New Street Research - GRUPO TELEVISA (TLEVISA) New Street: TV US (Buy, TP: $14.5, +45%) Televisa Q1s Quick Take - Small beat at Consolidated group (after solid TVUNI)

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New Street Research

Soomit Datta

EUR 8824.00 For Business Accounts Only

New Street: TV US (Buy, TP: $14.5, +45%) Televisa Q1s Quick Take - Small beat at Consolidated group (after solid TVUNI)

Having reported solid numbers for TelevisaUnivision (TVUNI) earlier in the day (see TVUNI – A solid start), consolidated numbers for the rump business (Cable/SKY/Other) were reported after close.

27/04/2022 1 EN

Underlying

GRUPO TELEVISA

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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
Asian Internet
Pan European Healthcare
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

Televisa (Neutral, TP: $3.1, +50%) Q4 24: Solid FCF but weak fundamentals/KPIs

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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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CMCSA: Quick thoughts following the call 1Q25

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New Street: TV US (Buy, TP: $14.5, +45%) Televisa Q1s Quick Take - Small beat at Consolidated group (after solid TVUNI)

Televisa (Neutral, TP: $3.1, +50%) Q4 24: Solid FCF but weak fundamentals/KPIs

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

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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