Recommendation BUY

CMP 274.20

Target Price 302.00

ISIN: INE256A01028 MAY 24th

2014

ZEE ENTERTAINMENT ENTERPRISES LTD. Result Update (CONSOLIDATED BASIS): Q4 FY14

STOCK DETAILS

Sector Media & Entertainment

BSE Code 505537

Face Value 1.00

52wk. High / Low (Rs.) 301.90/208.10

Volume (2wk. Avg ) 287000

Market Cap ( Rs in mn ) 263341.68

Annual Estimated Results (A*: Actual / E*: Estimated)

Years FY14A FY15E FY16E

Net Sales 44217.00 51291.72 59088.06

EBITDA 13849.50 15492.77 17561.81

Net Profit 8920.80 10218.72 11669.41

EPS 9.35 10.64 12.15

P/E 29.32 25.77 22.57

Shareholding Pattern (%)

1 Year Comparative Graph

ZEE ENTERTAINMENT ENTERPRISES LTD. S&P BSE SENSEX

SYNOPSIS

Zee Entertainment Enterprises Ltd (ZEEL) is one of

India’s leading television, media & entertainment

companies.

Revenue for the fourth quarter stood at Rs. 11588.10

million, registered a growth of 20.17% as compared

to Rs. 9642.90 million in the corresponding quarter

last year.

During the quarter ended, net profit ramps up by

21.15% to Rs. 2175.80 million from Rs. 1796.00

million in the previous year period.

For Q4 FY14, EBITDA increased by 10.48% y-o-y and

stood at Rs. 3271.20 million compared to Rs. 2960.80

million in Q4 FY13.

The company has recommended a Dividend of Rs.

2.00/- per share on face value of Rs. 1.00/- each, for

the FY 2013-14

For the Q4 FY14, EBITDA and PAT margin are at

26.9% & 18.7% respectively.

During the quarter, domestic subscription revenues

stood at Rs. 3344.00 million, while international

subscription revenues were Rs. 1292.00 million.

The sports (sports channel) business revenue in the

fourth quarter of FY2014 were Rs. 1959.00 million,

while cost incurred in this quarter were Rs. 1608.00

million.

During the quarter, Zee TV averaged 305 TVMs

recording a relative share of 19.30% and is the No.2

channel in the genre.

Net Sales and PAT of the company are expected to

grow at a CAGR of 17% and 18% over 2013 to 2016E

respectively.

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND

COMPANY NAME (Rs.) Rs. in Mn. (Rs.) Ratio Ratio (%)

Zee Entertainment Enterprises Ltd. 274.20 263341.68 9.35 29.32 9.62 200.00

Entertainment Network (India) Ltd. 399.55 19046.70 18.43 21.68 3.79 10.00

Sun TV Network Ltd. 424.40 167249.50 17.68 24.00 5.78 190.00

Balaji Telefilms Ltd. 58.20 3795.20 1.54 37.79 0.89 20.00

Recommendation & Analysis - ‘BUY’

Consolidated Operating Revenue stood at Rs. 11588.10 million in the fourth quarter of FY14 and registered a

growth of 20.17% as compared to Rs. 9642.90 million in the corresponding quarter last year. This has driven by

strong growth in advertising, domestic subscriptions and syndication revenues. For Q4 FY14, EBITDA increased

by 10.48% y-o-y and stood at Rs. 3271.20 million compared to Rs. 2960.80 million in Q4 FY13. EBITDA margin

expanded from 25.1% in Q4 FY13 to 26.9% in this quarter. Net profit for the quarter ramps up by 21.15% to Rs.

2175.80 million from Rs. 1796.00 million in the previous year period. The PAT margin was 18.7% during the

quarter. ZEE’s advertising revenues during the quarter were Rs. 5824.00 million, showing an increase of 21.5%

y-o-y. Subscription revenue were Rs. 4635 million for the quarter ended March 31, 2014. During the quarter,

domestic subscription revenues stood at Rs. 3344.00 million, while international subscription revenues were Rs.

