Dish TV India Ltd. share price target

ARPU growth lagging, but recent price hike should aid nearterm growth: Over the last threequarters,thecompanyhashikedpricestwiceandimplementeddifferentialpricingin phase1 and phase2 markets. Even then, the percolation to ARPU growth has been...

Key highlights: Dish TV missed our revenue estimates by 5% on lower ARPU growth and lowerthanestimatednetsubscriberaddition.However,itcontinuestomanageitsoperating costs optimally, resulting in only a 2% qoq increase. Nonetheless, EBITDA was 7% below...

9 Since contentcostsharing arrangements with broadcasters are locked until Q3FY17, theyareunlikelytoseeanysharpupticksthiswillenablefurthermarginexpansion Outlookandvaluation: WehavemarginallyloweredourFY16PATestimateonlowerARPU...

Dish TV is India's largest direct-to-home (DTH) company and part of the country's biggest media conglomerate the ZEE Group. As of December 31, 2014, net subscriber base was at 13.3mn. Dish TV has on its platform more than 470 channels and services. It uses the NSS-6 satellite platform which is unique in the Indian subcontinent owing to its automated power control and contoured beam which makes it suitable for use in ITU K and N rain zones ideally suited for India's tropical climate. Dish TV also has a vast distribution network of more than 2,080 distributors and 185,000 dealers spanning 8,736 towns in the country. It has six 24*7 call...

Dish TV's Q1FY16 EBITDA (Rs 2.4bn, up 51% yoy) was marginally ahead of our estimates. Strong EBITDA growth was aided by healthy net subscriber additions of 390K (vs. our estimate of 350K) and stable content cost (+5% yoy). However, ARPU of Rs 180 was below our estimates of Rs 183....

Dish TVs (DITV) Q1FY16 results were ahead of estimates on account of higher than expected revenue growth as well as cost control. Subscriber addition made up for muted ARPU growth as the company surprised positively on EBITDA and PAT.

Dish TVs (DITV) Q4FY15 results were ahead of estimates on account of higher than expected revenue growth as well as cost control. Management guidance remains bullish on subscriber addition, ARPU as well as margins.

Over the last six months, DishTV stock price has appreciated by 41% outperforming the BSE midcap index by ~31% primarily on account of (a) price hike led ARPU improvement ARPU has increased by Rs 7-8 (+5%) in the last three quarters (b) Sharp uptick in net subscriber...

ish TV offers DTH satellite television service, which include teleport service, transponder service, and transponder space leasing and customer support. As of 30th June 2012, company has gross subscriber base of 13.4...