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Prabhudas Lilladher Report
We cut our earnings per share estimates of Zee Entertainment Enterprises Ltd. by 20%/9% for FY22/FY23 respectively as recovery in domestic ad-revenues has been delayed (ad-revenues in FY22 can more or less be a replica of FY20 versus earlier expectation of double digit growth).
Delayed recovery is likely to drag margins given the ongoing investment drive in digital, movies and linear TV (Hindi, Marathi and Tamil content to be revamped in Q2).
While there are near term headwinds on margins we remain positive on ZEE Entertainment given-
strong position in Bengali, Kannada and Telugu markets
likely emergence of ZEE5 as future growth engine in changing content consumption landscape (paid subscribers within digital domain to grow by ~4 times in five years) and
undemanding valuations (stock trades at 12 times FY23EPS).
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