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<ul><li>Shares of <keyword id="141413" type="General" weightage="20" keywordseo="zee-entertainment-enterprises" source="Orion">Zee Entertainment Enterprises</keyword> gave 40% returns in one trading session and today the stock is up 4% as analysts turn positive on the stock.</li><li>Analysts believe resignations of independent directors have brought back investor confidence and triggered the stock for good.</li><li>Moreover, talks of potential takeover of the company have also added to the optimism around the company’s stock.</li></ul>After resignations of two independent directors, thousands of investors picked up <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword>’s stock, on Tuesday, including marquee investor Rakesh Jhunjhunwala. This is because resignations of independent directors brought focus back to the company's growth and an end to concerns over corporate governance. Moreover, <a href="https://www.livemint.com/companies/news/zee-entertainment-stock-surges-on-takeoverhopes-11631646395943.html">talks </a>of potential takeover of the company have also added to the optimism around the company’s stock. Post the resignations, several brokerages that were negative on the stock or had recommended a sell or reduce rating turned positive. This sudden change in the investor mindset boosted the company's stock by 40% in one trading session. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Stock rating </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dolat Capital </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Deen Dayal Investments </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr></tbody><tbody></tbody><tbody></tbody></table> All this, after the broadcaster’s largest shareholder Invesco, which holds 7.7% stake in the company, demanded resignation of Ashok Kurien and Manish Chokhani along with that of the managing director Punit Goenka. This was followed by a report from proxy advisory firm Institutional Investors Advisory Services (IIAS) that highlighted concerns over the managing director’s increasing salary and asked shareholders not to vote for re-appointing independent directors Ashok Kurien and Manish Chokhani on the company's board. <a href="https://www.business-standard.com/article/companies/invesco-seeks-egm-to-remove-punit-goenka-from-zee-entertainment-board-121091301555_1.html">Reportedly</a>, Punit Goenka’s salary was increased by 46%, higher than what was approved by shareholders in the 2020 annual general meeting. At the same time, employees were not given any raise for FY21. "We have persistently highlighted in our notes of potential change in management, improvement in cash flows and traction in digital business as key re-rating triggers. With one of the key triggers getting activated we upgrade our target multiple from with the target price of ₹328 (vs. ₹204 earlier) and rating to BUY (from Reduce)," said Dolat Capital according to media reports. Zee Entertainment Enterprises may attract more investors if the concerns raised by Invesco get addressed, said Abneesh Roy of Edelweiss Securities in an interview with CNBC-TV18. However, Roy thinks Zee shares going back to ₹600 apiece currently looks difficult as volatility continues, while valuation re-rating will happen and shares will go beyond the target price of ₹343. He expects further improvement in market share for Zee next quarter onwards. Karan Taurani, senior vice president-research analyst, Elara Securities said that if the new management does come in, we do see a re-rating trigger here, which means stock price would rise. “Looking at the peer comparison in terms of growth and valuations, Zee as a company has not done that bad. The performance metrics have deteriorated in the last two and a half to three years because they would always outperform the industry growth rate but now, they are coming almost at par with the industry growth rate,” said Taurani. Analyst Jaykumar Doshi at Kotak Institutional Equities has upgraded the stock to BUY (from REDUCE). “Zee’s valuations have been constrained by governance concerns and structural risks. The market has ascribed negative value to ZEE5 due to a lack of confidence in the management. Irrespective of how this plays out, we expect a re-rating,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-stocks-that-are-into-clean-and-renewable-energy-supporting-the-climate-change-wave/slidelist/86220985.cms">5 multibagger stocks that are into clean and renewable energy supporting the climate change wave</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/government-picking-up-a-stake-in-vodafone-idea-might-be-a-remedy-worse-than-the-disease-say-experts/articleshow/86221662.cms">Government picking up a stake in Vodafone Idea ‘might be a remedy worse than the disease’, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/long-before-mukesh-ambani-set-his-eyes-on-the-millions-of-mom-n-pop-stores-a-bunch-of-e-commerce-startups-were-preparing-the-ground-they-are-now-getting-their-due/articleshow/86220950.cms">Long before Mukesh Ambani set his eyes on the millions of mom-n-pop stores, a bunch of e-commerce startups were preparing the ground ⁠— they are now getting their due</a>

