New Street Research - Charter Communications Inc. Class A (CHTR) CHTR: quick thoughts following the 3Q24 call

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New Street Research

Jonathan Chaplin

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CHTR: quick thoughts following the 3Q24 call

In this note we cover updated thought on ACP; updated thoughts on broadband market growth (it is improving!); broadband adds for 4Q24; EBITDA growth in 4Q24 and 2025; lowered BEAD expectations; lowered capex expectations; and comments management made on the competitiveness of HFC with fiber.

01/11/2024 1 EN

Underlying

Charter Communications Inc. Class A

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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US16119P1084 NASDAQ Stock Market United States

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Analysts

Jonathan Chaplin

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Autumn for Broadband 3Q24

In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Adjusted for ACP, trends have improved quite significantly. We continue to expect further recovery next year, once the ACP headwind has passed.

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New Street Research

Charter Post-3Q24 Model Update

This note focuses on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. We lowered broadband losses slightly. We also lowered capex and increased FCF estimate for the year. We expect consensus to increase their EBITDA and FCF estimate for the year. Price target is $488 (+33%).

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CHTR: quick thoughts following the 3Q24 call

Autumn for Broadband 3Q24

Charter Post-3Q24 Model Update

TIGO (Buy, TP: $34, +29%) Millicom - Q3 24: Solid quarter; raised EFCF guidance

Telefonica (Neutral, €4.5, +7%) Q3 24 – Revenue, EBITDA and FCF beat

ADYEN US (BUY, TP: EUR1,700, +28%) Adyen - Q3 and a volatile day; call feedback / our take

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