Models
ZEE ENTERTAINMENT ENT LTDZEELEntertainment
₹49per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹49implied FY26 P/E 13.4× · EV/EBITDA 10.5×
Against CMP ₹79.45−38.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3167%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹40₹65
52-week rangetraded range, a fact not a value
₹68₹122
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,340 |
| PV of terminal value | 2,732 |
| Enterprise value | 4,072 |
| less net debt | 620 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,692 |
| ÷ 96.53 crore shares | ₹49 |
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 50 | 53 | 56 | 60 | 65 |
| 10.50% | 47 | 49 | 52 | 55 | 59 |
| 11.00% | 44 | 46 | 49 | 51 | 55 |
| 11.50% | 42 | 44 | 46 | 48 | 51 |
| 12.00% | 40 | 42 | 43 | 45 | 47 |
The outlined cell is your model. Green figures sit above the CMP of ₹79.45; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 42 · 49 · 56 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.72 |
| Rank correlation with discount rate | −0.67 |
| Rank correlation with revenue growth | −0.03 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,088 | 8,637 | 8,294 | 8,099 | 7,896 | 7,699 | 7,507 | 7,319 | 7,136 |
| growth % | (1.2) | 6.8 | (4.0) | (2.4) | (2.5) | (2.5) | (2.5) | (2.5) | (2.5) |
| EBITDA | 771 | 633 | 1,114 | 389 | 379 | 370 | 360 | 351 | 343 |
| margin % | 9.5 | 7.3 | 13.4 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 | 4.8 |
| less depreciation | (313) | (309) | (279) | (217) | (213) | (208) | (203) | (198) | (193) |
| EBIT | 459 | 324 | 835 | 172 | 166 | 162 | 158 | 154 | 150 |
| less tax on EBIT | (1) | (1) | (1) | (1) | (1) | (1) | |||
| NOPAT | 171 | 164 | 160 | 156 | 152 | 149 | |||
| add depreciation | 313 | 309 | 279 | 217 | 213 | 208 | 203 | 198 | 193 |
| less capex | (128) | (76) | (85) | (136) | (134) | (161) | (185) | (209) | (231) |
| less working-capital build | — | 169 | 165 | 161 | 157 | 153 | |||
| Free cash flow to firm | 1 | 638 | 1,101 | — | 413 | 373 | 335 | 298 | 263 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 392 | 319 | 258 | 207 | 164 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 178, dividends at 85.5% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 172 | 166 | 162 | 158 | 154 | 150 |
| Interest at 8% on debt | (14) | (14) | (14) | (14) | (14) | |
| Profit before tax | 152 | 147 | 143 | 139 | 136 | |
| Profit after tax | 273 | 150 | 146 | 142 | 138 | 135 |
| Dividends | (233) | (129) | (125) | (122) | (118) | (115) |
| Balance sheet, year end | ||||||
| Cash | 798 | 1,068 | 1,301 | 1,500 | 1,666 | 1,800 |
| Working capital | 6,770 | 6,601 | 6,435 | 6,275 | 6,118 | 5,965 |
| Net block and other assets | 6,648 | 6,569 | 6,522 | 6,504 | 6,516 | 6,554 |
| Debt | 178 | 178 | 178 | 178 | 178 | 178 |
| Equity | 11,728 | 11,750 | 11,771 | 11,792 | 11,812 | 11,831 |
| Balance check | 0 | 0 | 0 | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 533 | 519 | 506 | 493 | 480 | |
| Investing (capex) | (134) | (161) | (185) | (209) | (231) | |
| Financing (dividends) | (129) | (125) | (122) | (118) | (115) | |
| Net change in cash | 270 | 234 | 199 | 166 | 134 | |
| Free cash flow to equity | 399 | 359 | 320 | 284 | 249 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | -2.5% | 4.8% | 11.00% | 5% | ₹49 | (38.8)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.