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Anand Rathi Report
In the last 12-15 months, on concerns—promoter group (pledged shares), related-party loans/corporate guarantees given on behalf of group companies and balance sheet (rising inventory/receivables), Zee Entertainment Enterprises Ltd.’s multiples have been depressed.
Though we believe that some issues such as related-party concerns persist, we reiterate that revenue and Ebitda have bottomed out in Q1 FY21 and should improve from now.
Also, recent board-member changes, better disclosures (quarterly balance sheets, Zee5 figures, etc.) and lower receivables/inventory (as indicated by management) should ease such concerns.
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