New Street: TV US (Buy, TP: $14.5, +63%) Televisa - FY Update, Cable capex down (even more than we thought), Content prospects bright
We have updated our model for FY and to reflect updated company outlook for the coming years. There are two key positives we take: 1/ Cable capex coming down even more than anticipated (from 36% of sales in FY 21 to 25% of sales in FY 22), and 2/ A confirmed positive growth outlook for TelevisaUnivision, backed up by upbeat comments on the local Upfronts (13%) for 2022, as well as a quicker launch for SVOD than we had thought (early Q3).
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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