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.
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- Pan European Telecom Services and Cable
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