MEGA (Buy, TP: MXN55, +20%) Megacable Q4s - The big capex unwind stars; Earnings call feedback
Megacable reported good Q4s last night with strong broadband adds, revenue growth accelerating (to 14% y/y on core cable/FTTH) and perhaps most supportively EBITDA on core returning to 12% growth on new build operational leverage; EBITDA was flat only a couple of quarters go and the guide is for margin expansion in FY 24 and beyond (ahead of us and the market).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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