ICICI Direct has given Hold recommendation for Zee Entertainment with a target price of Rs. 330 in its research report issued on Nov 12, 2021

ICICI Direct’s research report on Zee Entertainment

Zee Entertainment (Zee) is one of the largest listed media companies in India, which owns and operates a bouquet of 49 TV channels across 11 languages and also an OTT app Zee5. The company’s TV network viewership share improved 70 bps QoQ to 17.7%, albeit lower than Q2FY21 market share of 19% due to relatively soft performance in segments such as Marathi, Tamil and Hindi GEC.

Outlook

We maintain our HOLD rating. We value Zee at Rs 330 i.e. 20x FY23E EV/EBITDA.

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