1292.00 million. Performance during the quarter reflects the investments that ZEE is making to grow its business

and market share.

Indian economy continues to grow at a sluggish pace of less than 5% in FY14. By keeping on pressure on overall

advertising spends which have barely touched the double digit mark. To some extent election related spends

have helped. With a stable government, growth is expected to pick up. The company expects that despite a slow

economy, television media industry will continue on its double-digit growth path. The company continues to

make investments in creating excellent quality content for its viewers and explores growth opportunities in

domestic markets, international markets and in digital space. Over FY2013-16E, we expect the company to post a

CAGR of 17% and 18% in its top-line and bottom-line respectively. Hence, we recommend ‘BUY’ for ‘Zee

Entertainment Enterprises Ltd’ with a target price of Rs. 302.00 on the stock.

FINANCIAL HIGHLIGHTS CONSOLIDATED

Results updates- Q4 FY14,

Zee Entertainment Enterprises Limited is one of

India’s leading television, media and entertainment

companies. It is amongst the largest producers and

aggregators of Hindi programming in the world,

with an extensive library housing over 120,000

hours of television content, reported its financial

results for the quarter ended 31st March, 2014.

Rs. In million MAR-14 MAR-13 % Change

Net Sales 11588.10 9642.90 20.17

Net Profit 2175.80 1796.00 21.15

EPS 2.27 1.88 20.34

EBITDA 3271.20 2960.80 10.48

The company’s net profit jumps to Rs.2175.80 million against Rs.1796.00 million in the corresponding quarter

ending of previous year, an increase of 21.15%. Revenue for the quarter rose by 20.17% to Rs. 11588.10 million

from Rs. 9642.90 million, when compared with the prior year period. During the quarter, the company reported

earnings per share of Rs.2.27 a share as against Rs. 1.88 a share over prior period of previous year. Profit before

interest, depreciation and tax is Rs.3271.20 million as against Rs.2960.80 million in the corresponding period of

the previous year.

Expenditure:

Break up of Expenditure

Rs. Million

Q4 FY14 Q4 FY13

Operating Costs 5444.20 4668.80

Other Expenditure 2029.70 1716.40

Employee Benefit Expenses 998.40 835.10

Depreciation & Amortization

Expense 189.20 114.60

Latest Updates

• Zee Entertainment Enterprises Ltd. (ZEEL) launched a new channel, Zee Bioskop, in Indonesia in January

2014.

• During the quarter, domestic subscription revenues stood at Rs. 3344.00 million, while international

subscription revenues were Rs. 1292.00 million.

• The company has recommended a Dividend of Rs. 2.00/- per share on face value of Rs. 1.00/- each, for the FY

2013-14.

Q4 FY14 Highlights

• Advertising revenues for the quarter were Rs. 5824.00 million, recording a growth of 21.5% over Q4 FY13.

• Subscription revenue was Rs. 4635.00 million for the quarter ended March 31, 2014.

• During the quarter, Zee TV averaged 305 TVMs recording a relative share of 19.30% and is the No.2 channel

in the genre. The channel delivered weekly average of 15 shows among top 100 shows.

• The sports (sports channel) business revenue in the fourth quarter of FY2014 were Rs. 1959.00 million,

while cost incurred in this quarter were Rs. 1608.00 million.

Financial Highlights for the end of FY 2013-14

• For the end of FY14, the company registered a growth of 20% in Net sales to Rs. 44217.00 million from Rs.

36995.70 million in the last year.

• Net profit grew by 24% for the end of the FY14 to Rs 8920.80 million as against Rs 7195.50 million in the

previous year.

• For the end of 31st March, FY14, Growth in EBIDTA registered 26% to Rs. 13849.50 million from Rs.

11003.60 million over last year.

• EBIDTA Margin for the year stood at 27.2%, as compared to 25.8% in the last fiscal year.

• For the full FY2014, domestic subscription revenues were Rs. 13184 million, recording a growth of 13.2%

over last fiscal year. While international subscription revenues were Rs. 4839.00 million, recording a

growth of 5.5% over last fiscal year.

