Buy Dish TV; target of Rs 95: ICICI Direct
ICICI Direct’s research report on Dish TV
Dish TV’s monthly ARPU came in at rs 149 (up 0.7% QoQ), resulting in subscription revenues of rs 704.9 crore (vs. estimate of rs 699.9 crore). The subscriber addition was largely in line at 188,000 (our estimate182,000) with a net subscriber base at 15.9 million at the end of the quarter. Overall revenues at rs 748.6 crore w ere slightly below our estimates of rs 753.9 crore, owing to lower other operating revenues EBITDA came in at rs 216.1 crore vs. our expectation of rs 218.9 crore, down 18.2% YoY. EBITDA margins of 28.9% were largely in line our estimates of 29%
We now upgrade the stock to BUY recommendation with a revised target price of rs 95, valuing it at 9 .5x FY1 9E EV/EBITDA.
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