Key Points
Zee Entertainment Enterprises Ltd (ZEEL) share price recouped losses after hitting a 52-week low of 175.80 per share in the early morning trade on Friday..
The media giant posted a net loss of 196 crore in Q4FY23 as compared to a net profit of 181 crore in the corresponding period last year..
Prabhudas Lilladher cut its EPS estimates by around 21% over FY24E/FY25E as it believes widening losses in ZEE5, entry into sports and sluggish recovery in ad-environment is likely to dent profitability in near term..
In light of the ongoing challenges, we cut our target multiple to 19x (earlier 21x) and roll-forward our valuation to FY25E as NCLT has directed exchanges to re-examine approvals granted earlier and issue an NOC which can cause some delay in merger time-lines..
The brokerage house has cut its FY24 earnings estimate by 16% led by continued investments in both digital and linear content and a weak revenue outlook in near future..
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