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Financial summary
Y/E Mar (Rsmn)
F13 F14 F15e F16e F17e
Net sales 36,996 44,217 46,277 53,578 61,417
growth (%) 21.7 19.5 4.7 15.8 14.6
EBITDA margin (%) 25.8 27.2 28.1 28.2 28.6
Adjusted net profit 7,206 8,921 9,645 11,265 13,184
EPS (Rs) 7.6 9.2 8.6 10.3 12.3
growth (%) 23.0 23.0 8.1 16.8 17.0
P/E (x) 43.7 35.9 38.5 32.2 26.9
EV/EBITDA (x) 31.6 27.1 24.8 21.1 17.8
Dividend yield (%) 0.6 0.6 0.6 0.8 0.9
RoE (%) 19.6 20.6 19.2 19.8 20.4
RoCE (%) 17.0 18.1 16.9 17.4 18.0
Source: Company, SSLe

Ad-growth to accelerate, maintain HOLD
Zee Entertainment Enterprises (ZEE)s 2QF15 results were weak in terms of
revenues. Overall revenues grew 1.5% YoY to Rs11,178mn (SSLe of Rs12,019mn).
Advertising revenue grew slower (7.3% YoY) due to lower sports business revenues.
Impacted by regulatory changes and reporting adjustments, domestic subscription
revenues grew just 0.7% YoY, whereas international subscription revenues fell 29.2%
YoY. Other sales and services rose 12.6% YoY. EBITDA margin improved 48bps YoY
to 28.7%. EBITDA margin (ex-sports) declined 30bps YoY to 34.6%. Net profit grew
8.1% YoY to Rs2,276mn (SSLe of Rs2,499mn). ZEEs Sports business reported
revenue of Rs1,181mn and EBITDA loss of Rs250mn. We have cut our estimates for
F15e/F16e to factor lower revenue growth and higher ETR. We have introduced F17e
estimates factoring revenue 11.6% CAGR over F14F17e with improving margin
trajectory. We maintain HOLD with TP of Rs310 (25x F17e EPS).
Management confident of outpacing advertising industry growth rates: Due to
weak Sports business revenues and softness in J uly and August, advertising growth
was softer than expected in Q2. Advertising growth (ex-sports) was at low teens vs.
~11% industry growth. The company has witnessed a pick up in advertising spends
the month of September. With a major chunk of festivals falling in October, the
management expects growth to pick up in the seasonally strong Q3. ZEE has also
witnessed improvement in its network market share, which could boost advertising
growth. Automobiles, Telecom and E-commerce remain the leading advertisers.
Already weak subscription revenues impacted by adjustments: Change in
accounting, necessitated by change in TRAIs content aggregator regulations,
impacted domestic subscription revenues by ~Rs200mn. The change in arrangement
with various operators impacted International subscription revenues by ~Rs380mn. On
a like-to-like basis, subscription revenue would have grown by high single digits.
Management expects growth in domestic subscription revenues to remain in high
single digits and pick up is expected in the latter part of F16e due to extension in
deadlines for the DAS Phase III and IV roll out.
Earnings call highlights: a) Sports losses for F15e would be similar to F14e
(~Rs1bn); b) ZEE plans to launch atleast one new channel by end of F15e or early
F16e; and c) Non-sports costs are expected to increase by 1516% in F15e.
Valuation: We have cut our estimates for F15e/F16e to factor H1 performance and a
higher ETR. Earlier, we had assumed the ETR to fall to 24%; however, with the
company treating the tax benefits from the accumulated losses of DMCL as prior
period, the benefit would be seen in lower tax outgo rather than lower ETR. The stock
currently trades at 32.2x/26.9x F16e/F17e EPS. We remain positive on the long-term
outlook of the company. We expect ad-growth to accelerate going ahead on the back
of festival season and improvement in macro environment. We maintain HOLD with a
target price of Rs310, valuing ZEE at 25x F17e earnings.
Zee Entertainment Enterprises
Z IN; ZEE.BO
2QF15 result review HOLD
Current price (20 Oct) Rs
Target price Rs
Upside/(downside) % (6)
Earning estimate Revised
Market data
Mkt capitalisation Rs bn 316.9
Average daily vol '000 5487.4
52-week H/L Rs 334 / 249
Shares O/S mn 960.4
Free float mn 546.8
Promotor holding % 43.1
Foreign holding % 50.8
Face value Rs 1.0
Price performance (%)
1m 3m 6m 1yr
Nifty (abs) (3.0) 2.8 16.2 27.3
Stock (abs) 5.3 11.9 25.7 30.4
Relative to Index 8.2 9.1 9.4 3.1
Performance
330
310

