Initiate coverage with BUY and a TP of Rs 105 @ 9x FY19E EV/e. Dish TV (DITV), a pioneer in Indias DTH (direct-to-home) space is coming off a phase of under-performance (-22% in three months). DITVs weak FY17 performance (EBITDA fell 5%) was in stark contrast with Videocon D2H and Airtel DTH (which posted EBITDA growth in the 20s). Persistently inferior subscriber stability and ARPU have undermined DITVs performance.