External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Zee Entertainment Enterprises / Equity Bottom-Up

<ul><li>Zee Entertainment’s (Zee) revenue continued the declining trend as 2QFY25 revenue fell 18% YoY (5% miss) on softer advertising revenue (-8% YoY, 1% miss) and lower revenue from other sales and services (-77% YoY on a high base (2QFY24 boosted by Gadar 2 release).</li><li>However, Zee’s strong control over costs and a further reduction in Zee5 losses led to 18%/15% QoQ jump in EBITDA/adj. PAT (21%/35% beat).</li><li>The management indicated that advertising revenue saw pick-up in Sep’24, which should continue in 3Q with the onset of the festive season.</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.

Zee Entertainment’s (Zee) revenue continued the declining trend as 2QFY25 revenue fell 18% YoY (5% miss) on softer advertising revenue (-8% YoY, 1% miss) and lower revenue from other sales and services (-77% YoY on a high base (2QFY24 boosted by Gadar 2 release).However, Zee’s strong control over costs and a further reduction in Zee5 losses led to 18%/15% QoQ jump in EBITDA/adj. PAT (21%/35% beat).The management indicated that advertising revenue saw pick-up in Sep’24, which should continue in 3Q with the onset of the festive season.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 - Cost Controls Bear Fruit; Ad Revenue Recovery Vital for Re-Rating

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ZEEL reported better than expected performance with EBITDA margin of 16.0% (PLe 12.5%) led by cost optimization efforts and narrowing losses in ZEE5.</li><li>Over the last 2 quarters, ZEEL’s content and employee cost is down 17% and 11% respectively.</li><li>Further, losses in ZEE5 are at a 4-year low level of Rs1,588mn.</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.

ZEEL reported better than expected performance with EBITDA margin of 16.0% (PLe 12.5%) led by cost optimization efforts and narrowing losses in ZEE5.Over the last 2 quarters, ZEEL’s content and employee cost is down 17% and 11% respectively.Further, losses in ZEE5 are at a 4-year low level of Rs1,588mn.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 - Cost Optimization Efforts Yield Results

<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. 


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>PFC and BEML Sign MoU for Defence and Infrastructure Projects</li>
<li>Zee Entertainment Seeks Settlement with SEBI Over the Governance Issues</li>
<li>ONGC and BPCL Search for Global Partners to Build Greenfield Refineries</li>
</ul>


PFC and BEML Sign MoU for Defence and Infrastructure Projects
Zee Entertainment Seeks Settlement with SEBI Over the Governance Issues
ONGC and BPCL Search for Global Partners to Build Greenfield Refineries


# 66 India Insight: Power Finance & BEML MOU Zee Entertainment Governance Issue, ONGC & BPCL MOU

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.

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Zee Entertainment Enterprises (Z IN)

Zee Entertainment - Cost Controls Bear Fruit; Ad Revenue Recovery Vital for Re-Rating

Zee Entertainment’s (Zee) revenue continued the declining trend as 2QFY25 revenue fell 18% YoY (5% miss) on softer advertising revenue (-8% YoY, 1%...

Motilal Oswal

Zee Entertainment Enterprises - Cost Optimization Efforts Yield Results

ZEEL reported better than expected performance with EBITDA margin of 16.0% (PLe 12.5%) led by cost optimization efforts and narrowing losses in ZEE5.

Prabhudas Lilladhar