External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

Zee Entertainment Enterprises / Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onZee Entertainment Enterprises In an address to investors, Mr R Gopalan, Chairman of the Board, highlighted 1) revival plan is in place post-merger fall out and monthly reviews will be undertaken to track progress 2) an independent advisory committee has been formed to counter circulation of mis-information and 3) steps to enforce merger with Sony are still ongoing (ZEEL has approached NCLT to implement the merger scheme).</li><li>We believe recalibration measures taken to reset the cost structure by re-visiting content, technology, marketing and people spends will take some time to unfold and the competitive landscape is likely to evolve after merger of Disney-Viacom18.</li><li>We maintain our estimates and expect sales CAGR of 10% over next 2 years with EBITDA margin of 11.3%/16.8% in FY24E/FY25E but upgrade our rating to HOLD (earlier REDUCE) with a TP of Rs167 (12x FY26E EPS; no change in target multiple) amid ~18% correction in stock price since our last note.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onZee Entertainment Enterprises In an address to investors, Mr R Gopalan, Chairman of the Board, highlighted 1) revival plan is in place post-merger fall out and monthly reviews will be undertaken to track progress 2) an independent advisory committee has been formed to counter circulation of mis-information and 3) steps to enforce merger with Sony are still ongoing (ZEEL has approached NCLT to implement the merger scheme).We believe recalibration measures taken to reset the cost structure by re-visiting content, technology, marketing and people spends will take some time to unfold and the competitive landscape is likely to evolve after merger of Disney-Viacom18.We maintain our estimates and expect sales CAGR of 10% over next 2 years with EBITDA margin of 11.3%/16.8% in FY24E/FY25E but upgrade our rating to HOLD (earlier REDUCE) with a TP of Rs167 (12x FY26E EPS; no change in target multiple) amid ~18% correction in stock price since our last note.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zee Entertainment Enterprises (Z IN) - Solo Journey May Not Be Easy

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We have been covering <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> during the entire merger saga and had already highlighted several financial and governance issues with the entire group.</li>
<li>The $10 bn merger deal with Sony has now been terminated but it is not a surprise to us, considering the events that were unraveled in the last two years.</li>
<li>But where does ZEEL go from here is a question that lacks some clarity. There are uncertainties looming around and ZEEL can face further brunt. </li>
</ul>


We have been covering Zee Entertainment Enterprises (Z IN) during the entire merger saga and had already highlighted several financial and governance issues with the entire group.
The $10 bn merger deal with Sony has now been terminated but it is not a surprise to us, considering the events that were unraveled in the last two years.
But where does ZEEL go from here is a question that lacks some clarity. There are uncertainties looming around and ZEEL can face further brunt. 


Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a>'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  </li>
<li>For BSE 100, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a> is a new potential ADD and that has caused major changes to the index change expectations I had previously.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.

Wipro Ltd (WPRO IN)'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  
For BSE 100, Jio Financial Services (JIOFIN IN) is a new potential ADD and that has caused major changes to the index change expectations I had previously.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> 's tussle with the regulators and legalities seem to be perpetual in nature.</li>
<li>SEBI's interim order highlights the abuse of promoters' position in the company in order to siphon-off funds, ultimately benefiting the promoter family. SEBI has directed promoters to resign as directors.</li>
<li>Since the irregularities are now being made public, eyes now would be on the proposed Zee-Sony merger, which could further be delayed.</li>
</ul>



Zee Entertainment Enterprises (Z IN) 's tussle with the regulators and legalities seem to be perpetual in nature.
SEBI's interim order highlights the abuse of promoters' position in the company in order to siphon-off funds, ultimately benefiting the promoter family. SEBI has directed promoters to resign as directors.
Since the irregularities are now being made public, eyes now would be on the proposed Zee-Sony merger, which could further be delayed.


<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.</li>
<li>Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.
As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.
Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?

India

Zee Entertainment Enterprises Limited operates as an entertainment company. The Company produces and develops films, serials, game shows, and children's programs. Zee also produces and exports entertainment software for transmission on its ZEE TV channel. Zee Entertainment Enterprises serves customers in India.

Zee Entertainment Enterprises (Z IN)