New Street Research - GRUPO TELEVISA (TLEVISA) ... New Street: Mexican telco Q4s (TV/MEGA) - Quick Take - Cable top line slows, all eyes on capex

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New Street Research

Soomit Datta

EUR 1175.80 For Business Accounts Only

New Street: Mexican telco Q4s (TV/MEGA) - Quick Take - Cable top line slows, all eyes on capex

Televisa and Megacable both reported FYs last night. Numbers were solid at Televisa, beating revenue and EBITDA by 2% on the back of a stable Ad quarter, which bodes well for 2020.

21/02/2020 5 EN

Underlyings

GRUPO TELEVISA

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Megacable Hldgs SAB de CV Cert Part Ord Cons of 2 A

Megacable Holdings and its subsidiaries are engaged in the installation, operation, maintenance and exploitation of cabling network distribution, internet and telephone systems.

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MX01ME090003 Mexican Stock Exchange Mexico

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Soomit Datta

Other Reports on these Companies

New Street Research

Televisa (Neutral, TP: $2.3, +22%) Q1 25: Small beat at OSI and solid FCF but fundamentals/KPIs still under pressure

Televisa reported Q1’s after close yesterday. Revenue came in in line with consensus and our expectations while OSI slightly beat consensus and our forecasts. Broadband net adds came in slightly better than consensus but remained in negative territory.

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New Street Research

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Megacable has reported a decent set of Q1 results. Revenue came in a touch below expectations while EBITDA came in a touch above. Financial and KPI trends slowed this quarter but remained solid across the board

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New Street Research

Mexican Cable/FTTH MEGA and AMX the strongest performers, TV pt to $2.3; Q4 24 review

The Mexican fixed market saw revenue trends roughly stable in Q4 vs. Q3 while EBITDA trends continued to inflect. KPIs were relatively slower but decent with ~220k net additions and Broadband penetration continued to creep up.

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Microsoft 3FQ25: AI re-platforming delivers results. Buy $550 TP.

Microsoft reported 3FQ25 last night. Please click the link below for our take on the print.

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Jonathan Chaplin

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CCI 1Q25 Quick Take: Strong results; upgrade to Buy

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Blair Levin

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New Street: Mexican telco Q4s (TV/MEGA) - Quick Take - Cable top line slows, all eyes on capex

Televisa (Neutral, TP: $2.3, +22%) Q1 25: Small beat at OSI and solid FCF but fundamentals/KPIs still under pressure

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Mexican Cable/FTTH MEGA and AMX the strongest performers, TV pt to $2.3; Q4 24 review

Microsoft 3FQ25: AI re-platforming delivers results. Buy $550 TP.

CCI 1Q25 Quick Take: Strong results; upgrade to Buy

Pentagon Floats Spectrum Plan

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