Zee Entertainment good to buy as concerns over corporate governance will be put to bed after management change, say analysts

<ul><li><keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> saw its stock price fell 3% in today's trade on a letter from <keyword id="365425" type="General" weightage="20" keywordseo="invesco" source="Orion">Invesco</keyword> demanding an extraordinary general meeting (EGM) before finalising its merger with Sony’s India unit.</li><li>Earlier this month, Invesco and Oppenheimer Funds had also asked for the removal of <keyword id="599253" type="General" weightage="20" keywordseo="punit-goenka" source="Orion">Punit Goenka</keyword>, the chief executive and managing director of Zee Entertainment, from the company’s board.</li><li>Invesco and OFI Global China Fund LLC, which together hold about 17.9% stake in the network, said the deal was struck in “erratic manner,” Bloomberg reported.</li></ul>Zee Entertainment Enterprises Ltd. saw its shares fall 3% to ₹309 apiece on Monday morning as its largest shareholder, US-based Invesco Fund, has reportedly insisted that the board hold its extraordinary general meeting (EGM) before finalising its merger with Sony’s India unit. The development, reported by <a href="https://www.bloomberg.com/news/articles/2021-09-26/invesco-renews-demand-for-zee-entertainment-board-reshuffle">Bloomberg</a> on Monday, said that Invesco and Oppenheimer Funds, in a September 23 letter, renewed their demand to convene an EGM to replace the board at Zee. A similar demand was made by Invesco on September 11. “A newly constituted board supported with the strength of independence will be best suited to evaluate and oversee the potential for strategic transactions,” according to the Sept. 23 letter from Aroon Balani, vice president of Invesco, as cited by Bloomberg. Earlier this month, the funds had also asked for the removal of Punit Goenka, the chief executive and managing director of Zee Entertainment, from the company’s board, citing issues with corporate governance at the firm. The letter also demanded removal of independent directors, Ashok Kurien and Manish Chokhani, who later resigned from the board. Despite Invesco’s letter, Zee went ahead and announced the company’s merger with Sony Pictures Networks India on September 22. Based on disclosures filed with exchanges, Sony will hold a majority stake of 52.93% in the merged entity and infuse growth capital of about $1.6 billion once the deal closes. Zee shareholders, post the deal, will hold the balance 47.07% in the merged entity. Since the deal announcement on September 22, the stock has fallen as much as 8% to ₹309 on Monday. <div type="image" title="zee ent." msid="86547179" hostid="261"></div> As part of the transaction, Goenka will continue to be the managing Director and chief executive of the company, it said. Invesco and OFI Global China Fund LLC, which together hold about 17.9% stake in the network, said the deal was struck in “erratic manner,” Bloomberg reported. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ofbusiness-was-the-only-woman-led-startup-that-entered-the-unicorn-club-this-year/articleshow/86511076.cms">OfBusiness was the only woman led startup that entered the unicorn club this year</a> <a href="https://www.businessinsider.in/business/auto/news/teslas-full-self-driving-beta-programme-request-button-goes-live/articleshow/86525543.cms">Tesla's 'Full Self Driving' Beta programme request button goes live</a> <a href="https://www.businessinsider.in/business/auto/news/teslas-full-self-driving-beta-programme-request-button-goes-live/articleshow/86525543.cms">Those who have held these stocks for a decade have only lost money</a>

Zee Entertainment shares fall 3% in today’s trade as Invesco insists the board to hold EGM before Sony deal

New Delhi, Jan 22 () Shares of Zee Entertainment Enterprises on Wednesday shed over 4 per cent after the company reported a 38 per cent decline in net profit to Rs 348.60 crore for December 2019 quarter.
The stock slumped 4.05 per cent to trade at Rs 272.45 on the BSE.
On the NSE, the scrip lost 4.25 per cent to Rs 272.
Media and entertainment firm Zee Entertainment on Tuesday reported a 38 per cent fall in its consolidated net profit for October-December quarter at Rs 348.60 crore, mainly on account of decline in advertising revenue.
The company had posted a net profit of Rs 562.76 crore in the same period a year ago, Zee Entertainment said in a BSE filing. RUJ BAL
BAL

