Zee Entertainment Q2 Review - Gradual Recovery In Market Share, Ad Spends: Motilal Oswal
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Motilal Oswal Report
Zee Entertainment Enterprises Ltd.’s Ebitda / adjusted profit after tax jumped 31%/70% YoY (6%/7% miss) on a lower base, as ad revenues were up 21% YoY, (11% below pre Covid-19 - Q2 FY20), given the impact of Covid-19 in the first half of the quarter.
We largely maintain our estimates of Zee Entertainment, factoring in FY23E Ebitda/profit after tax at 10%/17% above FY20 levels, after two consecutive quarters of cuts in estimates and margin guidance.
Gradual improvement in network market share and Zee5 key performance indicators bode well, but clarity on acquisitions and leadership are key to the stock performance.
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