Dish TV Valuations Attractive: Motilal Oswal

Tagged: Dish TV, Motilal Oswal

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June 23, 2014 at 9:23 pm #495

Vidhi Khanna
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Market share recovery, price hike, content leverage to drive growth Phase III/IV Digitization, GST key reform initiatives to watch-out

Valuations attractive, Buy: DITV trades close to multi-year low valuations with an EV/EBITDA of 10.3x FY15 and 7.8x FY16. We are increasing our long-term margin assumptions by ~250bp to partially factor-in lower entertainment tax outgo and lower WACC assumption (13.3% vs 13.7%). Maintain Buy with a revised DCF based target price of INR70/sh (vs INR62/sh earlier).

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