Zee Entertainment
BSE SENSEX
35,246
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,717
Z IN
960.4
568.0/8.7
619 / 477
-2/3/-2
1242.0
58.4
10 May 2018
4QFY18 Results Update | Sector: Media
CMP: INR591
TP: INR690 (+17%)
Buy
Strong quarter; healthy outlook
Robust ad revenue drives EBITDA:
Ex-sports revenue grew 21% YoY to
INR17.3b (5% beat), led by robust ad growth (+24% YoY to INR10.5b).
Subscription revenue rose 14% YoY to INR5.5b. However, a 44% surge in
SGA cost (launch of Z5) limited EBITDA growth to 8% YoY (INR5.1b, 17%
beat). Consol. revenue/EBITDA grew 13%/8% YoY, while consol. margin
shrunk 135bp YoY to 29.3%. Adj. PAT fell 42% YoY to INR2.3b (38% beat),
led by higher taxes. Domestic ad revenue (excl. sports, RBNL and IWPL)
jumped 22% YoY, led by healthy ad spend across categories. Domestic
subscription (ex-sports) grew 18% YoY, aided by higher catch-up revenue
(from closure of content deals during the quarter).
FY18 performance:
Consol. revenue/EBITDA grew 4%/8% YoY, while adj.
PAT was up 8% YoY.
Concall highlights:
1) Ad revenue growth in FY19 is expected to be higher
than 11-12% growth in the TV ad market. 2) Low-teens growth is expected
in subscription revenue in FY19. 3) EBITDA margin likely to remain above
30% (FY19). 4) Management plans to foray in the Malayalam genre (FY19)
and also add new channels in other genres in regional markets.
Ad revenue to continue driving growth:
We expect healthy consol. revenue
CAGR of 15% over FY18-20 (we, thus, maintain our revenue estimate), led
by a) robust ad revenue growth (15%) and ZEE’s healthy viewership share
and b) subscription revenue CAGR of 13% over FY18-20. Management
hinted that incremental margins (over 30%) would be re-invested in other
avenues such as Z5, new channel launches and movies. We, thus, cut
EBITDA margin by 120bp for FY19/20 (EBITDA/PAT estimate down by
3%/6% for FY19/20). We expect consol. EBITDA/PAT CAGR of 18%/17% over
FY18-20.
Valuation View:
We value ZEE at 35x P/E (3-year average) on FY20E EPS of
INR19.7, arriving at a TP of INR690 (v/s earlier INR705). Premium valuation
is justified by a steady 17% EPS CAGR over FY18-20 and improving RoIC to
25%. ZEE’s strategy of reinvesting incremental margin to fuel growth offers
consistent growth potential. Maintain
Buy.
Financials & Valuations (INR b)
Y/E MARCH
2018 2019E 2020E
Sales
66.9
76.6
87.8
EBITDA
20.8
24.4
28.7
NP
13.9
15.9
18.9
EPS (Rs)
14.5
16.5
19.7
EPS Growth (%)
8.4
14.1
19.0
BV/Share (Rs)
78.7
91.7 107.8
P/E (x)
40.8
35.7
30.0
P/BV (x)
7.5
6.4
5.5
EV/EBITDA (x)
26.6
22.4
18.7
EV/Sales (x)
8.3
7.1
6.1
RoE (%)
19.6
19.4
19.7
RoCE (%)
16.5
18.1
19.7
Estimate change
TP change
Rating change
Aliasgar Shakir – Research analyst
(Aliasgar.Shakir@motilaloswal.com); +91 22 6129 1565
Hafeez Patel – Research analyst
(Hafeez.Patel@motilaloswal.com); +91 22 6129 1568
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

Zee Entertainment
Consolidated - Quarterly Earning Model
Y/E March
Total Revenue from Operations
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
Fair Value through P&L gain/(loss)
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
MI & P/L of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
(INR m)
FY18
4Q
15,280
0.4
10,593
4,687
30.7
316
1,122
549
470
4,269
-12,234
16,503
1,468
8.9
-116
15,152
4,005
180.0
26.2
1Q
15,402
-2.0
10,559
4,844
31.4
311
147
1,011
-532
4,864
0
4,864
2,344
48.2
