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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.
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