ZEEL shares fall over 4 pc on weak Q3 results

<ul><li>Zee Entertainment sold 11% stake to a US based fund Invesco Oppenheimer for ₹4,224 crore. </li><li>This sale places the value of each share at ₹400, yet today the shares are trading at ₹337. </li><li>The promoters of Zee Entertainment pledged as much as 66% of their shares with banks. </li></ul> The shares of Zee Entertainment fell by 5.6% in early trade — the first trading session since it announced a sale deal. Late yesterday, the debt-ridden company managed to sell 11% stake to a US-based fund Invesco Oppenheimer for ₹4,224 crore. This sale places the value of each share at ₹400. Yet, today the shares are trading at ₹337 at 11 am and brokerages have a ‘Sell’ view on the stock. Debt Deadline With this sale, Zee Entertainment’s ability to repay debt improves and reduces its risk. Yet, investors and stock brokers are worried over promoters of the Subash Chandra-led company pledging as much as 66% of their shares with lenders. It means that banks now hold these shares as surety against their heavy debt, which will be released once they repay it as per schedule. There’s also a looming debt repayment<a href="https://www.livemint.com/companies/news/zee-closes-a-stake-sale-deal-but-needs-more-to-meet-debt-obligations-1564595506226.html"> deadline</a> where they have to repay ₹7,500 crore by the end of September. This means the company has a little less than two months to pull off another deal. The company has been trying to assure its nervous investors saying that it will ‘start’ the repayment process with the proceeds gained from the recent sale. Tick Tock Essel Group which owns Zee Entertainment is also in the process of selling its non-media assets to ensure it holds on to its debt repayment obligations. For investors, time is of the essence. “The promoters’ plan to sell additional stake would still not fulfill their entire obligation for loans against shares. The announcement of a stake sale in non-media assets and the timeline for fund inflow would be the key for bankers and lenders,” said a report by Emkay Brokers. Brokers and investors will wait and watch how the company will complete the promised sale, generate free cash and remove shares from the pledge. They will also be watching how the traditional media business will unfold as Reliance Jio aggressively expands its fixed line broadband across the hinterlands. This has the potential to affect and disrupt content consumption habits across the country.

Zee’s stake sale doesn’t calm its nervous investors, stock falls by over 5%

Shares of <keyword id="51166" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment">Zee Entertainment</keyword> Enterprises have declined over 15 per cent in the past one week, over five trading sessions. At 12.13 p.m. on Tuesday, its share price was at Rs 184.10 on the BSE, lower by Rs 5.70 or 3 per cent from its previous close. The investor sentiments have further subdued on reports that group entity Siti Networks has defaulted on around Rs 400 crore loan against which Zee Entertainment has given corporate guarantee of around Rs 116 crore. In a regulatory filing last week, Siti Networks said that its default for repayment of total outstanding amount of Rs 404 crore continues for over 30 days. "The company is in discussions with its bankers for restructuring of its debt obligations," it said. Shares of Siti Networks on the BSE were trading at Re 1.10, lower by 4.35 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/gst-council-and-states-fail-to-reach-consensus-on-compensation-cess-no-dispute-we-may-have-differences-says-sitharaman/articleshow/78624857.cms">GST council and states fail to reach consensus on compensation cess — 'No dispute, we may have differences,' says Sitharaman</a> <a href="https://www.businessinsider.in/stock-market/news/banking-stocks-like-sbi-hdfc-axis-icici-and-other-share-price-in-the-stock-market-ahead-of-the-moratorium-verdict/articleshow/78633357.cms">SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium</a>

Zee Entertainment crashes 15% in a week — Siti Networks’ ₹400 crore loan default adds to its woes

