New Street Research - GRUPO TELEVISA (TLEVISA) ... New Street: TV US (Buy, TP: $13.5, +160%), MEGACPO (Neutral, TP: MXN60, +44%) Mexican Cable/Media – takeaways from Earnings calls (TV/MEGA)

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New Street Research

Soomit Datta

EUR 9589.00 For Business Accounts Only

New Street: TV US (Buy, TP: $13.5, +160%), MEGACPO (Neutral, TP: MXN60, +44%) Mexican Cable/Media – takeaways from Earnings calls (TV/MEGA)

We run through take-aways from Friday’s earnings calls at Megacable and Televisa.

31/10/2022 1 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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New Street Research

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:

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Pan European Telecom Services and Cable

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Soomit Datta

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Mexican Cable/FTTH - Q3 24: MEGA and TPLAY the strongest performers; TV still under pressure

The Mexican fixed market experienced a slight slowdown in revenue and EBITDA trends in Q3 but KPIs remained robust with 423k net additions and continued growth in Broadband penetration.

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TV US (Neutral, TP: $3.5,) Televisa Q2 24 - Cost (and maybe capex?) trying to offset very weak cable/DTH top line

Televisa reported Q2’s after close. Trends were broadly as expected, with focus on FCF rather than growing the base, meaning revenue momentum slipped further (-6% y/y from -5% in Q1) on the back of limited broadband adds (in contrast to peers like AMX) as well as a video subs disconnection. Operating segment income improved a touch (still down 8% y/y) and with the prospect of DTH/cable synergies coming through from Q3.

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AMX(Buy, TP: $24, +24%) Televisa (Neutral, $3.5, +11%) Megacable (Neutral, MXN55, +9%) Mexican FTTH/Cable - Megacable to Neutral on Valuation, AMX top pick into Investor Day

The market continued to eek out broadband growth in Q1, with Megacable leading the charge. We applaud management’s execution here and the double digit revenue and EBITDA growth, though this now seems embedded in expectations; we think it’s time to close out Megacable stock gains (30% YTD), trading on a 5.5% EFCF yield for 2025. Our target remains MXN55, though we have taken out the probability of cable-cable deal synergies, offset by upgrades following Q1s.

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Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

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New Street: TV US (Buy, TP: $13.5, +160%), MEGACPO (Neutral, TP: MXN60, +44%) Mexican Cable/Media – takeaways from Earnings calls (TV/MEGA)

Mexican Cable/FTTH - Q3 24: MEGA and TPLAY the strongest performers; TV still under pressure

TV US (Neutral, TP: $3.5,) Televisa Q2 24 - Cost (and maybe capex?) trying to offset very weak cable/DTH top line

AMX(Buy, TP: $24, +24%) Televisa (Neutral, $3.5, +11%) Megacable (Neutral, MXN55, +9%) Mexican FTTH/Cable - Megacable to Neutral on Valuation, AMX top pick into Investor Day

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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