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Discovery Inc C DISCK

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Discovery Ends 2020 With Strong Q3; Discovery+ Off to a Strong Start

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Discovery posted a strong end to 2020 as fourth-quarter revenue and adjusted EBITDA beat FactSet consensus projections despite the ongoing impact of the pandemic on ad spending. Despite the struggles at the traditional business, investors appear to be focused on the streaming business as the firm launched Discovery+ in January. We are maintaining our narrow moat and expect to substantially raise our fair value estimate to account for the faster streaming growth and stronger bounceback from the pandemic impact on ad revenue.

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Company Profile

Business Description

Discovery is the one of the largest global media providers with over 2 billion cumulative subscribers in over 220 countries. Its three traditional networks (Discovery, TLC, and Animal Planet) each reach over 85 million U.S. households and more than 200 million international subscribers. The top two networks (HGTV and Food Network) acquired in the Scripps transaction are available in more than 87 million households in the U.S. The international segment consists of national and pan-regional networks over 294 unique distribution feeds in more than 45 languages.

8403 Colesville Road
Silver Spring, MD, 20910
T +1 240 662-2000
Sector Communication Services
Industry Entertainment
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 9,800