DISH TV India - Financial model - May 28 2010

8/7/2019 DISH TV India - Financial model - May 28 2010

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Dish TV India Ltd.

Opinion BUY Date:

CMP 38.0 Sector

Target 101.7 Ticker

- BSE

Potential Upside / (Downside) 167.8% - NSE

Returns: Market Cap (Rs. Crs.)

3M 5.6% EV (Rs. Crs.)

6M -2.6% Free Float (%)

12M -21.6% TTM returns (%)

Institutional Holding (%)

Financial Summary

(Rs million) FY2006 FY2007 FY2008E FY2009E FY2010E FY2011E

Net Sales 314.6 1,909.4 3,757.4 5,626.4 8,649.7 12,754.8

EBITDA (829.8) (1,817.7) (1,796.5) (934.5) 1,140.6 4,498.9

EBITDA margin % -263.7% -95.2% -47.8% -16.6% 13.2% 35.3%

Net Profit (2,078.6) (2,513.3) (3,563.5) (2,604.1) (692.8) 1,894.1

EPS (1.29) (1.56) (2.21) (1.36) (0.36) 0.99

EPS growth YoY (%) nm nm nm nm nm

PE (x) - - - - - 38.4

EV / EBITDA (x) - -

Shares O/s (mn) 1,610 1,610 1,610 1,910 1,911 1,912

Investment rationale


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3/28

28-May-10

Media

532839

DISH

6,118.0

6,539.0

56.9%

-22%

-

FY2012E

19,690.1

10,741.9

54.6%

6,217.0

3.25

228.1%

11.7

1,913


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(Rs. Million) Mar-06 Mar-07 Mar-08 Mar-09

Income from DTH subscribers:

1 Subscriptions 195.30 1,219.01 2,673.54 4,097.91

2 Lease Rentals 2.40 218.07 409.06 677.71

3 Other DTH Revenue 7.74 1.27 25.00 35.00

Income from Content Providers:

4 Placement & Active services - 359.21 526.27 649.24

5 Royalty 2.50 - - -

6 Teleport services 49.27 104.89 123.52 166.49

7 Sales (net of returns) 57.42 6.92 - -

314.63 1,909.37 3,757.39 5,626.36

Metrics1. Subscriber Revenue

YE subscribers - million 0.9 1.6 2.5 3.5

Monthly gross adds 125,000 90,000 120,000 140,000

Gross adds - Annual - million 1.08 1.44 1.68

Churned out subs 0.4 0.5 0.7

Churn % - monthly 3.7% 2.9% 2.3%

Net Sub adds 0.68 0.89 1.00

ARPU

Average subs 1.24 2.03 2.97

Arpu INR / month 81.9 110.0 115.0

Annual Arpu - Net - INR 982.91 1,320.00 1,380.00

2. Lease Rentals

Lease rentals - INR mn 2.40 218.07 409.06 677.71


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LR per sub - INR 2.67 137.98 165.58 195.39

Per Sub growth - % YoY n.a. 20.0% 18.0%

3. Other DTH revenues

Other DTH Revenues 7.74 1.27 25.0 35.0

4. Placement and active services

Placement & active services - 359.2 526.27 649.24

New subs 0.68 0.89 1.00

Service revenue / new sub INR 527.9 591.30 650.43

Growth % yoy - - 12.0% 10.0%

5. Teleport Services

Teleport revenue - INR mn 49.27 104.89 123.52 166.49

Service revenue per sub - INR 54.74 66.37 50.00 48.00


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Mar-10 Mar-11 Mar-12 Notes & Remarks

6,548.61 10,036.96 16,325.80

1,037.22 1,469.44 1,970.41

50.00 75.00 95.00

806.11 910.60 999.90

- - -

207.73 262.76 298.95

- - -

8,649.66 12,754.75 19,690.07

4.6 5.8 7.1

165,000 185,000 200,000

1.98 2.22 2.40

0.8 1.0 1.1

2.0% 1.8% 1.6%

1.15 1.22 1.28

4.04 5.23 6.48

135.0 160.0 210.0

1,620.00 1,920.00 2,520.00

1,037.22 1,469.44 1,970.41


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224.69 251.66 276.82

15.0% 12.0% 10.0%

50.0 75.0 95.0 Random guesstimate

806.11 910.60 999.90

1.15 1.22 1.28

702.46 744.61 781.84

8.0% 6.0% 5.0%

207.73 262.76 298.95

45.00 45.00 42.00


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PVR Ltd.

