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Motilal Oswal Report
Zee Entertainment Enterprise Ltd.'s revenue grew 10% YoY (8% beat) in Q4 FY24, led by a recovery in FMCG ad spending. Accordingly, Ebitda/adjusted profit after tax were up 39%/58% YoY (big beat), aided by cost control.
The management expects a recovery in ad revenue in FY25 and improvement in margins, which we have already factored into our estimates of a revenue/Ebitda compound annual growth rate of 12%/37% over FY24–26.
As a result, we largely maintain our revenue/Ebitda estimates for FY25-26. With the merger process now being called off, the company's future growth plans would remain the key monitorable.
We maintain our Neutral rating on the stock with a target price of Rs 160/share.
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