Company: Dish TV India Ltd. Category: Broker Research

The stock is trading at an EV of 6x FY19E and 4.6x FY20E EBITDA if we factor merger synergies of INR2.4b in FY19 and INR4b in FY20 (~50% below management’s estimates). We remain positive on DITV, with a TP of INR106 (8x FY19E EBITDA of INR26.5b including merger synergies of INR2.4b).
Dec. 19, 2017, 1:01 p.m.

Expect healthy EBITDA growth for merged entity in FY19
Sept. 25, 2017, 5:02 p.m.

Videocon D2H’s merger should drive synergies of INR2.4b (340bp synergy gains) in FY19 and INR4b (510bp synergy gains) in FY20, implying combined EBITDA of INR26.8b in FY19 and INR31.9b in FY20.
Sept. 25, 2017, 4:09 p.m.

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