Televisa Posts Weak Quarter Due to Ongoing Restructuring and Weak Macro Environment
Grupo Televisa posted weak third-quarter 2016 earnings as both revenue and EBITDA were below expectations. Despite this miss, the company remains on track to meet our low expectations for 2016. We are maintaining our wide economic moat rating for Televisa and our fair value estimate of $25. With the stock trading near our fair value estimate, we would look for a larger margin of safety before investing.Consolidated net sales grew to MXN 23.7 billion, up 7% year over year, led again by the Sky a...
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