Dish TV Initiating Coverage Report; Revolution in a box; Accumulate; Emkay

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Dish TV Initiating Coverage Report; Revolution in a box; Accumulate; Target: Rs 93

n    DTH industry estimated to grow at 23% CAGR over FY11-14E, with subscriber base growing from 33.7mn in FY11 to 63.3mn in FY14E

n    Dish TV to maintain its leadership with 29% subscriber market share and 24% share in incremental net adds by FY13E

n    We estimate 34.7% & 73.6% revenue and EBITDA CAGR over FY11-13E respectively, owing to strong operating leverage on increasing scalability of business

n    Premium to global peers justified given Dish TV’s growth trajectory. Initiate coverage on Dish TV with an ACCUMULATE rating and a DCF based TP of Rs 93