4
2,516
2,516
16.0
16.3
2Q
15,821
-6.7
10,909
4,912
31.0
411
3
2,031
-148
6,381
-1,346
7,727
1,832
23.7
-16
5,912
4,885
104.9
30.9
3Q
18,381
12.1
12,437
5,944
32.3
505
24
480
-419
5,477
0
5,477
1,739
31.7
-4
3,743
3,743
49.2
20.4
4Q
17,253
12.9
12,191
5,062
29.3
594
1,274
881
1,032
5,106
0
5,106
2,805
54.9
-9
2,310
2,310
-42.3
13.4
FY17
64,341
10.7
45,073
19,269
29.9
1,152
1,372
2,240
-2,205
16,780
-12,234
29,014
6,809
23.5
-8
22,213
12,850
52.3
20.0
FY18
66,857
3.9
46,095
20,761
31.1
1,821
1,448
4,404
-68
21,829
-1,346
23,175
8,409
36.3
-25
14,791
13,933
8.4
20.8
4QFY18E
16,462
7.7
12,147
4,315
26.2
453
1,089
123
0
2,896
0
2,896
1,217
42.0
0
1,680
1,680
-58.1
10.2
v/s est
(%)
4.8
0.4
17.3
FY17
1Q
2Q
3Q
15,717 16,954 16,391
18.5
23.0
3.4
11,185 12,062 11,233
4,532 4,892 5,158
28.8
28.9
31.5
251
336
249
75
86
90
734
432
525
-1,132 -829
-714
3,808 4,074 4,630
0
0
0
3,808 4,074 4,630
1,626 1,634 2,081
42.7
40.1
44.9
13
56
41
2,169 2,383 2,508
2,169 2,383 2,508
-9.0
-9.9
-6.1
13.8
14.1
15.3
313
76.3
76.3
37.5
37.5
Valuation and view
Ad revenue growth:
We expect ad revenue to grow at a 15% CAGR over FY18-21.
Besides strong viewership, the company’s foray in new genres, coupled with the
launch of new channels in existing markets, is expected to bolster ad revenue
growth. Further, management’s indication that ZEE’s ad revenue growth would
continue outperforming TV ad market growth (11-12%) offers comfort.
Subscription revenue growth:
Although subscription revenue is pressurized by
the TRAI’s impending order, we expect it to grow at 13% CAGR over FY18-21, led
by higher ARPU from Phase III digitization.
EBITDA margin:
We have built in steady EBITDA margin improvement of 230bp
to 33.4% by FY21, considering that management plans to re-invest incremental
margins in other avenues such as launch of new channels, investment in movies,
Z5, etc. Despite re-investments, we believe the company has the potential to
drive secular 17% EPS growth over FY18-21, led by robust revenue growth.
FY13
19.6
24.0
11.6
26.3
4.6
14.0
16.2
22.6
37.0
21.7
9.5
25.8
7.5
22.8
FY14
23.8
21.2
13.2
13.2
4.8
5.5
18.0
11.0
44.2
19.5
12.0
27.2
9.2
21.9
FY15
26.6
11.8
14.2
8.0
3.7
-23.5
17.9
-0.4
48.8
10.4
12.5
25.7
8.9
-3.1
FY16
33.7
26.5
16.3
14.5
4.3
15.4
20.6
14.7
58.1
19.0
15.1
26.0
8.8
-1.6
FY17
36.7
9.2
18.2
11.8
4.4
3.0
22.6
10.0
64.3
10.7
19.3
29.9
13.4
52.4
FY18
42.0
14.5
16.4
-10.1
3.9
-11.5
20.3
-10.4
66.9
3.9
20.8
31.1
14.5
8.4
FY19E
48.5
15.4
18.8
15.0
4.1
4.0
22.9
12.9
76.6
14.6
24.4
31.8
16.5
14.1
FY20E
56.0
15.4
21.7
15.0
4.1
2.0
25.8
12.7
87.8
14.6
28.7
32.7
19.7
19.0
FY21E
64.7
15.5
24.9
15.0
4.2
2.0
29.1
12.9
100.7
14.7
33.6
33.4
23.7
20.3
Exhibit 1: ZEE – Business Construct
Particulars
Advertisement revenue (INR b)
Advertisement revenue growth (%)
Subscription revenue growth
-Domestic revenue (INR b)
-Domestic revenue growth (%)
-International revenue (INR b)
-International revenue growth (%)
Total Subscription revenue (INR b)
Total Subscription revenue growth (%)
Total Revenue (INR b)
Total Revenue growth (%)
EBITDA (INR b)
EBITDA margin (%)
EPS (INR)
EPS growth (%)
Source: MOSL, Company
10 May 2018
2

Zee Entertainment
What it means for the target price
3-year view:
Given the steady 18% EPS growth estimate over FY18-21, healthy
RoIC of over 25% and strong FCF generation, we maintain 35x P/E (3-year
average). This values the company at INR 829, offering 40% upside.
