New Street Research - GRUPO TELEVISA (TLEVISA) ... New Street: TV US (Buy, TP: $14.5, +31%) Televisa (Buy) - Streaming/Content/Cable update into Q1 earnings

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New Street Research

Soomit Datta

EUR 9106.00 For Business Accounts Only

New Street: TV US (Buy, TP: $14.5, +31%) Televisa (Buy) - Streaming/Content/Cable update into Q1 earnings

We caught up with Televisa ahead of the company’s first earnings report to reflect the January closing of the Televisa Univision (TU) merger and its subsequent deconsolidation (and treatment as an associate).

13/04/2022 1 EN

Underlyings

GRUPO TELEVISA

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Grupo Televisa SA (ADR)

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US40049J2069 Frankfurt 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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
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Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Soomit Datta

Other Reports on these Companies

New Street Research

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.

EUR 9106.00

July 24, 2024 July 24, 2024 1 EN

New Street Research

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.

EUR 9106.00

April 30, 2024 April 30, 2024 1 EN

New Street Research

Mexican Cable/FTTH – Capex down, promotions lifting; Buy MEGA; TV/TPLAY (HY)

Following TotalPlay and Televisa results at the end of last week, and Megacable the week prior, we highlight key positive conclusions from the Mexican reporting season: 1/ Capex is coming down across the board in Mexico in FY 24 driving an uplift in OpFCF margin for all players, 2/ Lower promotional intensity through YE is helping ARPUs and would be supportive if it holds.

EUR 9106.00

February 26, 2024 February 26, 2024 1 EN

Transgene- TG4050 Advancing, New BT001 Data (TP EUR2.60 [3.20])

With TG4050, Transgene’s lead myvac platform candidate, advancing into phase II following positive results from the P1 trial, we now value the drug at €50m, with risk adj. peak sales of ~$220m. The company also reported positive data from part B of its P1 trial of BT001, which showed signs of disease control in a challenging patient group with advanced or metastatic solid tumours who had exhausted standard therapies. Following the €33m debt-to-equity conversion and removal of TG6002 from the pipeline, our new forecasts now value the company at €2.60/share [3.20], implying >2x upside. For acces...

EUR 4553.00

October 4, 2024 October 4, 2024 1 EN

Chris Hoare

Chris Hoare

Rakuten (Reduce, ¥400, -56%) Rakuten selling a stake in Rakuten Card – highlights the extreme implied value of Mobile

Rakuten has announced that the company is no longer proceeding with its Fintech reorganisation, preferring instead to enter a deep alliance with (and probably stake sale to) Mizuho. In this brief note, we address what we think Card is likely to be worth in a sale and the implications for Rakuten.

EUR 9106.00

October 4, 2024 October 4, 2024 1 EN

Ben Rickett ... (+2)

Ben Rickett
James Ratzer

Cityfibre and Hyperoptic Update from the latest accounts - material funding still needed

This week Cityfibre and Hyperoptic, two of the UK's largest fibre altnets, filed their 2023 financial accounts at UK Companies House, which reveals new financial information (even if a little backdated). So we take this opportunity to refresh how the businesses are faring against each other and what funding needs could still lie ahead.

EUR 9106.00

October 4, 2024 October 4, 2024 1 EN

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New Street: TV US (Buy, TP: $14.5, +31%) Televisa (Buy) - Streaming/Content/Cable update into Q1 earnings

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

Mexican Cable/FTTH – Capex down, promotions lifting; Buy MEGA; TV/TPLAY (HY)

Transgene- TG4050 Advancing, New BT001 Data (TP EUR2.60 [3.20])

Rakuten (Reduce, ¥400, -56%) Rakuten selling a stake in Rakuten Card – highlights the extreme implied value of Mobile

Cityfibre and Hyperoptic Update from the latest accounts - material funding still needed

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