New Street Research - GRUPO TELEVISA (TLEVISA) TV (Neutral, TP: $3.7, +17%) Televisa – Spin Co support for MA; TVUNI Q4s

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New Street Research

Soomit Datta

EUR 9212.00 For Business Accounts Only

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.

16/02/2024 1 EN

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GRUPO TELEVISA

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Analysts

Soomit Datta

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Jin Yoon

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

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)

IQ 1Q24 Results: Driving Efficiency Remains a Key Focus in FY24

BIDU 1Q24 Results: Baidu Core Ads Could Remain Challenging in the Near Term

JD 1Q24 Results: Potential Upside in Margins for FY24

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