Scripscan:Zee Entertainment Enterprises Ltd
cmp:230
Code:505537
Story:Zee Entertainment Enterprises Q2FY09 reported revenues was of Rs 540.5 crore, down 5.5% y-o-y and up by 13.6% q-o-q on back of robust growth in advertising segment. As compared to Q1FY10, company GRPs improved by 25 to 261 points, increased in corporates spends due to improved macro environment and lower base effect led advertising to post healthy growth of 25.1% q-o-q to Rs 247.6 crore. Margins improved by 134 bps, due to robust growth in advertising revenue and decline in programming cost as % of sales by 900 bps to 41.2%. As advertising is the major revenue driver (contribution of 40-50% to topline) for the broadcasting company, we expect further increase in advertising spends by the corporates due to improved macro environment. We believe company is better placed than its peers to tap new opportunities and garner more advertising inventory. Thus, We recommend a “BUY” on the stock with 18-month target price of Rs 288, which represents a potential upside of 25%.
Source:krc
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