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Grupo Televisa SAB ADR TV

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Morningstar’s Analysis

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Televisa Ad Revenue Bounces Back in Q4 Despite COVID-19; Over 1M Broadband Net Adds in 2020

Neil Macker, CFA Senior Equity Analyst

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.

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Company Profile

Business Description

Grupo Televisa is the largest media company in the Spanish-speaking world. Besides operating broadcast channels in Mexico, the company produces pay-television channels whose content reaches subscribers in North America, Asia, Europe, and Latin America. Televisa also owns interests in satellite television, cable TV, terrestrial radio, magazine publishing, Mexican bingo parlors, and three of Mexico's professional soccer teams.

Avenida Vasco de Quiroga Number 2000, Colonia Santa Fe
Mexico, DF, 01210, Mexico
T +52 5550225899
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 43,215