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