INR millions Mar-06 % growth Mar-07 % growth

Net Income from operations 314.63 1,909.4 506.9%

Other Income - 34.0

Total Revenues 314.6 1,943.3 517.7%

Purchases 56.4 5.4 -90.4%

Operating costs 725.1 2,242.6 209.3%

Personnel costs 21.5 148.7 592.2%

Admin & other expenses 18.8 339.3 1701.3%

Selling & Dist. Expenses 322.6 1,025.0 217.8%

Total Opex 1,144.4 3,761.1 228.6%

EBITDA (830) (1,818) 119.1%

margins % -263.7% -93.5%

Interest 16.7 117.8 603.9%

Depreciation and Amortization 28.3 575.3 1929.6%

Profit before taxes (874.9) (2,510.8) 187.0%

Extra-ordinary items 1,203.4

(0.3) (2.5) 662.9%

Tax rate - effective % 0.0% -0.1%

Net profit - (PAT) (2,078.6) (2,513.3)

No of shares outstansding 1,610.00 1,610.00

EPS: INR (1.29) (1.56)

EPS growth YoY nm

CMP

PE (x) 38.0

Cost Workings

Cost of goods sold 56.4 5.4

- Number of average subs 1.2

Cost of goods per average sub - INR 4.4

Operating costs 725.1 2,242.6

As a % of total revenue 230% 115%

Income taxes (including deferred and other taxadjustments)


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Personnel expenses 21.5 148.7

as a % of operating revenue 6.8% 7.7%

Selling & Admin 322.6 1,025.0

Sub acquisition cost

- Gross sub addition 1.5 1.08

- per sub acquisition cost 75.0 450.0

Annual cost 112.5 486.0

Other expenses 210.1 539.0

- as a % of revenue 66.8% 27.7%

Interest expenses, net 16.7 117.8

Average net borrowings in INR 215.5 1100

rate expended, net % 7.77% 10.71%

Net borrowings - current year 265 1935

Net borrowings - previous year 166 265

Depreciation and amortization 28.3 575.3

Fixed block - average 360 3192.5

rate of depreciation 7.9% 18.0%

opening fixed block 135 585.0

Closing fixed block 585.0 5,800.0


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Mar-08 % growth Mar-09 % growth Mar-10 % growth Mar-11 % growth Mar-12 % growth

