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Dish TV India
The addition of 1m subscribers in the ongoing quarter was the key highlight of Dish TV’s
management meeting with investors at our conference today. With none of the content
agreements coming up for renewals till July 2011, it implies that our FY10 EBITDA
estimates of INR1.9bn look likely to be achieved comfortably.
Management said that its competitor, the digital cable industry, has still to get its act
together, implying that FY12 should be another good year for the satellite distribution
industry. While the long-term ARPUs would be driven by the maximum that the analogue
cable industry charges, the increasing number of HD connections (around 800 per day at
an ARPU of INR450 per month) implies easing pressure on ARPUs going forward.
(Analogue cable cannot offer HD experience.)
We maintain our view that Dish TV would double its EBITDA in FY12 after doubling it in
FY11. Buy with a target price of INR71 per share.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Dish TV India
The addition of 1m subscribers in the ongoing quarter was the key highlight of Dish TV’s
management meeting with investors at our conference today. With none of the content
agreements coming up for renewals till July 2011, it implies that our FY10 EBITDA
estimates of INR1.9bn look likely to be achieved comfortably.
Management said that its competitor, the digital cable industry, has still to get its act
together, implying that FY12 should be another good year for the satellite distribution
industry. While the long-term ARPUs would be driven by the maximum that the analogue
cable industry charges, the increasing number of HD connections (around 800 per day at
an ARPU of INR450 per month) implies easing pressure on ARPUs going forward.
(Analogue cable cannot offer HD experience.)
We maintain our view that Dish TV would double its EBITDA in FY12 after doubling it in
FY11. Buy with a target price of INR71 per share.
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