Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

Hold Zee Entertainment Enterprises, target Rs 410: ICICI Direct

Hold Zee Entertainment Enterprises at a price target of Rs 410.|
Apr 12, 2019, 01.39 PM IST
ThinkStock Photos
The current market price of Zee Entertainment Enterprises is Rs 414.30.
ICICI Direct has a hold call on Zee Entertainment Enterprises with a target price of Rs 410.

The current market price of Zee Entertainment Enterprises is Rs 414.30.

Time period given by the brokerage is one year when Zee Entertainment Enterprises price can reach the defined target.

View of the brokerage: We highlight that Zee’s premium valuation has been driven by industry leading ad and subscription growth – a function of viewership market share expansion, which currently is clouded by NTO led disruption. We also believe that NTO implementation, apart from providing consumers a choice, has led to higher power in DPO’s hands in bundling channels. Zee’s absence in base bouquet could be detrimental. Consequent, to revenue estimates, we revise our FY20 earnings downwards by 10.7 per cent. Therefore, we downgrade the stock to HOLD. We introduce FY21 estimates and roll over our valuations, valuing it at 20x FY21E P/E (vs. 25x FY20E) to arrive at a target price of Rs 410.

Also Read

ICICI Direct maintains hold on Time Technoplast, target price Rs 60

Buy Trent, target Rs 500: ICICI Direct

ICICI Direct recommends reduce on Avenue Supermarts, target price Rs 1450

Hold Pokarna, target Rs 140: ICICI Direct

ICICI Direct initiates coverage on Mahendra Logistics, target price Rs 415

Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Disclaimer: This recommendation is analyst's own and does not represent those of & Please consult your financial advisor before taking any position in the stock/s mentioned.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service