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    CLSA retains buy on ZEEL, lowers target price to Rs 360

    Synopsis

    CLSA estimates 11% compounded growth in earnings over FY19-FY22.

    Buy-sale5ThinkStock Photos
    CLSA has retained buy rating on Zee Entertainment Enterprises in the long term and revised target price to Rs 360 from Rs 390. Shares of Zee Entertainment ended up 2.3% at Rs 267.70 on Tuesday while BSE Sensex closed 192.84 points (0.47%) up at 40,869.47.

    Company Financials

    For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 2122.01 crore, up 5.67% from last quarter sales of Rs 2008.12 crore and up 7.40% from last year same quarter sales of Rs 1975.86 crore. The company has reported net profit after tax of Rs 413.29 crore in the latest quarter.

    The company’s top management includes Dr.Subhash Chandra, Mr.Adesh Kumar Gupta, Mr.Ashok Kurien, Mr.Manish Chokhani, Mr.Punit Goenka, Mr.R Gopalan, Mr.Surendra Singh, Mrs.Aparajita Jain. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-09-2019, the company has a total of 960,481,765 shares outstanding.

    Investment Rationale

    The sector also saw chaotic implementation of Trai’s new pay-TV regime, said CLSA. Zee is well placed to continue outperforming industry growth and 2020’s key focus will be on cash generation, the brokerage said. CLSA estimates 11% compounded growth in earnings over FY19-FY22.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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