1-year view:
We value ZEE at 35x P/E (3-year average) on FY20 EPS of INR19.7
arriving at a TP of INR690 (v/s earlier INR705). Premium valuation is justified by
steady 17% EPS CAGR over FY18-20E and improving RoIC to 25%. Zee’s strategy
of reinvesting incremental margin to fuel growth provides offers growth
potential. Maintain
Buy.
INR
19.7
35
690
591
17%
Source: MOSL, Company
Exhibit 2: Valuation based on FY20E P/E
Particulars
FY20E EPS
PE multiple (x)
Target Price (INR)
CMP (INR)
Upside (%)
Exhibit 3: ZEE: 1-year forward P/E band
P/E (x)
53.0
41.0
29.0
17.0
5.0
Min (x)
Avg (x)
+1SD
Max (x)
-1SD
Exhibit 4: ZEE: 1-year forward EV/EBITDA band
33.0
EV/EBITDA (x)
Max (x)
+1SD
Avg (x)
Min (x)
-1SD
43.3
35.4
26.5
17.6
10.0
23.0
22.2
17.6
13.0
6.3
25.6
32.3
13.0
20.8
3.0
Source: Bloomberg, MOSL
Source: Bloomberg, MOSL
Key Triggers
Sustainable ad revenue growth led by steady industry growth and healthy
viewership market share.
Digitization led healthy subscription revenues growth over the next 2-3 years.
Key risk factors
Intense competition across genres leading to lower viewership and
subsequently impacting yields.
Heavy investment in the digital – OTT application, movie production and
aggressive ramp-up in movie library.
10 May 2018
3

Zee Entertainment
4QFY18 Earnings call highlights
Key takeaways
In FY19, expect 11-12% TV ad market growth, while Zee will try to grow at a
faster pace. Subscription growth in FY19 likely to be in low teens.
Expect to maintain over 30% EBITDA margin in FY19. If Zee stops all new
investments, it can deliver 35% margin, but Zee will continue to invest in new
avenues, including Z5, new channel launch and movie production/content.
In FY19, management plans to launch Malayalam channel and add channels in
other genres in current regional markets.
Zee will re-enter negotiation with telcos for content subscription. Subscription
revenues from telcos should grow at a faster pace than cable subscription
revenue.
4QFY18 performance
Domestic ad revenue growth during the quarter was 24%, which was broad-
based across sectors, as GST savings improved ad spends.
FY18 witnessed 12% subscription revenue growth, which is a tad below
expectation. Expect low teens growth over next 2-3 years.
Zee commands overall 18% viewership market share and maintained leadership
in pay Hindi GEC space. Maintained market share in urban market.
Regional cluster doing well with Marathi maintaining lead, Telugu remains
strong no 2. Zee Tamil further increased its market share.
Zee Studio released two Marathi movies. 10 movies launched in FY18 across
genres. In FY19, should see the launch of these 10 movies.
In Tamil, Zee’s highest time spent and higher market share is due to increased
content and ground-connect.
High cost in the quarter was attributed to Z5’s launch-related cost.
Z5 OTT performance and Digital market
Launched new platform Zee5 during the quarter. Management believes the
sheer breath of the content will make it compelling.
OTT has high viewership in the regional market.
Monthly active users and time spent are key monitories in the OTT. Will share
definitive numbers on OTT from 2QFY18.
Management will continue spending on content and advertising of OTT. But
should still maintain 30% plus margin.
OTT content amortization will be fully in line with TV i.e. 80%/10%/10% in
1st/2nd/3rd year of launch.
Apart from sports, original content remains a key hook for pay subscribers on
OTT platform.
OTT revenue growth will see faster growth through telcos, given the high
subscriber and viewership growth seen on telcos’ platform.
Even though the OTT space is seeing huge content investments by biggies like
RJio, Amazon, Zee’s content investment should be good enough to resonate
with consumers and attract viewership.
10 May 2018
4

Zee Entertainment
Business model in OTT is yet in a discovery phase; AVOD is largely on catch up,
while original content should drive SVOD model, led by Telcos, which are seen
as another DPO.
Ad outlook
No intention to enter sports in the recent time.
Digital ad industry revenue growth is largely driven by videos.
Expect 11-12% TV ad market growth. Zee will try to grow at a faster pace
depending on improvement in market share.