3,757.4 96.8% 5,626.4 49.7% 8,649.7 53.7% 12,754.8 47.5% 19,690.1 54.4%

65.0 - - - -

3,822.4 96.7% 5,626.4 47.2% 8,649.7 53.7% 12,754.8 47.5% 19,690.1 54.4%

121.5 2147.2% 133.6 10.0% 141.5 5.9% 156.8 10.8% 162.0 3.3%

3,134.4 39.8% 3,938.4 25.7% 4,757.3 20.8% 5,357.0 12.6% 5,907.0 10.3%

338.2 127.4% 379.8 12.3% 432.5 13.9% 510.2 18.0% 590.7 15.8%

300.0 -11.6% 5.0 -98.3% 6.0 20.0% 7.0 16.7% 8.0 14.3%

1,724.8 68.3% 2,104.0 22.0% 2,171.8 3.2% 2,224.8 2.4% 2,280.5 2.5%

5,618.9 49.4% 6,560.8 16.8% 7,509.0 14.5% 8,255.8 9.9% 8,948.2 8.4%

(1,796) -1.2% (934.5) -48.0% 1,140.6 -222.1% 4,498.9 294.4% 10,741.9 138.8%

-47.0% -16.6% 13.2% 35.3% 54.6%

412.0 249.6% 165.1 -59.9% 77.4 -53.1% 8.0 -89.7% 8.0 0.0%

1,355.0 135.5% 1,504.5 11.0% 1,756.0 16.7% 1,785.0 1.7% 1,852.5 3.8%

(3,563.5) 41.9% (2,604.1) -26.9% (692.8) -73.4% 2,705.9 -490.6% 8,881.4 228.2%

- - - (811.8) (2664.4)30.0% 30.0% 30.0% 30.0% 30.0%

(3,563.5) (2,604.1) (692.8) 1,894.1 6,217.0

1,610.00 1,910.00 1,911.00 1,912.00 1,913.00

(2.21) (1.36) (0.36) 0.99 3.25

41.8% -38.4% -73.4% -373.3% 228.1%

(152.71) (247.91) (932.38) 341.19 104.00

121.5 133.6 141.5 156.8 162.0

2.0 3.0 4.0 5.2 6.5

60.0 45.0 35.0 30.0 25.0

3,134.4 3,938.4 4,757.3 5,357.0 5,907.0

82.0% 70.0% 55.0% 42.0% 30.0%


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338.2 379.8 432.5 510.2 590.7

9.0% 6.8% 5.0% 4.0% 3.0%

1,724.8 2,104.0 2,171.8 2,224.8 2,280.5

1.44 1.68 1.98 2.22 2.4

720.0 750.0 660.0 600.0 540.0

1,036.8 1,260.0 1,306.8 1,332.0 1,296.0

688.0 844.0 865.0 892.8 984.5

18.0% 15.0% 10.0% 7.0% 5.0%

412.0 165.1 77.4 8.0 8.0

3169 1834.5 967.25 100 100

13.0% 9.0% 8.0% 8.0% 8.0%

4403 500 100 100 100

1935 4403 500 100 100

1,355.0 1,504.5 1,756.0 1,785.0 1,852.5

6775 8850 10975 12750 14250

20.0% 17.0% 16.0% 14.0% 13.0%

5,800.0 7,750.0 9,950.0 12,000.0 13,500.0

7,750.0 9,950.0 12,000.0 13,500.0 15,000.0


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Life time value analysis

INR per sub Remarks

Offer to new hook up 3,990 Probably amongst the lowest offer, cannot reduce further

Average cost of service package per month 180

Total content cost per annum 2,160

Other variable expenses per annum 360

Cost of Customer premise equipment (CPE) 3,000

Cost of Installation 300

Total annual cost per sub 6,000

Subscriber acquisition cost per sub (2,010)

Average annual churn rate % 30% Over a longer term will come down to around 20%

Months Or in terms Years

Life cycle of a typical sub in months 40 3.33

Average ARPU per sub 250 Lots depends on the ARPU which could go up as a

result of better subscriber quality wanting to hook up

Average revenue per sub (Lifetime) 10,000 to maxi package - ARPU of around INR 375 (incl

of taxes).

- Life time content cost 7200

- Installation cost 300

- Variable expenses 1,200

Total sub expenses 8700

Pretax profit per sub 1,300

Annual pretax profit per sub 390.00

Break-even ARPU 217.5

Current APRU 150.0


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Chart 1

Chart 2

20012002

20032004

20052006

20072008E

2009E2010E

2011E2012E

(5,000.0)

-

5,000.0

10,000.0

15,000.0

20,000.0

25,000.0

0

0.2

0.4

0.6

0.8

1

Sales, EBITDA & margins

Net Sales EBITDA Net Margins

INR (Mn)


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Cost of equity 17.1%

Beta 1.75

Rf 7.5%

Rm 13.0%

Cost of debt 10.0%

Tax rate % 30.0%

Debt / Equity 30:70

WACC 14.1%

Terminal growth 2.5%

FY2008E FY2009E FY2010E FY2011E FY2012E FY2013E

EBIT (1-t) (2,206.0) (1,707.3) (430.8) 1,899.7 6,222.6 12,445.1

Add Depreciation 1,355.0 1,504.5 1,756.0 1,785.0 1,852.5 2,737.9

Less Capex (6,500.0) (5,000.0) (3,500.0) (2,500.0) (1,000.0) (750.0)

