We believe Zoo offers compelling exposure to secular trends in media consumption through a fast-growing and cash generative business model. Early success in the group’s recent expansion into dubbing and an expanding client list underpin our confidence in the group capturing buoyant market growth. The shares have corrected by c.50% since peaking in July 2018. We view the current price as a compelling entry point and initiate coverage with a Buy rating. Our 12m PT is 140p.