Analyst Note| Neil Macker, CFA |
Televisa posted a better-than-expected end to a challenging 2020, as revenue and EBITDA just beat FactSet consensus estimates. Ad revenue was flat despite the continued impact from the pandemic. Broadband adoption continues to drive growth, as the firm added over a million subscribers in 2020 across the wired and fixed wireless offerings. We are maintaining our narrow moat rating and $13 fair value estimate for Televisa. With shares trading at 4 stars, we believe current levels provide an attractive entry point for investors.