Dish TV -Subscriber addition moderates, ARPU uptick on track :Emkay,

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Dish TV

Subscriber addition moderates, ARPU uptick on track

ACCUMULATE

CMP: Rs 77                                       Target Price: Rs 96

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n     Net loss for the quarter expanded to 486mn due to Rs304mn of forex loss pertaining to its USD denominated debt of Rs7.5bn

n     EBITDA improved 8.6% qoq on account of strong revenue growth and lower programming and content exp. (declined 6.3% qoq)

n     Revenue stood at Rs4.8bn up 4.8% qoq, lower than our est. of Rs4.9bn. ARPU improved sequentially to Rs152 v/s Rs150. Subscriber edition declined to 0.57mn v/s 0.73 in Q1FY12

n     EBITDA improvement to continue, profitability on track.  Valuations at 16.8x and 12.3x EV/EBITDA of FY12E and FY13E, resp. Retain ACCUMULATE with TP of Rs96