @ Call: 540.28
Target: 575
BUY

Centrum
27-Oct-17
Price @ Call: 540.28
Target: 550
HOLD

Motilal Oswal
25-Oct-17
Price @ Call: 525.5
Target: 630
BUY

Edelweiss
25-Oct-17
Price @ Call: 525.5
Target: 608
BUY

ICICIdirect.com
25-Oct-17
Price @ Call: 525.5
Target: 565
HOLD

Motilal Oswal
9-Oct-17
Price @ Call: 526.92
Target: 630
BUY

IIFL
19-Sep-17
Price @ Call: 544
Target: 603
ADD

Sharekhan
3-Sep-17
Price @ Call: 522.59
Target: 610
BUY

Sharekhan
27-Jul-17
Price @ Call: 529.45
Target: 610
BUY

ICICIdirect.com
25-Jul-17
Price @ Call: 540
Target: 580
HOLD

Edelweiss
24-Jul-17
Price @ Call: 552
Target: 585
BUY

Kotak Securities
29-Jun-17
Price @ Call: 484.65
Target: 570
BUY

Edelweiss
16-May-17
Price @ Call: 526
Target: 592
BUY

LKP Securities Limited
11-May-17
Price @ Call: 516
Target: 568
BUY

Edelweiss
10-May-17
Price @ Call: 516
Target: 591
BUY

Motilal Oswal
10-May-17
Price @ Call: 516
Target: 600
BUY

LKP Securities Limited
25-Jan-17
Price @ Call: 479
Target: 583
BUY

Edelweiss
24-Jan-17
Price @ Call: 479
Target: 588
BUY

Religare
24-Jan-17
Price @ Call: 482.95
Target: 560
BUY

ICICIdirect.com
24-Jan-17
Price @ Call: 479
Target: 530
BUY

Motilal Oswal
24-Jan-17
Price @ Call: 480
Target: 600
BUY

ZEEL Share Price Target - Broker Reports - 2016

Motilal Oswal
24-Nov-16
Price @ Call: 444.5
Target: 610
BUY

ICICIdirect.com
24-Nov-16
Price @ Call: 440
Target: 530
BUY

LKP Securities Limited
26-Oct-16
Price @ Call: 515.15
Target: 572
BUY

Axis Direct
26-Oct-16
Price @ Call: 515
Target: 530
HOLD

Centrum
25-Oct-16
Price @ Call: 514
Target: 520
HOLD

Edelweiss
25-Oct-16
Price @ Call: 515.54
Target: 603
BUY

Motilal Oswal
23-Sep-16
Price @ Call: 525
Target: 610
BUY

Religare
2-Sep-16
Price @ Call: 534.15
Target: 550
BUY

Motilal Oswal
1-Sep-16
Price @ Call: 535
Target: 610
BUY

ICICIdirect.com
1-Sep-16
Price @ Call: 539.65
Target: 583
HOLD

Religare
27-Jul-16
Price @ Call: 482.05
Target: 510
BUY

Axis Direct
7-Jul-16
Price @ Call: 462
Target: 500
HOLD

ICICIdirect.com
27-Jun-16
Price @ Call: 440.66
Target: 540
BUY

JM Financial
11-May-16
Price @ Call: 421.2
Target: 440
HOLD

Religare
11-May-16
Price @ Call: 437
Target: 480
BUY

  • ZEEL - Share Price Target Potential

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    BrokerageTargetPotential
    Edelweiss39929.49%
    ICICIdirect.com220-27.89%
    Sharekhan40029.66%
    Geojit Financial Services44436.63%
    LKP Securities Limited42533.80%