<ul><li>Two independent directors on the board of <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword> Enterprises -- Ashok Kurien and Manish Chokhani have resigned on Monday.</li><li>This comes after proxy advisory firm Institutional Investors Advisory Services (IiAS) raised serious corporate governance concerns in the company by asking shareholders not to vote for re-appointing the duo on the company’s board.</li><li>Shares of the company have surged 20% as analysts feel this is a positive for the company.</li></ul>Overnight, two independent directors resigned from Zee Entertainment Enterprises’ board after the broadcaster’s largest shareholder Invesco ⁠— the foreign portfolio investor holds 7.7% stake in the company ⁠— demanded their resignation along with that of the managing director Punit Goenka. This comes after proxy advisory firm Institutional Investors Advisory Services (IIAS) highlighted concerns over the managing director’s increasing salary and asked shareholders not to vote for re-appointing independent directors Ashok Kurien and Manish Chokhani on the company's board. <a href="https://www.business-standard.com/article/companies/invesco-seeks-egm-to-remove-punit-goenka-from-zee-entertainment-board-121091301555_1.html">Reportedly</a>, Punit Goenka’s salary was increased by 46%, higher than what was approved by shareholders in the 2020 annual general meeting. At the same time, employees were not given any raise for FY21. <div type="image" title="zee ent chart 2" height="900" width="1200" msid="86190152" hostid="261"></div> The company had, at the time, refuted the charge of a lapse in corporate governance. “Maybe they resigned because they did not expect to be reappointed with sufficient votes. And I suspect they realised they have lost the confidence of the investors,” Amit Tandon, the founder and managing director at IIAS, told Business Insider on September 14. Invesco has called for an extraordinary general meeting seeking to remove Punit Goenka, currently the MD, from the board and two independent directors. It also asked for appointment of six other nominees on the board. This happens ahead of the company’s annual general meeting today. “We believe that the board must bring in the right mix of professionals who have an understanding of the media and the digital business. Further, having the erstwhile promoters on the board may impede the directors’ ability to take hard decisions,” IIAS had reportedly said earlier. The proxy firm held the independent directors’ responsible for significant erosion in the shareholder wealth. Zee Entertainment’s share price had lost over a quarter of its value between June 15 and August 26 before it started crawling back. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sansera-engineering-ipo-is-opening-from-today-and-closes-on-september-16/articleshow/86189006.cms">INTERVIEW: An auto parts maker for Maruti, Bajaj and Honda is betting that Indian car makers will take a leaf out of Tesla’s playbook</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/lenskart-vision-fund-will-invest-20-million-in-eye-technology-startups/articleshow/86188885.cms">Lenskart is setting aside $20 million for technologies like instant glasses, spectacles for the colourblind and other breakthrough ideas</a>

Zee Entertainment hits 33% after two independent directors resign on investor’s demand

<ul><li>Subhash Chandra announced the resignation from his position at a company board meeting organised on November 25. He will continue as non-executive director of the company. </li><li>ZEE was launched back in 1992 by Chandra and he has continued playing a key role in its journey. </li><li>The Board committee also appointed three new independent directors Sunil Sharma, Niharika Vora and Subodh Kumar.</li></ul>Subhash Chandra, the Founder and Chairman of Zee Entertainment Limited, has resigned from his position. The resignation was announced during a company board meeting organised on November 25. The board accepted his resignation but insisted him to continue being the company's non-executive director. Chandra founded the company back in 1992. Chandra’s resignation comes after a few major global investors bought 16.5% stake in Essel Group’s ZEEL. The discussion was taken in order to repay loan obligations to certain lenders of the Group. Earlier this year, Essel Group had also sold 11% in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for ₹4,224 crore. Subhash Chandra’s son, Punit Goenka, will continue being the CEO and MD of ZEEL.

Subhash Chandra quits as Chairman of ZEEL

<ul><li><keyword id="599253" type="PERSON" weightage="20" keywordseo="Punit-Goenka">Punit Goenka</keyword> will be the MD &amp; CEO of ZEEL for the next five years.</li><li>He was appointed CEO in July 2008 and has been MD of the <keyword id="6354777" type="COMPANY" weightage="20" keywordseo="Media">media</keyword> firm since January 1, 2010.</li><li>The statement also said that approval on the <keyword id="388617" type="PERSON" weightage="20" keywordseo="reappointment">reappointment</keyword> will be sought from shareholders subsequently.</li></ul> In a statement to the <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword>, the Board of Directors of <keyword id="174248" type="COMPANY" weightage="20" keywordseo="Zee-Entertainment-Enterprises-Ltd">Zee Entertainment Enterprises Ltd</keyword>. (ZEEL) has decided to reappoint Punit Goenka, in principle as the Managing Director &amp; CEO of the company, for a further period of 5 years upon conclusion of his current term on December 31,2019. The statement further said that shareholder approval would be sought subsequently. Goenka, the elder son of Essel group promoter and Zee chairman <keyword id="6442405" type="PERSON" weightage="20" keywordseo="subhash-chandra">Subhash Chandra</keyword> was appointed CEO in July 2008 and has been MD of the media firm since January 1, 2010.