WC changes (20.0) (22.4) (25.1) (28.1) (31.5) (35.2)

FCFF (7,371.0) (5,225.2) (2,199.9) 1,156.6 7,043.6 14,397.8

PV factor 1.00 1.14 1.30 1.48 1.69 1.93

PV of FCFF (7,371.04) (4,579.96) (1,690.12) 778.90 4,157.60 7,449.14

Sum of FCFF (PV) 48,525

TV 119,492

Firm Value 168,017

Less: net Debt 4,200

Equity Value 163,817

Shares O/s 1,610.00

Value per share 101.7

EBIT growth (%) -22.6% -74.8% -541.0% 227.5% 100.0%

Depreciation % of EBIT -61.4% -88.1% -407.6% 94.0% 29.8% 22.0%


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FY2014E FY2015E FY2016E FY2017E TV Notes

19,912.2 26,881.5 33,601.9 38,642.1

3,584.2 4,569.9 5,376.3 5,796.3

(500.0) (250.0) (250.0) (150.0)

(39.5) (44.2) (49.5) (55.5)

22,956.9 31,157.1 38,678.6 44,233.0 391,273.6

2.21 2.52 2.87 3.27

10,410.84 12,384.86 13,476.18 13,508.40 119,491.77

60.0% 35.0% 25.0% 15.0%

18.0% 17.0% 16.0% 15.0%


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#DIV/0!

PVR Ltd - Base #DIV/0! Historical

INR 1998 1999 2000 2001 2------------------ ------------------ ------------------ ------------------ ------------

Income StatementRevenues 0 0 0 0

Other Operating Revenues 0 0 0 0

Cost of Goods Sold 0 0 0 0

Selling, Gen & Admin Expenses 0 0 0 0

Depreciation Expense 0 0 0 0

Other Oper Expense 0 0 0 0

Reported EBITA 0 0 0 0

Amortization of Goodwill 0 0 0 0

Intangibles Amort. (Excl. Goodwill) 0 0 0 0

Reported EBIT 0 0 0 0

Non-Oper Income 0 0 0 0

Interest Income 0 0 0 0

Interest Expense 0 0 0 0

Restructuring Charges 0 0 0 0

Special Items 0 0 0 0

Earnings Before Taxes 0 0 0 0

Income Taxes 0 0 0 0

Minority Interest 0 0 0 0

Income Before Extraordinary Items 0 0 0 0

Extraordinary Items (After Tax) 0 0 0 0

Net Income 0 0 0 0

Preference dividends 0 0 0 0

Earnings for common shareholders 0 0 0 0

Common dividends 0 0 0 0

Retained profit 0 0 0 0

Earnings per share (INR) 0.00 0.00 0.00 0.00 0

Earnings per share - fully diluted (INR) 0.00 0.00 0.00 0.00 0

Statement of changes in equity

Opening balance 0 0 0

Retained profit 0 0 0

Foreign Exchange Rate Changes 0 0 0

Issue of New Shares 0 0 0

Goodwill Written Off 0 0 0

Other Adjustments to Equity 0 0 0

Closing balance 0 0 0 0

Check: Changes in Equity 1.0 0 0 0

Balance Sheet

Operating Cash 0 0 0 0

Excess Marketable Securities 0 0 0 0


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#DIV/0!


