Televisa (Buy) - Spin prospects fizzling out; very cheap but lacking catalysts
We are updating our estimates for Televisa following Q3s. Fundamentals remain mixed. The pro’s: private sector Ad spend is evidently more robust, cable revenue growth is double digits and fixed wireless is an emerging growth story for SKY (we included broadband in estimates some time back (see link) and this is starting to gain traction as a theme; we don’t think consensus has modeled this in detail).
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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