Charter Model Update
This note focuses mostly on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. We also expect leverage to approach 4.25x by the end of the year. This likely rules out further repurchases this year, unless EBITDA is stronger than we expect. No change to thesis, though we expect Broadband stocks to be challenged for at least next few quarters. Price target is $431 (+69%).Charter Communications is a holding company. Through its subsidiaries, the company is a cable operator and a broadband communications company providing video, Internet and voice services. The company also provides its mobile service to residential customers. In addition, the company sells video and online advertising inventory to local, regional and national advertising customers and communications and managed solutions to enterprise customers. The company also owns and operates regional sports networks and local sports, news and community channels. The company owns and operates a two-way telecommunications network which passes various households and small and medium businesses across United States.
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- Pan European Telecom Services and Cable
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