INR 1998 1999 2000 2001 2------------------ ------------------ ------------------------------------ ------------

Accounts Receivable 0 0 0 0

Inventories 0 0 0 0

Other Current Assets 0 0 0 0

Total Current Assets 0 0 0 0

Net Property Plant and Equipment 0 0 0 0

Goodwill 0 0 0 0

Other Intangible Assets 0 0 0 0

Other Operating Assets 0 0 0 0

Investments 0 0 0 0

Deferred tax asset 0 0 0 0

Other Non-operating Assets 0 0 0 0

Retirement Related Assets 0 0 0 0

Total Assets 0 0 0 0

Short term debt 0 0 0 0

Accounts Payable 0 0 0 0

Tax payable 0 0 0 0

Dividends payable 0 0 0 0

Other Current Liabilities 0 0 0 0

Total Current Liabilities 0 0 0 0

Balancing Debt 0 0 0 0

Long Term Debt 0 0 0 0

Deferred Income Taxes 0 0 0 0 Other Operating Liabilities 0 0 0 0

Restructuring Provisions 0 0 0 0

Income smoothing Provisions 0 0 0 0

On-going operating Provisions 0 0 0 0

Long-term operating Provisions 0 0 0 0

Retirement Related Liabilities 0 0 0 0


Preferred Stock 0 0 0 0

Total Common Equity 0 0 0 0

Total Liabs and Equity 0 0 0 0

Check: Assets = Liabilites 1.0 0 0 0 0

Traditional Cash flow

Reported EBITA 0 0 0

Depreciation 0 0 0

EBITDA 0 0 0

Less investment in working capital 0 0 0


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#DIV/0!


INR 1998 1999 2000 2001 2------------------ ------------------ ------------------------------------ ------------

Foreign exchange translation effects 0 0 0

Operating cashflow 0 0 0

Less tax paid 0 0 0

Capital investments

Less capex 0 0 0

Less investment 0 0 0

Less goodwill & intangibles acquired 0 0 0

On-going operating Provision 0 0 0

Less other operating assets/liabilities 0 0 0

Total capital investments 0 0 0

Finance

Interest Income 0 0 0

Interest Expense 0 0 0

Debt raised/repaid 0 0 0

Total finance payments 0 0 0

Plus non-operating income &expense

Non-Oper Income 0 0 0

Special items 0 0 0

Extraordinary items 0 0 0

Investment in non-operating assets 0 0 0

Retirement Related Assets 0 0 0

Total non-operating items 0 0 0

Less payments from reserves and to minoritiesRestructuring charges 0 0 0

Income smoothing Provision 0 0 0

Long-term operating Provision 0 0 0

Retirement Related Liabilities 0 0 0

Minority interest 0 0 0

Total payments to reserves/minorities 0 0 0

Equity

Less pref dividends paid 0 0 0

Prefs issued/(redeemed) 0 0 0

Less dividends paid 0 0 0

Equity raised/repaid 0 0 0

Total equity cash payments 0 0 0

Net Cashflow 0 0 0

Cash/overdraft

Opening balance 0 0 0

Increase/ (Decrease) 0 0 0

Closing balance 0 0 0 0


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#DIV/0!


INR 1998 1999 2000 2001 2------------------ ------------------ ------------------ ------------------ ------------

Check: Cash calc = Cash balance 1.0 0 0 0

Excess cash 0 0 0

Balancing debt 0 0 0

NOPLAT

Reported EBITA 0 0 0

Adj for Operating Leases 0 0 0

Adj for Non-operating component of pension expense 0 0 0

Add: Interest associated with Long-term operating Provision 0 0 0

Add: Increase in Income smoothing Provision 0 0 0

Adjusted EBITA 0 0 0

Taxes on EBITA 0 0 0

Change in Deferred Taxes 0 0 0

NOPLAT 0 0 0

Taxes on EBIT

Prov for Inc Taxes 0 0 0

Tax Shield on Interest Exp 0 0 0

Tax Shield on Operating Lease Interest 0 0 0

Tax Shield on Non-operating component of pension expense 0 0 0

Tax Shield on Interest associated with Long-term operating Provision 0 0 0

Tax on Interest Income 0 0 0

Tax on Non-operating Income 0 0 0

Taxes on EBIT 0 0 0

Reconciliation to Net Income

Net Income 0 0 0

Add: Increase in Deferred Taxes 0 0 0

Add: Increase in Income smoothing Provision 0 0 0

Add: Goodwill Amortization 0 0 0

Add: Extraordinary Items 0 0 0

Add: Special Items After Tax 0 0 0

Add: Minority Interest 0 0 0

Adjusted Net Income 0 0 0

Add: Interest Exp. After Tax 0 0 0

Add: Interest Exp. On Long-term operating Provision 0 0 0

Add: Interest Exp. on Op. Leases 0 0 0

Add: Interest Exp. on Non-operating component of pension expense 0 0 0

Income Available to Investors 0 0 0

Add: Restructuring Charges 0 0 0

Less: Interest Income After-Tax 0 0 0

Less: Non-operating Income After Tax 0 0 0


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#DIV/0!