Punit Goenka reappointed as MD and CEO for ZEEL

<ul><li>At 7:45 am, the SGX Nifty was down 0.18%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start subdued on Friday, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was down 0.18%, indicating a tepid start for Nifty50. However, the <a href="https://www.businessinsider.in/stock-market/news/us-stocks-climb-as-900-billion-stimulus-deal-appears-imminent/articleshow/79782556.cms">US stocks gained on Thursday</a> and marched toward record highs as a $900 billion fiscal stimulus bill to hasten the economic recovery from the COVID-19 pandemic appeared imminent. The Dow Jones Industrial Average closed 0.49% higher, and the S&amp;P 500 was up 0.58%. These are the stocks to watch out for during the trading session today: RIL The Supreme Court has asked Reliance Industries (RIL) to deposit ₹250 crore, which is 50% of the disgorged amount of ₹447.27 crore, as per the orders of the Securities Appellate Tribunal in a case related to the sale of Reliance Petroleum (RPL) shares. Bharat Dynamics, Hindustan Aeronautics, Bharat Forge and other defence stocks Bharat Dynamics, Hindustan Aeronautics, Bharat Forge and other defence stocks will be in focus during the trade today. The defence acquisition council headed by Union Minister Rajnath Singh approved the capital acquisition of various weapons/platforms/equipment/systems required by the Army, the Navy and the Air Force at an approximate overall cost of ₹28,000 crore. HCL Tech, Infosys, TCS and other IT stocks HCL Tech, Infosys, TCS and other IT stocks will be in focus during the trade. The consulting and outsourcing services provider Accenture has raised its full-year sales forecast and beat quarterly revenue estimates on December 17. Tata Consultancy Services’ (TCS) The ₹16,000 crore share buyback programme of Information technology (IT) major Tata Consultancy Services’ (TCS) will open today (December 18). And, the offer will remain open till January 1. Zee Entertainment The board of Zee Entertainment Entertainment (ZEEL) has approved the acquisition of film production and distribution business from Zee Studios, a wholly-owned subsidiary of the former for a cash consideration of ₹275 crore. BPCL Privatisation-bound Bharat Petroleum Corporation (BPCL) board has approved buying out Oman Oil Company’s stake in the Bina refinery project in Madhya Pradesh on mutually agreeable terms. The BPCL board at its meeting on Thursday also approved merging Bharat Gas Resources (BGRL) with itself, the company said in a filing to the stock exchanges. Godrej Agrovet The Government of Telangana has allotted an area measuring up to 28,164 hectares in the Mahabubabad District of Telangana to Godrej Agrovet, for the purpose of oil palm cultivation. Canara Bank The Life Insurance Corporation of India has acquired 6.28 crore shares of Canara Bank through the qualified institutional placement, taking its total shareholding in the bank to 8.35% from 4.53%. Dishman Carbogen Dishman Carbogen promoter will sell a 4.4% stake in the company via offer for sale on December 18 and 21 at a set floor price of ₹145.70 per share. SpiceJet SpiceJet would start 30 new domestic flights in a phased manner from next week. Among the 30 flights from Sunday, six will connect Darbhanga in Bihar with Ahmedabad, Pune and Hyderabad, the airline said. PVR The board of cinema hall giant PVR will meet today to discuss its fundraising plans. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/burger-king-ipo-investors-tripled-their-money-in-three-days/articleshow/79761366.cms" data-type="tilCustomLink">Burger King's IPO investors tripled their money in three days</a> <a href="https://www.businessinsider.in/business/news/india-has-a-hot-new-debate-on-its-plate-should-the-likes-of-burger-king-kfc-and-mcdonalds-menus-mention-calories/articleshow/79771040.cms" data-type="tilCustomLink">India has a hot new debate on its plate: Should the likes of Burger King, KFC and McDonald’s menus mention calories?</a>

