Geojit recommended is bullish on Zee Entertainment Enterprises has recommended buy rating on the stock with a target price of Rs 245 in its research report dated August 25, 2020.
Geojit's research report on Zee Entertainment Enterprises
Revenue down by 34.7% YoY, as Ad revenues took a hit due to decline in Ad volumes owing to the unavailability of fresh content. EBITDA slumped by 66.7% YoY, while EBITDA margin dropped 1,610bps on lower revenue growth and higher operating costs. PAT declined by 94.3% YoY. Improved market share, upward trend in viewership along with focus on governance and disclosure are the key positives. Upcoming festive season should drive topline growth.
Outlook
We upgrade our rating on the stock to BUY with a revised target price of Rs. 245 based on 15x FY22E Adj. EPS.
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