INR 1998 1999 2000 2001 2------------------ ------------------ ------------------ ------------------ ------------

NOPLAT 0 0 0

Check: NOPLAT OK 0 0 0

Invested Capital

Operating Working Capital 0 0 0 0

Net Property Plant and Equipment 0 0 0 0

Other Assets Net of Other Liabs 0 0 0 0

Less: On-going operating Provision 0 0 0 0

Value of Operating Leases 0 0 0 0

Op. Invested Capital (excl.Goodwill) 0 0 0 0

Goodwill & Intangibles 0 0 0 0

Cumulative Written Off & Amortized 0 0 0 0 0

Op. Invested Capital (incl.Goodwill) 0 0 0 0

Excess Marketable Securities 0 0 0 0

Investments 0 0 0 0

Non-operating Assets 0 0 0 0

Retirement Related Assets 0 0 0 0

Total Investor Funds 0 0 0 0

Total Common Equity & Pref. Stock 0 0 0 0

Cum Goodwill Written Off & Amortized 0 0 0 0

Deferred Income Taxes 0 0 0 0

Dividends Payable 0 0 0 0

Income smoothing Provision 0 0 0 0

Adjusted Equity 0 0 0 0


Restructuring Provisions 0 0 0 0

Long-term operating Provision 0 0 0 0

Retirement-Related Liabilities 0 0 0 0

Interest Bearing Debt 0 0 0 0

Value of Operating Leases 0 0 0 0

Total Investor Funds 0 0 0 0

Check: Investor Funds 1.0 0 0 0 0

Free Cash Flow

NOPLAT 0 0 0

Depreciation 0 0 0

Gross Cash Flow 0 0 0

Increase in Working Capital 0 0 0


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#DIV/0!


INR 1998 1999 2000 2001 2------------------ ------------------ ------------------ ------------------ ------------

Capital Expenditures 0 0 0

Incr in other operating assets/liabilities 0 0 0

Incr in Ongoing operating Provisions 0 0 0

Inv in Operating Leases 0 0 0

Gross Investment 0 0 0

Free Cash Flow Excl. Goodwill 0 0 0

Investment in Goodwill and Intangibles 0 0 0

Free Cash Flow Incl. Goodwill 0 0 0

AT Interest Income 0 0 0

(Incr)/Decr Excess Mkt Sec 0 0 0

Foreign Exchange Translation 0 0 0

(Incr)/Decr Retirement Related Assets 0 0 0

Non-operating Cash Flow 0 0 0

Restructuring Cash Flow 0 0 0

Extraordinary items 0 0 0

Cash Flow Available to Investors 0 0 0

Financing Flow

AT Interest Expense 0 0 0

Interest on Operating Leases 0 0 0

Interest on Nonoperating Component of Pension Expense 0 0 0

Interest on Long-term Operating Provision 0 0 0

Decr/(Incr) in Debt 0 0 0

Decr/(Incr) in Operating Leases 0 0 0

Decr/(Incr) in Retirement Rel. Liab 0 0 0

Decr/(Incr) in Long-term Operating Provision 0 0 0

Payments to Minorities 0 0 0

Common Dividends 0 0 0

Preferred Dividends 0 0 0

Decr/(Incr) in Preferred 0 0 0

Decr/(Incr) in Share Capital 0 0 0

Total Financing Flow 0 0 0

Check: Investors CF = Financing CF OK 0 0 0

Economic Profit

Before Goodwill

Return on Invested Capital 0.0% 0.0% 0.0% 0

WACC 0.0% 0.0% 0.0% 0

Spread 0.0% 0.0% 0.0% 0

Invested Capital (Beg of Year) 0 0 0

Economic Profit (before Goodwill) 0 0 0


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#DIV/0!