TVMs Review during Q4 FY14

Channels TVMs (Q4 FY14)

ZEE TV 482

ZEE CINEMA 197

ZEE MARATHI 125

ZEE BANGLA 78.5

ZEE TELUGU 66.5

ZEE KANNADA 33

Company Profile

Zee Entertainment Enterprises Limited is one of India’s leading television, media and entertainment companies.

It is amongst the largest producers and aggregators of Hindi programming in the world, with extensive library

housing over 120,000 hours of television content. With rights to more than 3,500 movie titles from foremost

studios and of iconic film stars, Zee houses the world's largest Hindi film library.

Through its strong presence worldwide, Zee entertains over 670+ million viewers across 169 countries.

The Zee stable owns an integrated range of businesses. All of these in singularity adhere to the content-to-

consumer value chain model of media and entertainment business. Zee is a pioneer in every aspect of content

aggregation and distribution through traditional media like satellite and cable and new media like the internet, in

India.

Zee Entertainment Enterprise is the first listed media company in India and first to launch a Hindi General

Entertainment Channel as Zee TV, Hindi Cinema Channel as Zee Cinema, a 24 hour Hindi News Channel as Zee

News, 24-hour Food Channel as Zee Khana Khazana, Urdu infotainment channel as Zee Salaam.

Global Network

Zee Entertainment Enterprises Limited is one of the largest Indian programming content distributors with an

estimated reach of more than 670+ million viewers in over 169 countries including USA, Canada, Europe, Africa,

the Middle East, South East Asia, Australia and New Zealand.

Business Area

� Hindi GEC

ZEE is the largest producer and aggregator of Hindi programming in the world. It is the largest MSO in India

with an estimated reach of 7+ million households.

� English Entertainment

ZEE's English bouquet of channels comprises ALL...Today, Zee Cafe, Zee Trendz and Zee Studio are premium

channels of the network, showcasing the finest English content from across the globe.

� Regional GEC

Zee Entertainment is a leading provider of entertainment content across genres in the Hindi and English

languages. With leading channels like Zee Marathi, Zee Bangla, Zee Telugu, Zee Kannada, Zee Tamizh and ETC

Channel Punjabi within its fold, Zee Entertainment would now have an unparalleled reach across the country

in the fast growing regional markets.

� Bollywood

Bollywood - The Indian Film industry is acclaimed as one of the largest film industries of the world. ZEE's

Hindi movie channels, Zee Cinema, Zee Premier, Zee Action and Zee Classic maintain its objective in

delivering the best of programming in the Hindi Movies Genre.

� Sports

Zee Entertainment has varied interests in the Sports Business, with a majority stake in Taj Television, the

group has in its fold multiple sports channels. ZEE's aim is to offer it's viewers the best of sports action round

the clock with ‘Ten Cricket’ and Ten Action+.

� Niche Offerings

Niche is the way forward for the Indian Television industry. With 106 shows across the entire television

space, the time is ripe for the country’s first Food Channel.

� Music

ZEE has strengthened its bouquet in music genre by launching ETC, ETC Channel Punjabi and Zing. Today

ZEE channels stand as market leaders in their respective genres of music continue creating an invigorating

culture and touching lives of people through music.

� Alternate Lifestyle

Alternate Lifestyle genre is aimed at awakening people to realize the spiritual aspects in their life and hence

enriching lives.

� Indian Filmed Entertainment

Zee Entertainment Enterprises Limited has launched Zee Entertainment Studios with 2 movie banners – Zee

Motion Pictures for mainstream films and Zee Limelight for films targeted at niche audiences.

� International Business

Spanning 5 continents, ZEE reaches out to more than 670+ million viewers in more than 169 countries.

