New Street Research - GRUPO TELEVISA (TLEVISA) New Street: TV US (Buy, TP: $14.5, +57%) Televisa Q1 Model Update: Netflixs loss can be TVs gain

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New Street Research

Soomit Datta

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New Street: TV US (Buy, TP: $14.5, +57%) Televisa Q1 Model Update: Netflix's loss can be TV's gain

We have updated estimates for Q1 following earnings and a call with the company. We have pushed up near-term group revenue and EBITDA coming from “Other”, and we have pushed up TVUNI revenue (not consolidated) given good Q1s and ongoing positive rhetoric from the company on the AVOD launch (March 31st).

29/04/2022 1 EN

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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
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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

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New Street: TV US (Buy, TP: $14.5, +57%) Televisa Q1 Model Update: Netflix's loss can be TV's gain

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

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

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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