Margins - Investments in content, new avenues
Increase in content cost is due to production of movies and acquiring rights of
movies. Original content for Z5 will not move the needle in terms of content
cost.
Content cost increase will be inflationary as it is not planning to increase no of
hours significantly. May launch one new channel this year.
If Zee stops all new investments, it can deliver 35% margin, but it will continue
to invest in new avenues, including Z5, movie production and movie rights to
drive growth.
In FY18, entire inventory increase is not due to movie. Amortization will increase
in FY19 due to increase in inventory, but accordingly, revenues toward the
inventory will also increase, which will offset the margin impact. Additionally,
the inventory increase is also toward future rights purchase.
Post FY19, content acquisition requirement will be complete and inventory may
start coming down.
Original content in GEC is at 32 hours which will be capped at 35 hours. There
will not be a significant increase in original content in FY19.
In FY19, management plans to launch channel for Kerala market and also plans
to add other genre in current regional markets.
Subscription outlook
Subscription growth in FY19 will be in low teens.
Will be re-entering negotiation with Telco for content subscription. Subscription
revenues from telcos should grow at a faster pace than cable subscription
revenue.
In FY18, low growth in subscription revenues was partly due to the draft Tariff
order as well as due to closure of a cable player.
Subscription growth should be a combination of inflation and phase III
digitization.
Sports business sale has not led to any impact on subscription revenue.
International subscription revenue growth should remain flat, while
international ad revenue should grow with new content in local language.
Phase IV digitization is largely done as consumers who have potential to pay are
largely covered.
In Tamil, despite the increase in viewership share, analog remains at 60%, which
have hurt subscription revenue growth.
10 May 2018
5

Zee Entertainment
ARPU increase of traditional distribution is not impacted by OTT viewership
which caters to different viewers. The ARPUs of traditional distribution are
impacted due to the competition and undercutting between players.
If Free Dish becomes weak, there is huge growth potential for Pay TV business;
however, DD Freedish may not see be a major decline.
Tax rate should be 35% in FY19 and FY20.
Exhibit 5: Quarterly performance (INR m)
Advertising revenue
Subscription revenue
Other sales and services
Total revenue
Total operating expenses
EBITDA
EBITDA margin (%)
Depreciation
Finance Cost
Other income
Fair Value through P&L
PBT
Exceptional item
Reported PBT
Tax
Effective Tax Rate (%)
PAT
Associates/Minority Interest
Reported PAT after minorities
Adjusted PAT
Advertisement revenue (INR m)
Domestic
International
Total advertisement revenue
Subscription revenue (INR m)
Domestic
International
Total subscription revenue
Operating costs (INR m)
Prog, Transmission & Direct Exp.
Staff Cost
Selling and Other Exp.
Total operating costs
Ex-sports business (INR m)
Revenue
Operating cost
EBITDA
EBITDA margin (%)
4QFY17
8,469
5,580
1,231
15,280
10,593
4,687
30.7
316
1,122
549
470
4,269
12,234
16,503
1,468
8.9
