Maintain estimate and TP of Rs 50 @ 7x Dec-20E EBITDA. Our positive view on DITV is led by its inexpensive valuations (4.5/4.3/4.1x FY19/20/21E EV/E) on negligible growth assumptions. DITVs 3QFY19 was in-line but weak. Modest subscriber additions at 142k and 3.5% QoQ decline in ARPU (2nd quarter in a row) to Rs 200 were key negatives. Performance may further weaken as Jio starts its competing Giga Fiber services.