Company: Dish TV India Ltd. Category: IPO Notes


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.

Dish TV India: 2QFY18 Results Update
Dec. 5, 2017, 10:03 a.m.

Dish TV: Looking good
Nov. 29, 2017, 5:32 p.m.
Author : HDFC Sec | Publisher: hdfcsec.com

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


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.

Dish TV: Results Update - Motilal Oswal
Aug. 24, 2017, 12:26 p.m.

Dish TV (DITV), a pioneer in India’s DTH (direct-tohome) space is coming off a phase of underperformance (-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).
Aug. 23, 2017, 4:36 p.m.

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