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Purchase Dish television India, target Rs 100: Motilal Oswal Securities

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Motilal Oswal Securities has a buy call on Dish TV India with a target price of Rs 100. The current market price of Dish TV India is Rs 72.15. Time period given by the brokerage is one year when Dish TV India price can reach the defined target.

"After witnessing a weak performance over the last few quarters, Dish TV (DITV) – post its merger with Videocon – rebounded strongly in 1QFY19.

Subscription revenue grew 8 per cent QoQ to INR14.9b, driven by steady 7 per cent QoQ ARPU growth, leading to 8 per cent QoQ growth in consol.

revenue to Rs 16.6b (7 per cent beat).

Consol.

EBITDA grew by a robust 39 per cent QoQ to Rs 5.6b (27 per cent beat), led by revenue growth and 3 per cent QoQ opex savings.

Adj.

EBITDA (excl.

merger one-off costs of Rs 0.6b in 4QFY18) rose 21 per cent QoQ.

EBITDA margin expanded 750bp QoQ to 33.6 per cent.

Adjusted for Rs 1.47b deferred tax gain in 4QFY18, PAT stood at Rs 0.3b (-Rs 0.3b in 4QFY18), driven by strong EBITDA growth, partly offset by depreciation and interest cost.

We believe DITV is attractively priced – at CMP, the stock trades at EV/EBITDA of 6x FY19E and 4.7x FY20E.

We increase our TP to Rs 100 (prior: Rs 95), valuing DITV at 7x on FY20E.

Maintain Buy," Motilal Oswal Securities said in a report.




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