reports
- Chris Hoare
Televisa (Neutral, TP: $2.3, +22%) Q1 25: Small beat at OSI and solid...
Televisa reported Q1’s after close yesterday. Revenue came in in line with consensus and our expectations while OSI slightly beat consensus and our forecasts. Broadband net adds came in slightly better than consensus but remained in negative territory.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
Millicom (Buy, TP: $36, +30%) - Q4 24: Slower trends but strong EFCF
Millicom has reported a slower set of Q4 results and both service revenue and EBITDA came in a shade below consensus expectations. However, the EFCF performance was strong, well above expectations in Q4 and the guide for 2025 EFCF of ~$750m is also above consensus (in line with us).
- Chris Hoare
- Chris Hoare
- Chris Hoare
Televisa (Neutral, TP: $3.1, +50%) Q4 24: Solid FCF but weak fundamen...
Televisa reported Q4’s after close. Cable revenue and OSI were broadly as expected but KPIs were weak this quarter, with broadband net adds back into negative territory. Focus remains on FCF rather than growing the base, helped by relatively low cable capex this year.
- Chris Hoare
TIM Brasil (Buy, TP: BRL22, +27%) New R$1bn share buyback plan approv...
TIM Brasil has approved a new share buyback plan, up to R$1bn (US$ 173m), which represents a significant uptick in overall shareholder remuneration. This is another positive development following its new medium term guidance. With a net cash position and 14% 2025 FCFE yield, the stock is a compelling Buy and represents one of our Top Picks in EM with a R$ 22 price target.
- Chris Hoare
LatAm Telcos: Outlook 2025 – Market repair continues, TIM Brasil and V...
Fundamentals continue to look pretty good to us in Latin America, with market repair continuing across wireless markets and further consolidation likely. Macro / political risk is probably the biggest issue. We upgrade TIM Brasil and Vivo to Buy. Price targets rise to BRL22 and BRL66 (from BRL19 and BRL57 ) respectively.
- Chris Hoare
Millicom (Buy, TP: $34, +24%) Impressive new shareholder remuneration...
Millicom has announced a new , very positive , shareholder remuneration policy which includes resuming regular cash dividends, sustaining or growing cash dividend every year, and keeping a prudent capital structure. The new dividend policy is well ahead of our expectations.
- Chris Hoare
Global EM Telcos & Towers Introducing the NSR Global EM Telco & Tower...
In a separate note published last week we introduced the NSR GEM-Top 8. However, many of the stocks in that list are not liquid and so, given the tailwinds we now see in the Telco industry we introduce a second list – the GEM Telco & Towers Liquid Compounders; large cap, well-managed telcos in attractive markets at cheap valuations that are likely to generate market-beating returns over time. These are the best large cap investments in the Global EM Telco & Towers space we think.
- Soomit Datta
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Empresa Nacional de Telecomunicaciones S.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 11 November 2024 in which we reassessed the appropriateness of ...
- Soomit Datta
- Soomit Datta
TIGO (Buy, TP: $34, +29%) Millicom - Q3 24: Solid quarter; raised EFCF...
Millicom has reported a solid set of results with improving service revenue trends, a nice reversal in Home Broadband nets adds (driven by Colombia) and strong EFCF this quarter. The company has lifted its FY24 guidance for EFCF to ~$650m from “more than $600m previously” – though consensus is close to this level for FY24.
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