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Company update: Dish TV — Add — TP Rs.90
Publish date: July 10, 2018
Dish TV is on track to emulate its FY2019 estimates due to a commendable growth in ARPU numbers in the first quarter. The direct-to-home (DTH) company also expects performances of its mergers, especially content related, to come to play, further boosting the company’s profitability.
Key Highlights
- ARPU (average revenue per user) grew by 6.6% from previous quarter due to price hike and seasonality (IPL).
- The company’s net subscriber total now stands at 301,000, up by 2.6% qoq.
- EBITDA earnings at Rs 5.56 billion was higher than our estimate, even though there was forex loss of Rs 210 million.
Valuation & outlook
We raise FY2019-21 EBITDA estimates by 3-4% and the target price to Rs 90 (it was Rs 84 earlier). There would be further upgrades if they remain consistent.
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