15,036
-116
15,152
4,005
3QFY18
12,020
5,017
1,344
18,381
12,437
5,944
32.3
505
24
480
-419
5,477
0
5,477
1,739
31.7
3,738
-4
3,743
3,743
4QFY18
10,496
5,465
1,292
17,253
12,191
5,062
29.3
594
1,274
881
1,032
5,106
0
5,106
2,805
54.9
2,301
-9
2,310
2,310
YoY%
23.9
-2.1
5.0
12.9
15.1
8.0
-134bp
87.9
13.6
60.4
119.4
19.6
NA
-69.1
91.2
4,605
-84.7
-92.0
-84.8
-42.3
QoQ%
-12.7
8.9
-3.8
-6.1
-2.0
-14.8
-300bp
17.8
5,300
83.4
-346.1
-6.8
NA
-6.8
61.3
2,319
-38.5
116.3
-38.3
-38.3
4QFY18E
9,702
5,435
1,325
16,462
12,147
4,315
26.2
453
1,089
123
0
2,896
0
2,896
1,217
42.0
1,680
0
1,680
1,680
v/s est (%)
8.2
0.6
-2.4
4.8
0.4
17.3
313bp
31.3
17.0
615.0
76.3
NA
76.3
130.6
1293bps
37.0
37.5
37.5
7,944
525
8,469
4,554
1,026
5,580
6,458
1,593
2,542
10,593
4QFY17
14,214
9,544
4,670
32.9
11,373
647
12,020
4,036
981
5,017
6,730
1,535
4,171
12,437
3QFY18
18,381
12,437
5,944
32.3
9,834
662
10,496
4,521
944
5,465
6,893
1,638
3,660
12,191
4QFY18
17,253
12,191
5,062
29.3
23.8
26.1
23.9
-0.7
-8.0
-2.1
6.7
2.9
44.0
15.1
YoY%
21.4
27.7
8.4
-352bp
-13.5
2.3
-12.7
12.0
-3.8
8.9
2.4
6.7
-12.3
-2.0
QoQ%
-6.1
-2.0
-14.8
-300bp
9,150
552
9,702
4,536
899
5,435
6,736
1,599
3,812
12,147
7.5
19.9
8.2
-0.3
5.1
0.6
2.3
2.5
-4.0
0.4
4QFY18E
v/s est (%)
16,462
4.8
12,147
0.0
4,315
17.3
26.2
313bp
Source: Company, MOSL
10 May 2018
6

Zee Entertainment
Exhibit 6: Summary of estimate change (INR b)
FY18
Total revenue
Old
New
Change (%)
EBITDA
Old
New
Change (%)
EBITDA margin (%)
Old
New
Change (bp)
PAT
Old
New
Change (%)
EPS (INR)
Old
New
Change (%)
66.1
66.9
1.2
20.0
20.8
3.7
30.3
31.1
76.0
13.3
14.8
11.0
13.0
14.5
11.7
FY19E
76.5
76.6
0.1
25.3
24.4
-3.4
33.0
31.8
-117.4
16.9
15.9
-5.9
17.6
16.5
-5.9
FY20E
87.7
87.8
0.1
29.7
28.7
-3.4
33.9
32.7
-116.5
20.2
18.9
-6.2
21.0
19.7
-6.2
Source: Company, MOSL
Story in charts
Exhibit 7: Consol. revenue and EBITDA margin (INR b, %)
Total revenue (INR b)
34.9
39.6
28.7
24.5
11.9
26.9
11.6
31.2
29.3
10.6
34.6
34.1
20.9
28.2
11.0
28.7
11.2
25.9
13.6
20.1
13.5
26.4
23.7
13.3
EBITDA margin (%)
34.1
33.9
31.5
16.4
EBITDA margin (ex-sports) (%)
32.9
30.7
15.3
32.3
32.3
18.4
28.5
26.0
13.8
31.9
31.9
31.1
28.8
15.7
31.9
31.4
15.4
31.1
31.0
15.8
29.3
29.3
17.3
27.1
15.9
27.0
15.2
28.9
17.0
Source: Company, MOSL
Exhibit 8: Ad revenue and YoY growth (INR b, %)
Advertising revenue (INR b)
34.3
21.5
10.5
17.4
7.3
6.8
5.8
6.2
6.3
8.5
23.0
15.0
32.4
24.4
26.5
19.2
15.7
3.4
6.7
7.7
8.3
9.2
8.5
9.1
9.6
9.6
0.0
8.5
6.0
9.7
2.9
9.9
12.0
10.5
YoY growth (%)
25.8
23.9
5.8
7.4
Source: Company, MOSL
10 May 2018
7

Zee Entertainment
Exhibit 9: Domestic and International ad revenue (INR b)
Domestic ad revenue (INR b)
International ad revenue (INR b)
7.7
0.7
8.6
0.8
7.5
0.9
8.4
0.7
8.8
0.8
8.7
0.8
7.9
0.5
8.7
1.0
9.3
11.4
9.8
60
40
20
0
-20
-40
-60
Exhibit 10: Domestic and International ad revenue growth (%)
Domestic ad revenue growth (%)
International ad revenue growth (%)
0.5
0.6
0.7
Source: MOSL, Company
Source: MOSL, Company
Exhibit 11: Subscription revenue and YoY growth (INR b, %)
Subscription revenue (INR b)
16.0
11.4
10.2
-2.8
-7.3
-2.3
12.2
12.9
17.0
16.4
YoY growth (%)
21.7
14.2
13.7
-6.1
-9.3
-2.1
-14.0 -15.5
5.0
5.0
5.5
2.0
4.6
4.6
4.6
4.1
4.2
4.5
5.1
4.6
4.8
5.2
5.9
5.3
5.8
5.9
5.6
4.8
Source: Company, MOSL
Exhibit 12: Domestic and International subscription revenue