Financial Highlight CONSOLIDATED (A*- Actual, E* -Estimations & Rs. In Millions)

Balance sheet as at March31st, 2013-2016E

FY13A FY14A FY15E FY16E

SOURCES OF FUNDS

Shareholder's Funds

Share Capital 954.00 21129.90 21129.90 21129.90

Reserves and Surplus 38161.10 26247.00 30184.05 34107.98

1. Sub Total - Net worth 39115.10 47376.90 51313.95 55237.88

2. Minority interest 33.30 61.30 85.82 103.24

Non Current Liabilities

Long term borrowings 17.10 16.90 17.24 17.41

Other Long term Liabilities 173.60 323.50 503.69 705.17

Long Term Provisions 304.90 334.60 364.71 393.89

3. Sub Total - Non Current Liabilities 495.60 675.00 885.64 1116.47

Current Liabilities

Short term borrowings 0.00 0.00 0.00 0.00

Trade Payables 5172.30 5050.40 4979.69 5029.49

Other Current Liabilities 3445.30 3842.50 4265.18 4691.69

Short Term Provisions 2482.10 3310.80 4304.04 5380.05

4. Sub Total - Current Liabilities 11099.70 12203.70 13548.91 15101.23

Total Liabilities (1+2+3+4) 50743.70 60316.90 65834.32 71558.82

APPLICATION OF FUNDS

Non-Current Assets

a) Fixed Assets 2848.20 4105.70 5008.95 6276.08

b) Non-current investments 651.40 2941.20 3617.67 4413.56

c) Goodwill on consolidation 7126.90 7624.50 8081.97 8486.07

d) Long Term loans and advances 2491.40 2871.50 3273.51 3699.07

e) Deferred Tax Asset 287.40 297.50 306.43 312.55

f) Other non-current assets 328.90 360.90 393.38 424.85

1. Sub Total - Non Current Assets 13734.20 18201.30 20681.91 23612.18

Current Assets

Current Investment 7264.90 5348.70 3690.60 4059.66

Inventories 8745.20 11736.30 13614.11 13097.47

Trade receivables 9890.30 10281.30 10589.74 10801.53

Cash and Bank Balances 5316.20 5644.10 5926.31 6163.36

Short-terms loans & advances 5458.40 8223.50 10114.91 12340.18

Other current assets 334.50 881.70 1216.75 1484.43

2. Sub Total - Current Assets 37009.50 42115.60 45152.41 47946.64

Total Assets (1+2) 50743.70 60316.90 65834.32 71558.82

Annual Profit & Loss Statement for the period of 2013 to 2016E

Value(Rs.in.mn) FY13A FY14A FY15E FY16E

Description 12m 12m 12m 12m

Net Sales 36995.70 44217.00 51291.72 59088.06

Other Income 1460.90 1806.60 1644.01 1726.21

Total Income 38456.60 46023.60 52935.73 60814.27

Expenditure -27453.00 -32174.10 -37442.96 -43252.46

Operating Profit 11003.60 13849.50 15492.77 17561.81

Interest -85.50 -157.80 -189.36 -217.76

Gross profit 10918.10 13691.70 15303.41 17344.04

Depreciation -398.80 -501.30 -581.51 -628.03

Profit Before Tax 10519.30 13190.40 14721.90 16716.01

Tax -3337.80 -4290.70 -4519.62 -5064.95

Profit After Tax 7181.50 8899.70 10202.28 11651.06

Minority Interest 23.70 18.90 14.18 16.02

Share of Profit & Loss of Asso. -9.70 2.20 2.27 2.33

Net Profit 7195.50 8920.80 10218.72 11669.41

Equity capital 954.00 954.00 960.40 960.40

Reserves 38161.10 26247.00 30184.05 34107.98

Face value 1.00 1.00 1.00 1.00

EPS 7.54 9.35 10.64 12.15

Quarterly Profit & Loss Statement for the period of 30thSEP, 2013 to 30 JUNE, 2014E

