We have reduce our revenue est by 3-6% and EBITDA by 4-11% for FY19-21 to factor Dish's consistent disappointments and impending risk from Jio especially post the acquisitions of leading MSOs. We reduce our target multiple from 9x to 7x Sep-20E EV/EBITDA. Our revised TP is Rs 56. In 2QFY19, Dish TVs (DITV) weak subscriber additions (200k vs. est of 275k) and 3.4% QoQ decline in ARPU to Rs 207 were key negatives. This is even when Jio hasnt started its services. Revenue declined 3.7% QoQ to Rs 15.9bn (est Rs 16.4bn) and EBITDA 2.9% to Rs 5.4bn (est 5.5bn).