Televisa is primarily a Mexican broadband provider operating in 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.