Televisa Remains in a Difficult Position

Not much is going well for Televisa, and the road ahead looks difficult. The firm is focused primarily on Mexican telecom, a highly competitive market that would benefit greatly from consolidation. The firm also holds a minority interest in TelevisaUnivision, the largest Spanish-language media company globally but a small player versus streaming giants like Netflix. We expect Televisa to eke out growth in the coming years while keeping a tight grasp of operating costs and capital investment. Still, it doesn’t entirely control the path forward, which will likely cause continued volatility in financial performance and the stock price.