New Street Research - Megacable Hldgs SAB de CV Cert Part Ord Cons of 2 A (MEGACPO) New Street: TV US (Neutral, TP: $12.5, +10%) MEGACPO (Neutral, TP: MXN72, +22%) Mexican Cable - Race to Build, Capex to stay elevated; Q3 outlook

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New Street Research

Soomit Datta

New Street: TV US (Neutral, TP: $12.5, +10%) MEGACPO (Neutral, TP: MXN72, +22%) Mexican Cable - Race to Build, Capex to stay elevated; Q3 outlook

Competition and a race to build dominate the narrative around Mexican cable. TV (Izzy) and MEGA, faced by FTTH threats (Total Play, to some degree AMX also), continue to target each other's footprint where they see weaker (legacy HFC) infrastructure; capex is set to remain high. Looking ahead to Q3's, we should hear more about MEGA's immediate plans.

12/10/2021 9 EN

Underlying

Megacable Hldgs SAB de CV Cert Part Ord Cons of 2 A

Megacable Holdings and its subsidiaries are engaged in the installation, operation, maintenance and exploitation of cabling network distribution, internet and telephone systems.

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MX01ME090003 Mexican Stock Exchange Mexico

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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
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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New Street: TV US (Neutral, TP: $12.5, +10%) MEGACPO (Neutral, TP: MXN72, +22%) Mexican Cable - Race to Build, Capex to stay elevated; Q3 outlook

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Mexican Cable/FTTH MEGA and AMX the strongest performers, TV pt to $2.3; Q4 24 review

Megacable (Neutral, TP: MXN55, +29%) Q4 24: Decent quarter, solid KPIs

Microsoft vs. OpenAI: Implications for investors?

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

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