(INR b)
Domestic subscription revenue (INR b)
International subscription revenue (INR b)
3.4 3.5
4.2
3.7 3.8
4.2
4.7
4.2
4.7 4.8 4.6
3.8 4.0 4.0
4.5
Exhibit 13: Domestic and International subscription revenue
growth (%)
Domestic subscription revenue growth (%)
International subscription revenue growth (%)
40
25
10
-5
-20
-35
0.9 1.0 0.9 0.9 1.0 1.0 1.3 1.1 1.2 1.1 1.0 1.0 1.0 1.0 0.9
Source: MOSL, Company
Source: MOSL, Company
10 May 2018
8

Zee Entertainment
Exhibit 14: Trend in Adj. PAT (INR b)
4.9
4.0
2.1 2.3
3.1
2.6 2.7
2.3 2.4
1.4
2.5
2.2 2.4
2.5
3.7
2.3
Source: Company, MOSL
Exhibit 15: Zee Entertainment: A Snapshot (INR b)
Advertisement Revenue
YoY (%)
Subscription Revenue
YoY (%)
- Domestic
YoY (%)
- International
YoY (%)
Other Sales & Services
YoY (%)
Total Revenue
YoY (%)
Operating expenses
YoY (%)
EBITDA
YoY (%)
EBITDA margin (%)
Revenue mix (%)
Ad and broadcast revenue
Subscription revenue
-Domestic
- International
Other sales and services
Sports/Non-sports break-up
Revenue
-Sports
-Non-sports
EBITDA
-Sports
-Non-sports
EBITDA margin (%)
-Sports
-Non-sports
FY13
19.6
24
16.2
23
11.6
26
4.6
14
1.1
-15
37.0
22
27.5
19
9.5
29
25.8
53
44
31
12
3
37.0
5.0
32.0
9.5
-0.9
10.4
25.8
-17.5
32.5
FY14
23.8
21
18.0
11
13.2
13
4.8
6
2.4
113
44.2
20
32.2
17
12.0
26
27.2
54
41
30
11
5
44.2
6.6
37.6
12.0
-1.0
13.0
27.2
-14.8
34.6
FY15
26.6
12
17.9
0
14.2
8
3.7
-23
4.3
80
48.8
10
36.3
13
12.5
4
25.7
54
37
29
8
9
48.8
6.3
42.5
12.5
-0.3
12.8
25.7
-4.2
30.1
FY16
33.7
26
20.6
15
16.3
14
4.3
15
3.9
-9
58.1
19
43.0
18
15.1
21
26.0
58
35
28
7
7
58.1
6.3
51.8
15.1
-0.3
15.5
26.0
-5.5
29.8
FY17
36.7
9
22.6
10
18.2
12
4.4
3
5.0
28
64.3
11
45.1
5
19.3
27
29.9
57
35
28
7
8
64.3
6.3
58.0
19.3
0.1
19.2
29.9
1.5
33.0
FY18
42.0
14
20.3
-10
16.4
-10
3.9
-11
4.5
-9
66.9
4
46.1
2
20.8
8
31.1
63
30
25
6
7
66.9
0.2
66.6
20.8
0.0
20.8
31.1
0.0
31.1
FY19E
48.5
15
22.9
13
18.8
15
4.1
4
5.2
15
76.6
15
52.2
13
24.4
18
31.8
63
30
25
5
7
FY20E
56.0
15
25.8
13
21.7
15
4.1
2
6.0
15
87.8
15
59.1
13
28.7
18
32.7
64
29
25
5
7
76.6
87.8
0.0
0.0
76.6
87.8
24.4
28.7
0.0
0.0
24.4
28.7
31.8
32.7
0.0
0.0
31.8
32.7
Source: Company, MOSL
10 May 2018
9

Zee Entertainment
Financials and Valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Programming/Production expenses
Employees Cost
Other Expenses
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
Fair Value through P&L gain/(loss)
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest/Associate
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY13
36,997
21.7
13,962
3,491
9,999
27,452
74.2
9,545
25.8
399
9,146
86
1,461
0
10,521
0
10,521
3,337
31.7
-14
7,198
7,198
22.2
19.5
FY14
44,217
19.5
17,056
3,905
11,214
32,175
72.8
12,042
27.2
501
11,541
158
1,807
0
13,191
0
13,191
4,291
32.5
-21
8,921
8,921
23.9
20.2
FY15
48,837
10.4
20,135
4,498
11,666
36,299
74.3
12,538
25.7
673
11,865
103
2,278
0
14,040
0
14,040
4,284
30.5
-20
9,776
9,776
9.6
20.0
FY16
58,125
19.0
25,984
4,986
12,019
42,989
74.0
15,136
26.0
777
14,359
1,598
1,951
-673
14,039
-331
13,708
5,491
40.1
-14
8,231
8,429
-13.8
14.5
FY17
64,341
10.7
27,757
6,043
11,273
45,073
70.1
19,269
29.9
1,152
18,116
1,372
2,241
-2,205
16,780
12,234
29,014
6,809
23.5
-8
22,213
12,850
52.4
20.0
FY18
66,857
3.9
25,275
6,657
14,164
46,095
68.9
20,761
31.1
1,821
18,941
1,448
4,404
-68
21,829
1,346