(30)
(15)
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Oct-13 J an-14 Apr-14 J ul-14 Oct-14
Zee Ent (LHS) Rel. to Nifty (RHS)
(%) (Rs)

Source: Bloomberg, SSLe





October 20, 2014 Media | India
Dipesh Mehta
+91 22 4227 3311
dipesh.mehta@sbicapsec.com
Neerav Dalal
+91 22 4227 3458
neerav.dalal@sbicapsec.com
Zee Entertainment Enterprises SBICAP Securities Ltd
dipesh.mehta@sbicapsec.com I neerav.dalal@sbicapsec.com October 20, 2014 | 2
Quarterly Financials
Particulars (Rsmn) 2QF15 2QF14 YoY (%) 1QF15 QoQ (%) 2QF15e Var (%)
Revenue 11,178 11,013 1.5 10,551 5.9 12,019 (7.0)
Operating Cost 4,703 5,041 4,034 5,409
Employee benefits exp. 1,080 992 1,117 1,142
Other Expenses 2,191 1,875 2,308 2,404
EBITDA 3,205 3,105 3.2 3,092 3.6 3,065 4.6
EBITDAM (%) 28.7 28.2 29.3 25.5
Depreciation and amort. 134 91 196 204
EBIT 3,071 3,014 1.9 2,896 6.0 2,861 7.3
EBITM (%) 27.5 27.4 27.4 23.8
Other income 522 549 390 457
Interest expenses 23 34 22 36
Extraordinary/exceptional - -
Profit before tax 3,570 3,529 1.2 3,264 9.4 3,281 8.8
PBTM (%) 31.9 32.0 30.9 27.3
Tax expense 1,300 1,166 1,164 788
ETR (%) 36.4 33.0 35.6 24.0
PAT 2,270 2,363 (3.9) 2,100 8.1 2,494 (9.0)
Minority Interest (6) 0 (5) (5)
Reported net profit 2,276 2,363 (3.7) 2,106 2,499
Non-recurring items - - - -
Adjusted net profit 2,276 2,363 (3.7) 2,106 8.1 2,499 (8.9)
NPM (%) 20.4 21.5 20.0 20.8
EPS (Rs) 2.4 2.5 (3.7) 2.2 8.1 2.6 (8.9)
Source: Company, SSLe

Revenue by segments
Particulars (Rs mn) 2QF15 2QF14 YoY (%) 1QF15 QoQ (%) 2QF15e Var (%)
Advertising revenue 6,259 5,833 7.3 6,221 0.6 6,854 (8.7)
Subscription revenue 4,245 4,581 (7.3) 4,121 3.0 4,687 (9.4)
- domestic 3,373 3,350 0.7 3,239 4.1 3,451 (2.3)
- international 872 1,231 (29.2) 883 (1.2) 1,236 (29.4)
Other Sales & Services 674 599 12.6 208 223.7 479 40.8
Total 11,178 11,013 1.5 10,551 5.9 12,019 (7.0)
Source: Company, SSLe

Quarterly market share (%)
Particulars 3QF13 4QF13 1QF14 2QF14 3QF14 4QF14 1QF15 2QF15
Zee TV 19 19 18 17 19 17 17 19
Zee TV (Prime band) 20 20 19 19 21 19 20 22
Zee Marathi 34 34 35 42 47 48 52 49
Zee Bangla 38 41 39 38 38 37 37 34
Zee Telugu 20 19 20 19 20 21 20 23
Zee Kannada 18 18 14 14 15 14 12 13
Source: Company, SSLe

Sports business
Rs mn 3QF13 4QF13 1QF14 2QF14 3QF14 4QF14 1QF15 2QF15
Revenue 1,078 1,072 1,159 1,558 1,915 1,959 976 1,181
EBITDA (86) (405) (95) (191) (1,041) 351 12 (250)
Source: Company, SSLe




Zee TV moves up to second position in Hindi
GEC genre
Expect Sports losses for F15e to be similar to
F14
Advertising revenues grew 7.3% YoY, whereas
subscription revenues declined 7.3% YoY
Non-sports advertising revenue grew in lower
teens YoY
Zee Entertainment Enterprises SBICAP Securities Ltd
dipesh.mehta@sbicapsec.com I neerav.dalal@sbicapsec.com October 20, 2014 | 3

