A New Avatar, Says Prabhudas Lilladher

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Prabhudas Lilladher Report

We are positive on Zee Entertainment Enterprises Ltd. due to –

1. concrete steps taken to strengthen governance and enhance disclosure levels

2. consistent improvement in viewership share (increased from 11.6% in CY11 to 18.4% in CY19) and

3. likely emergence of ZEE5 as future growth engine in the changing global content consumption paradigm.

We expect revenue compound annual growth rate of 4.1% over FY20-23E backed by increasing viewership share, launch of four regional channels (Zee Punjabi, Zee Thirai, Zee Picchar and Zee Bispoke), increasing viewership of HD channels (16 channels, 35% HD penetration) and selective price hikes.

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Prabhudas Lilladher Zee Entertainment Company Update.pdf

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