EFTA Document EFTA01457529

27 May 2016 Broadcasting / Movie & Entertainment Dish TV Valuation and risks We have factored in net subscriber additions in FY16/FY17 of 1.4/1.4mn. We now factor in EP/0/10% content-cost increases in FY16/FY17. Our estimates are conservative compared to management guidance of mid-single-digit growth for content cost for FY16. We set our target price at an exit EV/EBITDA of I1x September 2016E. ME valuation The key assumptions of our three-stage FCFF (free cash flow to firm) methodolo