EBITDA margin including sports vs. EBITDA margin excluding Sports

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Source: Company, SSLe


Change in estimates
F15e F16e F15e F16e F15e F16e
Net sales 46,277 53,578 49,106 56,427 (5.8) (5.0)
EBITDA 12,988 15,094 13,620 15,735 (4.6) (4.1)
EBITDA margin (%) 28.1 28.2 27.7 27.9 33 bps 29 bps
Adj. PAT 9,645 11,265 11,162 12,936 (13.6) (12.9)
EPS (Rs) 8.6 10.3 10.2 12.0 (15.6) (14.5)
Source: SSLe
(Rsmn)
Revised Old Change (%)

Key assumptions
Y/E Mar F15e F16e F17e
Advertising growth (%) 11.5 19.9 16.1
Subscription revenue growth (%) -3.7 10.6 13.1
Operating costs (% of revenue) 44.9 45.1 44.6
Employee costs (% of revenue) 9.5 9.2 9.2
Other expenses (% of revenue) 17.6 17.5 17.6
EBITDA margin (%) 28.1 28.2 28.6
ETR (%) 32.0 32.0 32.0
Dividend (Rs per share) 2.1 2.5 3.0
Source: SSLe


We have cut our estimates for F15e/F16e to
factor H1 performance, change in accounting in
subscription revenues and a higher ETR due to
change the way the benefits from accumulated
losses of DMCL would be reported
Ex-sports EBITDA margin flattish YoY
We have introduced our F17e estimates
factoring revenue CAGR of 11.6% over F14-17e
with improving margin trajectory
Zee Entertainment Enterprises SBICAP Securities Ltd
dipesh.mehta@sbicapsec.com I neerav.dalal@sbicapsec.com October 20, 2014 | 4

1-year forward P/E chart
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Source: Bloomberg, SSLe
The stock currently trades at 32.2x/26.9x
F16e/F17e EPS
We value the stock at 25x F17e earnings
Zee Entertainment Enterprises SBICAP Securities Ltd
dipesh.mehta@sbicapsec.com I neerav.dalal@sbicapsec.com October 20, 2014 | 5

