Dish TV has several catalysts: Goldman Sachs

Tagged: Dish TV, Goldman Sachs

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June 23, 2014 at 9:29 pm #500

Vidhi Khanna
Keymaster

Several catalysts lined up; Favorable risk-reward; Maintain Buy

Source of opportunity

We retain our Buy on Dish TV as we expect the company to benefit as
digitization again picks up pace (slowed during the election period). We expect Dish TV’s EBITDA margin to improve 230 bps over FY13-16E led by operating leverage (given the fixed cost structure). We also expect CROCI to improve 170 bps over FY13-FY16E led by improving margins. Management remains optimistic on prospects for its Zing brand launch (for consumers in Phase 3/4 markets which have higher consumption of local language content) and stated that it has crossed initial expectations. As per Dish, contribution from Zing to its total packages from 3 states alone is 14-15%.

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