Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

Zee Entertainment Q2F20 Result Update: A Dark Script With An Ensemble Cast Of Negatives

Z IN | Stellar Q3; but Long Term Growth Prospects Warrant Attention

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Equity Bottom-Up

Zee Entertainment Enterprises / Equity Bottom-Up

The auditors have raised their concerns, promoters have sold their stake and independent directors have resigned. All possible things that could have gone wrong for <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises-limited" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> have gone wrong.  However, inspite of this and a sharp knock in the share price, the odds are still not in favour for Zee.
Even after assigning the highest probability of 60% to an improvement in working capital due to expected recovery in Inventories and Receivables, our weighted average target price for Zee offers just 9% return to the recent close of INR 303 per share and a 15% return potential as a standalone scenario. 
Inventory &amp; Receivables are the key catalysts that investors need to watch over the next year. Zee also desires a strategic partner and not a financial partner, any development regarding which would keep the stock active. 
This Insight is labelled bearish due to the low return potential that it offers. The stance could change if the valuations become more attractive or there is a sharper than expected improvement in working capital.

The auditors have raised their concerns, promoters have sold their stake and independent directors have resigned. All possible things that could have gone wrong for Zee Entertainment Enterprises (Z IN) have gone wrong.  However, inspite of this and a sharp knock in the share price, the odds are still not in favour for Zee.
Even after assigning the highest probability of 60% to an improvement in working capital due to expected recovery in Inventories and Receivables, our weighted average target price for Zee offers just 9% return to the recent close of INR 303 per share and a 15% return potential as a standalone scenario. 
Inventory &amp; Receivables are the key catalysts that investors need to watch over the next year. Zee also desires a strategic partner and not a financial partner, any development regarding which would keep the stock active. 
This Insight is labelled bearish due to the low return potential that it offers. The stance could change if the valuations become more attractive or there is a sharper than expected improvement in working capital.

Zee (Z IN) | 여전히 유리한 상황은 아니지만, 재고 회복이 핵심입니다.