EFTA01457524.pdf

27 May 2016 Broadcasting / Movie & Entertainment Dish 7V Model updated:26 May 2015 fecal yaw and 31-Mar 2012 2013 2014 2015E 2016E 2017E lihrinini the nnoit,,e. inhnea.4! Sun: to:; Asia 08 EPS IINR) -0 77 .1 18 '036 004 328 547 Reported EPS (INR) 4 25 .062 0.36 004 326 547 India OPS (INRI 000 000 0.00 000 000 0.00 gyps gen) -0.9 -1.5 -29 -29 0.4 50 Broadcasting I Movie & Entertainment Weighted average shares WI 1,064 1.065 1,065 1,095 1,055 1,065 Dish IV Await* market cap (INRm) 75.747 74,251 59913 103,979 103,978 103.978 Enterprise value (INRml 84.270 84.178 66.428 110.899 107.087 101.708 Routers: DS ry BO Bloomberg: DIN IN V.Iit:: , tr , 0 Metric , P/E (DB) Ix) nm nm nm nm 29.9 17.9 Buy P/E (Reported) (x) nm nm nm nm 299 17.9 Price (26 May 151 INR 97.65 P/BV (5) -72.35 -4598 -17.96 3408 24606 19.35 Target Pr co INR 106.00 PCP Yield (%) nm MI 4.1 06 3.7 5.2 Dividend Yield 1%, 00 0.0 0.0 00 0.0 0.0 52 Week range INR 51.15 - 97.65 EV/Sales (x) 43 3.9 2.6 40 3.4 2.7 Markel Cap (ml INRm 103,978 EV/E81704 170 14.5 106 152 114 8.6 EV/EBIT 00 nm nn 230.5 959 33.1 18.3 USDm 1.639 Inixinal Statement (INMI° Sala menu* 19.579 21,668 25.090 27.818 31.893 37.033 0th TV is Indas first ena boom: orectio-home Gran prOM 9,559 10,513 11.732 13.777 16.278 19.528 entertainment service. h has digitized Indian entertainment EDITOR 4.960 5.795 6.261 7.297 9391 11.795 to tiring the Oest m television wewng through digital DepreattiOn 5.219 6.776 5.973 6.140 6.160 6.226 technology As of March 2010 the company had a gross Amortaahon 0 0 0 0 0 0 subscriber base of 9mn, with • market "nets of 42%. Thsh EBIT -259 -480 288 1.156 3231 5.569 'IV is part of the conglomerate that also owns 2** Net interest incormlexPerna) -1.284 -1,327 -1,764 -1.110 -731 -1.270 Enterwrrnenk Zee News and WWIL. Amocatesiettriaws 0 0 0 0 0 0 Exceptainels/extrsordinenes -510 594 0 0 0 0 Other pretax income/Owens.) 707 512 660 636 12153 1.048 Profit before lax -1.331 -658 -378 37 3.473 WS Pigs Pnrlornamat Income tax *wens* 0 0 0 0 0 0 Minor melt 0 0 0 0 0 0 105 Other pat-tax incorneReiMensel 0 0 0 0 0 0 90 Net profit -1,331 -858 .378 37 3,473 5.826 75 08 adjustments (including chlubm) 510 -594 0 0 0 0 60 DB Net prait -821 -1.752 -378 37 3.473 5.826 45 Kash How (INRm) 30 • . • May 'Zug '310r 13Feb I 1. ay tang 1.trov 14Feb 15 Cash Bow from owiwons 407 7.615 5,144 0.20 9.717 11.283 Net Capes .4.449 -9.062 4.739 4.674 .5.905 -5.905 —0-W Free cash flow -5.255 -1.447 2.405 596 3.812 5.379 Wow Rocs henna (8517W elstme4 Equity raised4bougm backl 23 43 0 0 0 0 Mingin here f: Dividends paid 0 0 0 0 0 0 Nat incrldecl in borrowings 5.394 2.388 -2.235 -2.500 -3.000 4000 40 osim.........** Other investing/1mincing cab Bows 500 -1.282 0 0 0 0 30 ••••••••••••••••.Passass Net Cash flow 662 170 -1.905 1312 1.379 20 Change in incrkingesotal -4694 7,997 773 91 SI 706 10 Ralance Sheet (INFiml 0 -- Immas•••••• Cash and other load assets 3.919 3.621 3.399 1.494 2.306 3.684 -10 Tangier* fixed ante 18,088 20,874 17.640 17,174 16,919 16,598 12 '3 '4 '5E '6E 17E Goodwill/intangible assets 0 0 0 0 0 0 —arm maw —e—Sein Monza Msocieteshnvestrnents 1,500 2,792 9180 3,190 3,180 3.180 Othor mats 2.833 4.273 3.511 3.946 4.397 5.093 OWth 7r PirifthbiIity Tote assets 26.340 31.550 27.730 25.690 26.801 28.556 Rawest bearing debt 13.942 16.330 14095 11.595 8596 4395 40 i. 250 Other 1180.1ItteS 13.337 16.773 16.724 17,150 17,795 18997 • I 2C0 Tots hablrtes 27,278 33,103 30,819 28,745 26,380 23.182 ICO Shareholders' equity -939 4,553 4093 4.052 422 5.373 Minorities 0 0 0 0 0 0 4 100 TOW sharehOldera *Rudy -939 -1.553 4.089 4.052 422 5.373 3: 21°0 12 13 I 14 I II 16E 18E 17E 10 60 AS deaf [KEY Company Mob rs 14023 12709 14696 14107 4290 911 seme. growth (14) 36.3 10.7 15.8 10.9 14.6 16.1 Saw trommuiSI •—••—eoEini01 08 EPS growth 95) 61.0 42.3 698 RD 9.201.3 67.7 Solvancy EBEIDA Margin 1%) 25 3 26.7 25.0 26 2 29.4 319 EDIT Margin Old -I 3 43 1.1 42 10.1 15.0 20 .8 Payout ratio I%) mil nm nm 00 00 0.0 ROE (%) nm nm nni nm an 201.1 15 22 7 41 8 20.4 Canoltakie 109 18.5 159 10 r4 Capextelop.seiabon IU Net debthwity (y6) 09 nm 1.4 arm 0.5 nm 09 nm 1.0 ism 09 17.0 5 k 2 Net interest cover (x) nm nm 0.2 07 2.9 7.0 0 0 13 IL ISE ME 17E 500/44' Company Spa Dartsche Sent °samara 12 — hmdslanquwearM Not meenal navel MN* Page Deutsche Bank AG/Hong Kong CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117099 CONFIDENTIAL SDNY_GM_00263283 EFTA01457524