The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported a slowdown/fall in subscriber growth. Having formerly been seduced by hectic subscriber growth rates, investors quickly refocused, this time on fundamental metrics such as revenue, margins, profits and cashflow. Since then, streamers have continued to take a steadily greater share of viewing while linear TV continues to decline. But growth in streaming subscribers in the US and UK is now a ...
Over the holidays, the FCC adopted a Report and Order completing the 2018 quadrennial review of the Commission's broadcast ownership rules, upholding its current media ownership rules with only minor modifications. In this note, we quickly review what the FCC did, the implications for investors, and the broader shifts that will eventually cause a major shift in those rules (as well as what we think investors are missing in their policy analysis of a potential Discovery/Warner/Paramount deal).
There are multiple news reports that Warner Bros./Discovery (WBD) and Paramount Global (PARA) are considering a merger. In this note, we provide a quick initial assessment of potential path for government approval of such a transaction.
DISCOVERY INC (US), a company active in the Broadcasting & Entertainment industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as moderately risky. At the fundamental level, theScreener confirms the rating of 0 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Neutral even if it remains under pressure. As of the analysis date April 5, 2022, the closin...
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
Streaming is the most disruptive force in video media. Globally, streamed video services continue to grow, led by the US majors, apparently at the expense of non-streamed and advertising-dependent broadcasters. Recent trading announcements by leading streamers and leading UK broadcasters point in two directions: streaming growth in the North American market is slowing, according to figures from Netflix and Disney, while UK public service broadcasters (PSBs) reported a strong advertising recovery...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Upgrading Communications To Overweight; Financials Breaking Above 2007 Highs Ongoing market dynamics continue to support our overall bullish outlook. Recent developments include Financials (XLF) breaking above the 2007 highs, new 11+ month highs in the 10-year Treasury yield, new RS lows for defensive Sectors (Staples & Utilities), new multi-year narrows for high yield spreads, and new 2+ year highs in broad commodities (Bloomberg Commodity index). Of course, this all comes alongside an absence...
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
SNX currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 17.4x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to fall from 12% in 2018 to 6% in 2023, accompanied by 13% Uniform Asset growth going forward. However, analysts have more bullish expectations, projecting Uniform ROA to expand to 13% by 2020, accompanied by 11% Uniform Asset growth. Meanwhile, management is confident about their Hyve revenue targets, EPS guida...
ï€ Discovery, Inc. (DISC.A:USA) currently trades below historical averages relative to UAFRS-based (Uniform) Earnings with a 10.1x Uniform P/E, implying bearish expectations for the firm. However, management's confidence about their strategic objectives, channels, and platform suggests market expectations are overly bearish, and upside remains warranted ï€ Specifically, management is confident that they met or exceeded all their strategic objectives, that their channels have great affinity, an...
YUM currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 25.1x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to expand from 39% in 2018 to 64% by 2023, accompanied by immaterial Uniform Asset growth going forward. Meanwhile, analysts have somewhat less bullish expectations, projecting Uniform ROA to only improve to 48% in 2020, accompanied by 2% Uniform Asset compression. However, management may be concerned about Taco Bel...
Discovery, Inc. (DISC.A:USA) currently trades below historical averages relative to UAFRS-based (Uniform) Earnings with a 10.6x Uniform P/E, implying bearish expectations for the firm. Although management's concerns about their direct-to-consumer platform, competitive advantages, and investments suggest the potential for near-term headwinds, long-term upside remains warranted. Specifically, management may be overstating the potential of their direct-to-consumer platform, the strength of their po...
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