Dish TV - March 2013 Results Preview - Motilal Oswal

- We expect DITV's revenue to grow 11% YoY and 4% QoQ to INR5.8b.

- Subscription revenue is expected to grow 5% QoQ to INR5.18b.

- We expect gross additions of 0.49m (v/s 0.83m in 3QFY13) and net additions of 0.2m in (v/s 0.5m in 3QFY13).

- EBITDA margin is expected to decline 60bp QoQ to 24.1% largely due to higher content costs (including one-time provision).

- Net loss is expected to decline 3% YoY but increase 6% QoQ to INR473m. We have not modeled any forex gain/loss.

- The stock trades at EV/EBITDA of 10.5x FY14E and 8.1x FY15E. Neutral.

Source : Equity Bulls

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