Financials
Income statement Balance sheet
Y/E Mar (Rsmn) F13 F14 F15e F16e F17e Y/E Mar (Rsmn) F13 F14 F15e F16e F17e
Revenue 36,996 44,217 46,277 53,578 61,417 Cash & bank balance 5,316 5,644 5,707 5,769 5,892
growth (%) 21.7 19.5 4.7 15.8 14.6 Other current assets 24,428 31,123 33,178 38,366 44,003
Operating expenses 27,439 32,172 33,290 38,485 43,826 Investments 7,916 8,290 11,790 16,290 20,290
EBITDA 9,557 12,045 12,988 15,094 17,591
growth (%) 29.2 26.0 7.8 16.2 16.5 Net fixed assets 2,786 4,022 4,051 4,172 4,281
Depreciation & amort. 399 501 631 765 865 Goodwill and intangible assets 7,189 7,708 8,128 8,219 8,273
EBIT 9,158 11,544 12,357 14,329 16,726 Other non-current assets 3,108 3,530 4,785 3,830 4,497
Other income (net) 1,447 1,805 1,960 2,396 2,848 Total assets 50,743 60,317 67,639 76,645 87,235
Interest expenses 86 158 162 188 215
Extraordinary/Exceptional Current liabilities 11,099 12,203 13,598 15,482 17,577
PBT 10,519 13,191 14,155 16,537 19,359 Borrowings 17 17 17 17 17
Tax 3,337 4,291 4,530 5,292 6,195 Other non-current liabilities 479 659 714 816 933
Effective tax rate (%) 31.7 32.5 32.0 32.0 32.0 Total liabilities 11,595 12,879 14,329 16,315 18,527
Profit after tax 7,182 8,900 9,625 11,245 13,164
Minority interest (24) (21) (20) (20) (20) Share capital 954 21,130 21,152 21,152 21,152
Reported Net profit 7,206 8,921 9,645 11,265 13,184 Reserves & surplus 38,161 26,247 32,117 39,157 47,554
Non-recurring items - - - - - Shareholders' funds 39,115 47,377 53,269 60,309 68,707
Adjusted net profit 7,206 8,921 9,645 11,265 13,184 Minority interest 33 61 41 21 1
growth (%) 22.3 23.8 8.1 16.8 17.0 Total equity & liabilities 50,743 60,317 67,639 76,645 87,235
Financial ratios Cash flow statement
Y/E Mar F13 F14 F15e F16e F17e Y/E Mar (Rsmn) F13 F14 F15e F16e F17e
Profitability and return ratio (%) PBT 10,519 13,191 14,155 16,537 19,359
EBITDAM 25.8 27.2 28.1 28.2 28.6 Depreciation & amortisation 399 501 631 765 865
EBITM 24.8 26.1 26.7 26.7 27.2 Chg in working capital (2,342) (4,904) (3,288) (2,695) (4,654)
NPM 19.5 20.2 20.8 21.0 21.5 Total tax paid (3,669) (4,242) (4,530) (5,292) (6,195)
RoE 19.6 20.6 19.2 19.8 20.4 Other operating activities (1,034) (716) (1,104) (1,405) (1,712)
RoCE 17.0 18.1 16.9 17.4 18.0 Operating CF 3,873 3,830 5,865 7,910 7,664
RoIC 28.5 28.1 25.5 27.9 28.4
Capital expenditure (715) (1,465) (1,080) (977) (1,027)
Per share data (Rs) Chg in investments 328 (19) (3,500) (4,500) (4,000)
O/s shares (mn) 954 960 960 960 960 Other investing activities 833 (575) 1,266 1,593 1,927
EPS 7.6 9.2 8.6 10.3 12.3 Investing CF 446 (2,059) (3,314) (3,884) (3,100)
FDEPS 7.6 9.2 8.6 10.3 12.3 FCF 3,158 2,365 4,785 6,933 6,637
CEPS 8.0 9.7 9.2 11.1 13.2
BV 41.0 49.4 55.5 62.8 71.6 Equity raised/(repaid) (593) 778 - - -
DPS 2.0 2.0 2.1 2.5 3.0 Debt raised/(repaid) 7 1 - - -
Dividend (incl. tax) (1,663) (2,244) (2,247) (2,358) (2,808)
Valuation ratios (x) Other financing activities (38) 21 (241) (1,605) (1,632)
PE 43.7 35.9 38.5 32.2 26.9 Financing CF (2,287) (1,444) (2,488) (3,963) (4,440)
P/BV 8.0 6.7 5.9 5.3 4.6
EV/EBITDA 31.6 27.1 24.8 21.1 17.8 Inc/(dec) in cash & bank bal. 2,032 327 63 62 123
EV/Sales 8.2 7.4 7.0 5.9 5.1 Closing cash & bank bal. 5,316 5,644 5,707 5,769 5,892
Other ratios
D/E (x) 0 0 0 0 0
DSO (days) 98 85 75 75 75
Du Pont Analysis - RoE
NPM (%) 19.5 20.2 20.8 21.0 21.5
Asset turnover (x) 1.0 1.0 0.9 0.9 0.9
Equity multiplier (x) 1.0 1.0 1.0 1.0 1.0
RoE (%) 19.6 20.6 19.2 19.8 20.4
Source: Company, SSLe
Zee Entertainment Enterprises SBICAP Securities Ltd
dipesh.mehta@sbicapsec.com I neerav.dalal@sbicapsec.com October 20, 2014 | 6

Recommendation History
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Stock Price Target Price
BUY SELL BUY HOLD

Source: Bloomberg, SSLe

Date Stock Price TP Rec.
29-Aug-13 220 275 BUY
21-Oct-13 267 275 HOLD
18-Dec-13 285 275 HOLD
22-J an-14 284 300 HOLD
21-May-14 294 300 HOLD
7-J ul-14 297 300 HOLD
18-J ul-14 295 300 HOLD
20-Oct-14 330 310 HOLD


SBICAP Securities Limited
Corporate Office: Mafatlal Chambers, A-Wing, 2nd Floor, N. M. J oshi Marg, Lower Parel, Mumbai -400013.
Tel.: 91-22-42273300/01 | Fax: 91-22-42273335 | Email: sbicapresearch@sbicapsec.com | www.sbismart.com
KEY TO INVESTMENT RATINGS (w.e.f. February 2013)
Guide to the expected return over the next 12 months. 1=BUY (expected to give absolute returns of 15 or more percentage points); 2=HOLD (expected to
give absolute returns between -10 to 15 percentage points); 3=SELL (expected to give absolute returns less then -10 percentage points)
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Zee Entertainment Enterprises SBICAP Securities Ltd
dipesh.mehta@sbicapsec.com I neerav.dalal@sbicapsec.com October 20, 2014 | 7
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