Underlying solid in messy first report with SNI
The Scripps Interactive acquisition closed on 6th March with the company's results included from that date onwards. We doubt consensus was particularly robust and note that our estimates were pro forma for the acquisition. Looking at pro forma YoY changes, US revenues rose 2% while EBITDA climbed just 1% (AE +5%, flat). Meanwhile international revenues rose 26% and EBITDA declined 30% (AE +10%, EBITDA loss of $(11)m). Total revenue company grew 10% while EBITDA fell 6% (AE +7%, -24%). The extreme international movements reflect timing differences regarding Olympics revenue and cost accounting which we had overestimated.Discovery, through its subsidiaries, is a media company that provides content across distribution platforms, including pay-television, free-to-air and broadcast television, and direct-to-consumer subscription products. The company's portfolio of networks includes nonfiction television brands such as Discovery Channel, HGTV, Food Network, TLC, Animal Planet, Science Channel, and MotorTrend . The company's portfolio includes Eurosport, a sports entertainment provider. The company classifies its operations in two segments: U.S. Networks, consisting of domestic television networks and digital content services, and International Networks, consisting of international television networks and digital content services.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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