BSE Code: | NSE Code: | ISIN: | Sector:

NSE
68.95
Change Change %
-2.25 -3.16%

Updated:23 Oct, 2017, 15:59 PM IST

BSE
68.85
Change Change %
-2.40 -3.37%

Updated:23 Oct, 2017, 15:54 PM IST

Research Report Detail

Brokerage
Analyst
Report Date Call Price@Call Target Price
Stop Loss
Current Status Time Horizon
HDFC Securities
N/A
22-08-2017 Buy 78.10 105.00
N/A
Open Long (1Y)
22-08-2018

HDFC Securities initiates Dish TV India with buy

Dish TV (DITV), a pioneer in India's DTH (direct-to-home) space is coming off a phase of under-performance (-22% in three months). DITV's weak FY17 performance (EBITDA fell 5%) was in stark contrast with Videocon D2H and Airtel DTH (which posted EBITDA growth in the 20s). Persistently inferior subscriber stability and ARPU have undermined DITV's performance. The upcoming merger with Videocon D2H holds significant cost rationalization potential (Rs 4.7bn by FY20E, around 23.7% of FY17 EBITDA).Initiate coverage with BUY and a TP of Rs 105 @ 9x FY19E EV/e. Our positive view on DITV derives from its inexpensive valuations (7.5/6.4x FY19/20E EV/e), synergies from the merger, DAS IV digitisation and GST. Further benefits can accrue from a license fee reduction and TRAI's tariff order.

Market Data provided by © Accord Fintech. © Copyright NDTV Convergence Limited 2017. All rights reserved.