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Motilal Oswal Report
Zee Entertainment Enterprises Ltd. reported 10% YoY decline in Ebitda (8% beat) as both ad and subscription segments saw sluggish recovery (partly offset by the movie business) along with elevated content investment and inventory buildup.
We factor in an Ebitda/profit after tax compound annual growth rate of 17%/25% over FY22-24E.
Zee Entertainment is facing a double blow of weak revenue outlook hit by macro challenges and elevated operating costs led by amplified content investments.
Further, any delay in progress on the Sony deal completion that can potentially change Zee's course will weigh on the stock more than the near-term trend in earnings.
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