Our positive view on DITV despite weak FY17 is derived from its inexpensive valuations (7.6/6.5x FY19/20E EV/e), synergies from the merger, DAS IV digitisation and GST. Additional benefits can accrue from a reduction of license fees and TRAI's tariff order. Maintain BUY with a TP of Rs 105. The comparison of the annual reports for FY17 of DTH (direct-to-home) operators like Dish TV (DITV), Videocon D2H (VD2H), Tata Sky and Airtel DTH reveals healthy revenue (16%) and EBITDA (18%) growth for the industry, with the exception of DITV. This is despite increased competition from FreeDish.