New Street Research - GRUPO TELEVISA (TLEVISA) New Street: TV US (Neutral, TP: $12.5, -10%) Televisa Q2 outlook: Solid Ad, slowing Cable

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New Street Research

Soomit Datta

New Street: TV US (Neutral, TP: $12.5, -10%) Televisa Q2 outlook: Solid Ad, slowing Cable

We look ahead to Televisa’s Q2 results in early July. The Ad business will once again benefit from a very favourable comp and we’re looking for 30% y/y growth in revenue (28% in Q1); following the UNI deal announcement the narrative around Content should, therefore, remain supportive.

15/06/2021 4 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
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Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

Other Reports on these Companies

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 9284.00

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 9284.00

February 26, 2024 February 26, 2024 1 EN

New Street Research

TV (Neutral, TP: $3.7, +17%) Televisa – Spin Co support for M&A; TVUNI Q4s

Ahead of the spin of its non-core assets next week (Feb 20th) we highlight the impact to Televisa: potentially an ex-div move of up to $0.5 per ADR (assuming SpinCo trades at 4x EBITDA, in-line with our implied valuation). Cleaning up the business would be a helpful move ahead of potential M&A (with Megacable). We also run through TVUNI (>100% of target TV equity) Q4 results yesterday, feeling the headwinds of a tough comp in the 2022 World Cup, but with a better outlook for 2024 where we think revenue and EBITDA should be able to grow mid-single digits and kick start the deleverage process.

EUR 9284.00

February 16, 2024 February 16, 2024 1 EN

Frontier Model Update

This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

EUR 9284.00

11h 11h 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

EUR 9284.00

12h / 43m 12h / 43m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

EUR 9284.00

19h / 32m 19h / 32m 1 EN

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New Street: TV US (Neutral, TP: $12.5, -10%) Televisa Q2 outlook: Solid Ad, slowing Cable

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)

TV (Neutral, TP: $3.7, +17%) Televisa – Spin Co support for M&A; TVUNI Q4s

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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