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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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