Value(Rs.in.mn) 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14E

Description 3m 3m 3m 3m

Net sales 11012.80 11883.60 11588.10 11703.98

Other income 549.20 380.40 155.40 178.71

Total Income 11562.00 12264.00 11743.50 11882.69

Expenditure -7908.00 -8976.30 -8472.30 -8485.39

Operating profit 3654.00 3287.70 3271.20 3397.30

Interest -33.80 -31.90 -70.20 -52.65

Gross profit 3620.20 3255.80 3201.00 3344.65

Depreciation -90.80 -134.70 -189.20 -166.50

Profit Before Tax 3529.40 3121.10 3011.80 3178.16

Tax -1166.20 -985.00 -850.10 -982.05

Profit After Tax 2363.20 2136.10 2161.70 2196.11

Minority Interest -0.40 -0.20 11.90 16.42

Share of Profit & Loss of Asso. 0.00 0.00 2.20 0.00

Net Profit 2362.80 2135.90 2175.80 2212.53

Equity capital 960.00 960.30 960.40 960.40

Face value 1.00 1.00 1.00 1.00

EPS 2.34 2.46 2.22 2.19

Ratio Analysis

Particulars FY13A FY14A FY15E FY16E

EPS (Rs.) 7.54 9.35 10.64 12.15

EBITDA Margin (%) 29.74 31.32 30.21 29.72

PBT Margin (%) 28.43 29.83 28.70 28.29

PAT Margin (%) 19.41 20.13 19.89 19.72

P/E Ratio (x) 36.35 29.32 25.77 22.57

ROE (%) 18.36 32.72 32.76 33.22

ROCE (%) 29.14 52.73 51.58 51.84

EV/EBITDA (x) 23.29 17.57 15.66 13.65

Book Value (Rs.) 41.00 28.51 32.43 36.51

P/BV 6.69 9.62 8.46 7.51

Charts

Outlook and Conclusion

� At the current market price of Rs.274.20, the stock P/E ratio is at 25.77 x FY15E and 22.57 x FY16E

respectively.

� Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs.10.64 and

Rs.12.15 respectively.

� Net Sales and PAT of the company are expected to grow at a CAGR of 17% and 18% over 2013 to 2016E

respectively.

� On the basis of EV/EBITDA, the stock trades at 15.66 x for FY15E and 13.65 x for FY16E.

� Price to Book Value of the stock is expected to be at 8.46 x and 7.51 x respectively for FY15E and FY16E.

� We recommend ‘BUY’ in this particular scrip with a target price of Rs.302.00 for Medium to Long term

investment.

Industry Overview

India's media and entertainment (M&E) industry registered an overall growth of 12.6 per cent, from Rs 728

billion (US$ 11.74 billion) in 2011 to Rs 821 billion (US$ 13.24 billion) in 2012, according to the Federation of

Indian Chambers of Commerce and Industry (FICCI).

India has a population of over 1.2 billion. The sheer numbers give the M&E industry in the country a tremendous

opportunity for growth. Some time back, the thought of reaching and engaging with such a vast and diverse

population seemed improbable. However, today, the industry is armed with digital technologies, state-of-the-art

mobile devices, penetration of broadband and digital cinema, and a government that fully backs the sector.

Market Dynamics

The Indian print industry is the second largest in the world and is continuing to grow at a good rate. The segment

has enjoyed a compound annual growth rate (CAGR) of 7 per cent in recent years. There are over 82,000

newspapers in India with a daily circulation of over 100 million copies.

The industry is projected to grow at 11.8 per cent in 2013 to reach Rs 917 billion (US$ 14.79 billion). The sector

is also expected to achieve a CAGR of 15.2 per cent to touch Rs 1661 billion (US$ 26.79 billion) by 2017.

Total advertising expenditure across media was Rs 327.4 billion (US$ 5.28 billion) in 2012, contributing to 40

per cent of M&E sector revenues.

Advertising, Online and Mobile Entertainment

Times Internet (TIL), has signed a partnership with Ziff Davis Inc., an American publisher and Internet company

that attracts 120 million in-market buyers monthly. As part of the partnership, Times Internet will have exclusive

rights to the IGN and AskMen brands – the premium gaming and men's lifestyle sites respectively– and their

content in the country. This partnership will further enhance TIL's growth as a digital community for Indian

consumers who are avid followers of games, entertainment and lifestyle.

