ZEEL

Entertainment stock could potentially double over the next 12-24 months, says CLSA; shares jump almost7%

Zee Entertainment Enterprises Ltd. (ZEEL) shares climbed almost 7 percent in intra-day trading on Thursday, March 20, following a bullish outlook from global brokerage CLSA. The firm maintained an 'outperform' rating on the stock, with a target price of ₹170, indicating a potential upside of nearly 70 percent from the previous close. CLSA believes that Zee’s stock could potentially double over the next 12-24 months, driven by advertising revenue-led growth, which could help re-rate the stock. The brokerage highlighted that Zee is currently trading at a low price-to-earnings (PE) multiple of 8 times, with the potential to deliver a 22-33 percent EBITDA/PAT compound annual growth rate (CAGR) over financial years 2026-2027, even assuming a modest 6 percent year-on-year (YoY) growth in advertising revenue.