23,175
8,409
36.3
-25
14,791
13,933
8.4
20.8
FY19E
76,624
14.6
28,709
7,572
15,939
52,220
68.2
24,404
31.8
2,155
22,249
504
2,340
0
24,084
0
24,084
8,189
34.0
0
15,895
15,895
14.1
20.7
(INR m)
FY20E
87,804
14.6
32,571
8,708
17,795
59,073
67.3
28,730
32.7
2,415
26,315
1
2,339
0
28,653
0
28,653
9,742
34.0
0
18,911
18,911
19.0
21.5
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liabilities
Capital Employed
FY13
954
38,161
39,115
33
28
-288
38,888
5,179
2,400
2,779
7,127
69
8,435
32,045
8,745
9,890
5,316
8,094
11,567
5,172
3,608
2,787
20,478
38,888
FY14
960
26,247
27,207
61
20,199
-298
47,169
5,921
2,813
3,108
7,625
997
12,597
35,692
11,736
10,281
5,644
8,031
12,850
5,050
4,154
3,646
22,842
47,169
FY15
960
34,346
35,306
4
20,214
-531
54,993
6,415
2,925
3,490
7,886
878
14,579
42,694
11,878
10,692
7,365
12,759
14,534
4,204
5,258
5,072
28,160
54,993
FY16
960
47,079
48,039
22
17,159
-648
64,573
9,221
3,792
5,429
8,843
1,104
10,501
53,135
13,180
13,482
9,631
16,842
14,439
4,768
9,060
611
38,696
64,573
FY17
960
65,945
66,905
10
22,023
-903
88,035
10,944
4,464
6,480
2,676
1,558
13,432
77,525
16,962
12,418
26,133
22,012
13,636
8,343
4,436
858
63,889
88,035
FY18
961
74,657
75,617
142
15,255
1,996
93,010
15,580
6,285
9,295
5,467
920
15,288
80,327
26,278
15,365
16,117
22,567
18,287
11,497
5,816
975
62,040
93,010
FY19E
961
87,094
88,055
142
10
1,996
90,202
17,580
8,440
9,140
5,467
920
15,288
76,195
31,462
16,374
5,476
22,882
16,807
5,505
10,397
905
59,388
90,202
(INR m)
FY20E
961
1,02,547
1,03,508
142
10
1,996
1,05,655
19,580
10,856
8,724
5,467
920
15,288
93,265
33,909
18,042
16,296
25,018
18,009
6,071
11,039
899
75,256
1,05,655
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans & Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
10 May 2018
10

Zee Entertainment
Financials and Valuations
Ratios
Y/E March
Basic (INR)
Adj. EPS
Adj. Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
Adj. P/E
Adj. Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Net Debt/Equity
FY13
7.5
7.9
40.7
2.0
31.0
FY14
9.2
9.7
49.3
2.0
25.2
FY15
8.9
9.6
57.8
2.3
26.6
66.3
61.5
16.1
11.6
45.2
0.4
19.0
19.1
75.0
0.9
89
80
31
-0.4
FY16
8.8
8.1
50.0
2.3
31.7
67.4
73.3
11.8
9.7
37.3
0.4
20.2
16.2
22.8
0.9
83
85
30
-0.1
FY17
13.4
13.3
69.7
2.5
13.0
44.2
44.4
8.5
8.6
28.6
0.4
22.4
20.2
30.7
0.7
96
70
47
-0.3
FY18
14.5
15.1
78.7
2.9
22.6
40.8
39.2
7.5
8.3
26.6
0.5
19.6
16.5
22.4
0.7
143
84
63
-0.2
FY19E
16.5
18.3
91.7
3.0
21.8
35.7
32.4
6.4
7.1
22.4
0.5
19.4
18.1
22.7
0.8
150
78
26
-0.2
FY20E
19.7
22.2
107.8
3.0
18.3
30.0
26.6
5.5
6.1
18.7
0.5
19.7
19.7
24.5
0.8
141
75
25
-0.3
0.4
19.6
19.7
26.5
1.0
86
98
51
-0.4
0.4
20.6
20.8
47.1
0.9
97
85
42
-0.4
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Equity / Pref Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY13
10,519
399
30
-3,669
-2,348
4,931
-1,068
3,863
-709
3,154
328
847
466
-601
7
-30
-1,663
0
-2,287
2,042
3,274
5,316
FY14
13,191
501
76
-4,242
-4,904
4,622
-793
3,829
-1,465
2,364
-19
-563
-2,047
778
1
-26
-2,244
47
-1,444
338
5,306
5,644
FY15
14,040
673
22
-4,164
-2,236
8,335
-1,526
6,809
-1,091
5,718
-954
396
-1,649
0
-1,008
-71
-2,348
0
-3,427
1,733
5,632
7,365
FY16
14,040
777
28
-5,827
-2,497
6,521
781
7,302
-2,716
4,586
-611
4,531
1,204
59
-4
-28
-4,051
-22
-4,046
4,460
5,171
9,631
FY17
16,780
1,152
73
-6,810
-5,670
