MEGA (Neutral, TP: MXN43, +4%) TV (Neutral, TP: $5.0, +2%) Mexican Cable/FTTH - Megacable to gain share (but there’s no real winner)/ Back to Neutral
Following our HY initiation on Totalplay (see High Yield – LatAm Telcos Coverage) we review our forecasts for Megacable and Televisa ahead of Q2 results. We see tough trends for Televisa, largely the flip side of ongoing decent momentum for Megacable in its new regions (Izzy’s territories). We are also formally (and a touch belatedly) removing M&A optionality from our targets for both stocks: moving to MXN43 (from MXN65) for Megacable and to $5.0 (from $7.0) for Televisa.
Megacable Holdings and its subsidiaries are engaged in the installation, operation, maintenance and exploitation of cabling network distribution, internet and telephone systems.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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