Videocon – Long Thesis Still On Track – Videocon d2h Limited (NASDAQ:VDTH)

Since my previous Videocon d2h (NASDAQ:VDTH) write-up the shares have been quite volatile (sold off >25% in Feb 2016), but recently stabilized around my purchase price. Obviously the market is not yet agreeing with the potential I see in this enterprise. With annual results recently published, it is time for an update.

For those who do not have access to the previous article, here is a short summary.

Videocon is the fastest growing satellite TV provider in India with 21% subscriber share. At the same time, India is the fastest growing and one of the least penetrated TV markets in the world. There is plenty of scope to raise pricing for pay-TV services as