Dish TV India Ltd

November 19, 2016 . Equities Desk

Get Connected
Dish TV India Ltd (Dish TV), part of the Essel Group, is one of India’s largest DTH operators with a net subscriber base of 14.5 mn in FY16. Dish TV has more than 545 channels & services on its platform including 22 audio channels and over 51 HD channels & services.

View & Valuvation:

We are upbeat on the stock given its first-mover advantage, strong distribution network and potential in cable dark areas for Phase 3 &4. We expect revenue & EBITDA to grow at a CAGR of 11% and 15% respectively over FY16-18E. We expect overall EBITDA margin would expand to 36.2% by FY18E from 33.5% in FY16. Hence, we initiate Dish TV with a BUY rating with a TP of Rs 118 based on 9.5x FY18E EV/EBITDA.

Research Report Dish TV Ltd

Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks. Click here to read our full disclaimer.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.