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India Equity Research Reports, IPO and Stock News
India Equity Research Reports, IPO and Stock News
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• One of the largest cable multiple system operator (MSO) in
India with ~8.7m cable homes reached; offers digital cable
and cable broadband
• Long-term growth story and a theme play on cable
digitization
• Increase in digital cable subscriber base led by rising income
levels and likely implementation of mandatory digitalization
in medium term
• Estimate 415,000 digital subscriber additions in FY12;
expect analogue subs to increasingly upgrade to the better
quality digital platform
• Expect Hathway to add 20,000 primary subscribers every
year during FY12-14
• Execution in terms of digital and paying subscriber additions
is the key for stock price re-rating; likely to be net profit
break-even in FY12
• Shareholding: promoters – 67%
• Valuation: EV/EBITDA - value at 8.5x FY13E EV/EBITDA
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