| Q2FY13 results were in line as per the expectations, its net sales grew 10% YoY to Rs.533 crores, EBITDA grew by 18% to 155 crores and EBITDA margin improved to 29.1%. The stock is trading 14.7x and 12.2x EV/EBITDA of FY13E and FY14E earnings. We value this company at 14.2x EV/EBITDA for FY14E giving us target price of Rs.92. To read full report click on the file attached. |
dish_tv.pdf |