Our positive view on DITV is on account of its inexpensive valuations (8.5/7.3x FY19/20E EV/E) BUY with a TP of Rs 97 (9x FY20E EV/E). Dish TV (DITV) reported merged financials including Videocon D2H (VD2H) w.e.f. 1st Oct17. 4QFY18 numbers were marginally weak. Revenue was at Rs 15.3bn (-5% QoQ) and adjusted EBITDA at Rs 4.6bn (-7% QoQ). ARPU declined 5% QoQ to Rs 201.