INR 1998 1999 2000 2001 2-------------------------------------------------------------------------------------

NOPLAT 0 0 0

Capital Charge 0 0 0

Economic Profit (before Goodwill) 0 0 0

After Goodwill

Return on Invested Capital 0.0% 0.0% 0.0% 0

WACC 0.0% 0.0% 0.0% 0

Spread 0.0% 0.0% 0.0% 0

Invested Capital (Beg of Year) 0 0 0

Economic Profit (after Goodwill) 0 0 0

NOPLAT 0 0 0

Capital Charge 0 0 0

Economic Profit (after Goodwill) 0 0 0

DCF Valuation Calculations

CV period

FCF period Sum

Free Cash Flow

Discount Factor

PV of FCF 33,030

Continuing value PV of Continuing value #DIV/0!

Operating value #DIV/0!

Economic profit

Discount Factor

PV of EP 31,380

Continuing value

PV of Continuing value #DIV/0!

Invested capital at start of forecast 1,650

Operating value #DIV/0!

Check: EV=FCF #DIV/0!

Minorities

Profits attributable to minorities

Perpetuity based on final year detailed forecast

Discount factor

Present Value 0


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#DIV/0!


INR 1998 1999 2000 2001 2------------------ ------------------ ------------------ ------------------ ------------

Non-operating assets

Non-operating income

Perpetuity based on final year detailed forecast

Discount factor

Present Value 0

Restructuring costs

Restructuring costs paid

Discount factor

Present Value 0

Ratios

Adjusted EBITA / RevenuesCost of Goods Sold / Revenues NA NA NA NA

SGA costs / Revenue NA NA NA NA

EBITDA / Revenue NA NA NA NA

Depreciation / Revenues NA NA NA NA

Reported EBITA / Revenues NA NA NA NA

Adjustments to EBITA / Revenues NA NA NA

Adjusted EBITA / Revenues NA NA NA

Return on Invested Capital (BY)

Net PPE / Revenues NA NA NA

Working Capital / Revenues NA NA NA

Net Other Assets / Revenues NA NA NA Rev. / Inv. Capital (pre-Goodwill) NA NA NA

Pre-Tax ROIC NA NA NA

Cash Tax Rate NA NA NA

After-Tax ROIC (pre-Goodwill) NA NA NA

Rev. / Inv. Capital (incl. Goodwill) NA NA NA

After-Tax ROIC (incl. Goodwill) NA NA NA

Return on Invested Cap (Avg)

Net PPE / Revenues NA NA NA

Working Capital / Revenues NA NA NA

Net Other Assets / Revenues NA NA NA

Rev. / Inv. Capital (pre-Goodwill) NA NA NA

Pre-Tax ROIC NA NA NA

After-Tax ROIC (pre-Goodwill) NA NA NA

After-Tax ROIC (incl. Goodwill) NA NA NA

Average ROE NA NA NA

Growth Rates

Revenue Growth Rate NA NA NA

Adjusted EBITA Growth Rate NA NA NA

NOPLAT Growth Rate NA NA NA


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INR 1998 1999 2000 2001 2-------------------------------------------------------------------------------------

Invested Capital Growth Rate NA NA NA

Net Income Growth Rate NA NA NA

Investment Rates (excl. Goodwill)

Gross Investment Rate NA NA NA

Net Investment / NOPLAT NA NA NA

Financing

EBIT/Interest Payable NA NA NA

Adjusted EBITA/Interest payable NA NA NA

Cash Coverage (Gross CF / Interest) NA NA NA

Debt / Total Cap (Book) NA NA NA NA

Debt / Total Cap (Market) NA NA NA NA

Valuation indicators

Mkt Val Op Inv Cap/ BV Op Inv Cap NA NA NA

Market / Book (incl. Cum Goodwill) NA NA NA

Mkt val Op Inv Cap / Adj EBITA NA NA NA

Enterprise value / EBITA NA NA NA NA

Price Earnings Ratio NA NA NA NA

Documents

DISH TV India - Financial model - May 28 2010