Top stocks to watch — RIL, TCS, HCL Tech, Zee Entertainment, BPCL, Bharat Dynamics, HAL, Bharat Forge, and others

<ul><li>Advertisement growth typically returns with a lag to economic growth. </li><li>Increased spend towards movie and OTT content to arrest declining market share.</li></ul>As per <keyword id="46252" type="PERSON" weightage="20" keywordseo="Motilal-Oswal">Motilal Oswal</keyword> Institutional Equities, <keyword id="10213964" type="UNKNOWN" weightage="20" keywordseo="Zee-Entertainment-and-Enterprises-Ltd">Zee Entertainment and Enterprises Ltd</keyword> revenue declined by 19% YoY (in-line) as ad revenue fell 26% YoY. “We have revised up ad revenues by 6%/6% for FY21/FY22E on better revenue visibility. But, we reduce revenue estimates from other sales divisions, maintaining our overall FY21/FY22E revenue. EBITDA remains unchanged, with increased content cost toward: a) movie/OTT, to arrest the decline in market share in key markets b) high inventory unwind, offset by lower other operating expenses. Thus, we factor in a 14%/22% EBITDA / adj. PAT CAGR. Maintain Neutral, with TP of INR 190,” read its press statement. Ad revenues remain weak Zee’s consolidated revenues declined 19% YoY to INR 17.2b (in-line). Advertisement revenues declined 26% YoY to INR9b on account of a drop in ad spends due to the impact of COVID-19. On the other hand, subscriptions grew by 11% YoY to INR8b on the inclusion of music revenue in the Subscription segment. Hence, on a like-to-like basis, domestic subscriptions grew 2.3% YoY, primarily driven by growth in ZEE5 subscription revenues. Zee’s total operating expenses were flat YoY at INR14b – as programming resumed in a staggered manner across regions – including a one-time provision toward subscription receivables of INR812m. EBITDA thus declined 55% YoY to INR3.1b. (20% miss), with margins of 18.2% (32.7% in 2QFY20). Zee took one-time provisions of INR812m toward receivables from Siti Networks. Adjusted for a one-off, EBITDA increased 43% YoY to INR3.9b, with a 22.9% EBITDA margin. Additionally, it incurred: a) Exceptional items of INR970m toward provisions of receivables from Siti Networks – as ZEE has provided corporate guarantees b) FV loss of INR207m – due to a change in the market price of redeemable preference shares. n Reported PAT declined 77% YoY to INR942m (est. PAT of INR2.5b), and adj. PAT (for exceptional items) declined 70% YoY to INR1.7b Highlights from management commentary Subscription growth in FY21 is expected to fall short v/s higher expectancy by the management earlier, while ad revenues should normalize by 3QFY21 and may grow from 4QFY21. n Margin trajectory may return to normal by FY22E and ZEE5 is expected to achieve breakeven by FY24E. ZEE’s investment in SugarBox would depend on the upcoming contract from the Railways, to be received by SugarBox. n Inventory and advance deposits dropped to INR60b in Sep’20 from INR64b in Mar’20. Valuation and view Advertisement growth typically returns with a lag to economic growth. Furthermore, the risk of margin pressure remains from over INR1.9b quarter loss in OTT investments, along with increase programming cost towards: a) high inventory unwind and b) increased spend toward movie and OTT content to arrest declining market share. However, since FY20, management has highlighted that it remains highly committed to bringing in a) increased governance and higher transparency toward investment in financial assets and working capital and b) high governance standard, including a robust and independent board. “We remain watchful of the evolving business situation and governance measures, including the admission of new board members over the next few months and increasing financial disclosures for investors. We maintain our FY21/FY22E revenue and EBITDA estimates. Thus, we factor in a 14%/22% EBITDA / adj. PAT CAGR. The stock trades at 12.5x FY22E EPS of INR15; we value ZEE at 13x FY22E EPS, thus maintaining our Target Price at INR190. Maintain Neutral,” read the statement.

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