5,525
1,165
6,690
-2,704
3,986
-2,975
19,629
13,950
0
0
-73
-4,065
0
-4,138
16,502
9,631
26,133
FY18
23,175
1,821
1,448
-8,409
-7,264
10,770
-5,447
5,323
-6,788
-1,465
-1,856
4,404
-4,241
0
-6,769
-1,448
-2,881
0
-11,098
-10,016
26,133
16,117
FY19E
24,084
2,155
504
-8,189
-7,988
10,567
-2,340
8,227
-2,001
6,227
0
2,340
339
0
-15,245
-504
-3,458
0
-19,207
-10,641
16,117
5,476
(INR m)
FY20E
28,653
2,415
1
-9,742
-5,049
16,278
-2,339
13,940
-2,000
11,940
0
2,339
339
0
0
-1
-3,458
0
-3,459
10,820
5,476
16,296
10 May 2018
11

Zee Entertainment
Corporate profile
Company description
ZEEL is the leading player in television broadcasting
and syndication of content overseas with a bouquet
of 40 TV channels. Zee has well-established reach of
over 730m+ viewers across 169 countries. ZEEL has
channels encompassing all major genres like Hindi
GEC, Hindi Movies, Regional GECs and Sports.
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Mar-18
Promoter
DII
FII
Others
41.6
10.8
41.4
6.2
Dec-17
43.1
8.4
42.3
6.3
Mar-17
43.1
4.5
46.4
6.1
Source: Capitaline
Exhibit 3: Top holders
Holder Name
Oppenheimer Developing Markets Fund
Life Insurance corporation of India
Virtus
Vontobel
Emerging
Opportunities Fund
ICICI Prudential Balance Fund
Markets
% Holding
6.8
4.9
1.8
1.7
1.7
Source: Capitaline
Note: FII Includes depository receipts
Vanguard International Growth Fund
Exhibit 4: Top management
Name
Subhash Chandra
Punit Goenka
M Lakshminarayanan
Designation
Chairman
Managing Director & CEO
Executive VP & CS
Exhibit 5: Directors
Name
Ashok Kurien
Neharika Vohra
Subodh Kumar
Name
Manish Chokhani
Sunil Sharma
Adesh Kumar Gupta
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Deloitte Haskins & Sells LLP
MGB & Co LLP
Vaibhav P Joshi & Associates
Vinod Kothari & Co
Type
Statutory
Statutory
Cost Auditor
Secretarial Audit
Source: Capitaline
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY19
FY20
MOSL
forecast
16.5
19.7
Consensus
forecast
17.8
20.9
Variation
(%)
-7.3
-5.9
Source: Bloomberg
10 May 2018
12

Zee Entertainment
NOTES
10 May 2018
13

Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
Zee Entertainment
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
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Disclosure of Interest Statement
Analyst ownership of the stock
Zee Entertainment
No
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to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
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this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of
independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document
(including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including
those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy,
completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval.
MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm
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Registration details of group entities.: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser:
INA000007100.IRDA Corporate Agent-CA0541. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS
(Registration No.: INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers
Commodities Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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