reports
- Chris Hoare
- Chris Hoare
- Chris Hoare
Televisa (Neutral, TP: $2.3, -3%) Better broadband KPIs and nice EPS ...
Televisa has reported a mixed set of Q2 results after the close yesterday. Revenue came in slightly below consensus expectations while OSI came in roughly in line. The small revenue miss was driven by Sky which saw a further deterioration in trends this quarter. EPS beat nicely, mainly driven by TVUNI which posted a better quarter. Perhaps the highlight this quarter is the Broadband net adds which were positive (+6k).
- Chris Hoare
Televisa (Neutral, TP: $2.3, +7%) Debt downgrade / TelevisaUnivision: ...
Moody’s has downgraded Televisa’s senior unsecured ratings to Ba1 from Baa3 and assigned a Ba1 corporate family rating; the outlook remains negative. TelevisaUnivision has announced a proposed $1bn refinancing and preliminary Q2 25.
- Chris Hoare
- 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
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
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
- Soomit Datta
- Soomit Datta
- Soomit Datta
AMX(Buy, TP: $22, +34%) America Movil - Q3 24: Accelerating growth, 4...
AMX reported a good set of Q3 numbers yesterday after close. Both revenue and EBITDA beat consensus by ~4%. Service revenue growth accelerated to 5.5% in Q3 vs. 4.7% last quarter and EBITDA growth accelerated to 7.3% from 6.9% in Q2. Almost all geographies beat.
- Soomit Datta
AMX (Buy, TP: $22, +32%) Televisa (Neutral, TP: $3.5, +58%) Megacable ...
AMX and Totalplay emerged as the strong performers in Q2, in terms of KPIs (Telmex the highest BB subs again) and financials (TPLAY 16% EBITDA y/y growth). MEGA continued good momentum, slowing perhaps a touch (and with weaker Corporate). Izzy (Televisa) continues to back off from chasing growth and focus more on FCF - helped by a cut in Cable capex (from $630m to $590m, or 22% of sales to 20%) and with deal synergies to come (MXN400m per Q).
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