The Indian M&E industry is expected to grow 11.8 per cent to touch Rs 91,700 crore (US$ 14.78 billion) in 2013,

according to an industry report. Even though traditional media such as television and print are still the preferred

medium, other segments such as animation, visual effects, films and music are slowly establishing themselves in

the market.

Television and newspapers remain the people's preferred choice for entertainment, accounting for over four-

fifths of the advertising revenue. However, the online media is gaining ground. Expenditure on digital media

which was about 1 per cent of the total advertising spends in 2005 touched 7 per cent in 2012.

Investments

Indian consumers can now avail International news channel France 24 as a free-to-air channel on Doordarshan's

DTH platform, DD Direct + and Dish TV, after signing new distribution agreements in the country. The company

revealed that the deal will enable it to reach nearly 38 million TV households, from the earlier 7 million.

ICICI Venture, one of India's biggest equity firms, with assets of around US$ 2 billion, plans to invest about Rs 150

crore (US$ 24.18 million) in Adlabs Imagica, a theme park operated by Adlabs Entertainment Limited, on the

Mumbai–Pune expressway. This will be the equity firm's first investment in this field. Adlabs Imagica started in

April, 2013. It is a Rs 1,600-crore (258.09 million) theme park spread over 300 acres. It accommodates as many

as 20,000 visitors every day and aims to achieve 3 million visitors in its first year of running.

The M&E industry in South India could grow at a CAGR of 16 per cent and touch Rs 43,600 crore (US$ 7.04

billion) by 2016–17 from Rs 23,900 crore (US$ 3.85 billion) in 2012–13. This growth will be driven by the

popularity of vernacular content and the efforts by media vehicles to expand their presence. The South Indian

M&E market is led by television (56 per cent), followed by print (28 per cent) and films (11 per cent). Segments

such as new media and radio are also expected to grow at a better rate than the media average.

The online portal for the Bharat Nirman Campaign has been launched. The portal offers an interactive digital

platform for the creative campaign on several schemes and programmes. The portal allows the user to get

information about the schemes at a single place, apart from providing live integration with social media

platforms such as Facebook, Twitter and YouTube.

Government Initiatives

The Indian government's push towards digitalisation and cable television by 2014, is expected to drive DTH and

digital cable growth. Also, sophisticated digital production and postproduction complemented by the willingness

of big corporate houses to invest in the film value chain is influencing the film segment in India. This is further

aided by the development of digital distribution and exhibition through the growth of multiplexes.

As part of ‘Friendly Exchanges' between the two Asian giants, India and China will mutually promote high level

media co-operation. There will be specific projects and proposals under the media domain to mark the

commemoration of ‘Friendly Exchanges' celebrations. India and China have strong M&E sectors. Sharing

experiences can only benefit both economies.

On a similar note, India and Senegal have enhanced their commitment to promote sustained cultural exchanges

by signing ‘Executive Programme for Cultural Cooperation' for the period 2013–15.

Road Ahead

In a reflection of India's growing influence, domestic television channels are increasing their networks

internationally. Channels such as Colors, Star Plus, SET and Zee TV are available in approximately 50, 70, 77 and

169 countries respectively.

In the previous financial year, the growth of the overall print industry was largely due to the Hindi and the

vernacular print markets. The Hindi print market grew from Rs 62 billion (US$ 1.00 billion) in 2011 to Rs 68

billion (US$ 1.09 billion) in 2012; the vernacular print medium witnessed a growth from Rs 63 billion (US$ 1.01

billion) in 2011 to Rs 69 billion (US$ 1.11 billion) in 2012.

Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale

of any financial instrument or as an official confirmation of any transaction. The information contained herein is

from publicly available data or other sources believed to be reliable but do not represent that it is accurate or

complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall

not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the

information contained in this report. This document is provide for assistance only and is not intended to be and must

not alone be taken as the basis for an investment decision.

Firstcall India Equity Research: Email – info@firstcallindia.com

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