+1. Agreed. After seeing how receptive board was with shareholder interests in Eicher motors, I m very concerned of betting on management changes.
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In the last quarter they have lost some market share. Remember there are 10 crore cable subscribers. TATA and Airtel are big names. You need additional capital IMO but not necessarily. You are right, they do 2000 crores in EBITDA. Even if they dont raise funds they are doing good.
The promoters wanted to raise 1000 crores at 10 rs per share. Obviously no one would have bought the right size. Thereby increasing the promoters stake and diluting others.
But they have not hosted the conference call for the past 2 years. I’m not sure about the exact amount of goodwill left for impairment.
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The thing about dish tv is that the average CFO in the past five years is 1600 crore per year and latest debt is 800 crore(which i believe has gone down even more as the interest payment in the latest quarter is lower than all the previous quarters).,but the company is available at 3637 crore.Yes,they have a 4000 crore tax case against them but they have made provisions of 3500 crore against that.
Essentially the company is trading at 2.25 times CFO and as noted by you a comparative peer fetched 8 times EBITDA.
The company is market leader along with Tata sky.
Management change or not the company is too undervalued…
Disclosure:Invested and Biased
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Goodwill is 2238 crore according to latest annual report.
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I feel that Dish TV is waiting for the 3 weeks time to be finished which will end on oct 14th-15th .Then Dish can approach NCLT and ask for a EGM ,same as in the case of ZEE.
How much they have invested and can you tell about the return profile?
Dish tv going to hold Board of Directors meeting on 13 th oct.I am guessing they are going to declare YES bank’s notice as ‘invalid’.
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Not sure about returns as I think they have not yet disclosed the app’s financials.They do have 25 million subscribers and according to YES bank they made 1500 crore investments.
What is interesting about the company is that in 2008 the share price was 120,when EBITDA was less than 100 crores,but now at 2000 crore EBITDA,the share price is 20.EBITDA is up 20 times,but share price is down 6 times.
Disclosure:Same as above.
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Wouldn’t a 5% growth assumption be a bit high considering the fact that the quarterly sales have literally halved from what they were back in Sept 2018?
Disc : Invested.
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Dish TV India: The company’s board has agreed that the EGM cannot be called as sought by Yes Bank. The board has also instructed the management to send a detailed response to the bank. “Yes Bank being a banking company and it’s shareholding in the company being a consequence of invocation of pledges, there are certain embargos under the provisions of the Banking Regulation Act, 1949 read with SEBI Regulations, 2011, because of which the said resolutions cannot be placed before the shareholders."
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you are looking at videocon numbers. The topline for Dish tv has not come down to half.
It seems that the NTO 2.0 is implemented. I was on the GTPL hathway call yesterday but they did not confirm. Any idea whats happening?
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Dish TV India could become interesting if Yes bank is able to get the management control.
Bharti Airtel DTH valuation ~ 15,000 crs
Dish Tv India market cap ~ 3500 crs
Both have 25% market share in DTH market.
There is a very high probability that EGM will be conducted. If Yes bank gets the management control, they will mostly sell it to Airtel or Tata sky and recover their loans. Tracking the developments.
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Central Government Act
Section 102 in The Code Of Criminal Procedure, 1973
102. Power of police officer to seize certain property.
(1) Any police officer, may seize any property which may be alleged or suspected to have been stolen, or which may be found under circumstances which create suspicion of the commission of any offence.
The promoters are playing every dirty game they can to keep hold of the company.
What is happening here? Why Investor’s community is not taking up the matter to protect the interest of minority shareholders. Dish Tv current management has no right to cling on to their position. They are now minority. They have all along mis managed the Co for their vested interest. Educated boarders are requested to give their views how to escalate the issue so that present management can be changed to get rightful valuations for small investors.
Yes, a very dirty game is being played by the promoters in zee and dish. They eventually want to delay the egm in both the cases and try increasing their stake. If the rights issue is successful in dish tv, minority shareholders will suffer a lot.
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This promoter trying to abuse the system. Anyone surprised?
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News item on Dish TV. Don’t know if true or not.
