27 May 2015
Broadcasting / Movie & Entertainment
Dish IV
Risks
Key downside risks include a reduction in ARPU, an increase in content cost,
and an increase in churn rate.
Our sensitivity analysis shows that EBITDA, and subsequently valuation, are
highly sensitive to ARPU and content-cost assumptions. We estimate that
every 5% increase/decrease in ARPU assumption increases/decreases EBITDA
by 12%.
Deutsche Bank AG/Hong Kong Page 9
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