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Grupo Televisa SAB ADR TV

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Stewardship

PREMIUM

Televisa Q2 Ad Revenue Hit Hard by Coronavirus as Expected; Rebound at Sky Continues

Neil Macker, CFA Senior Analyst

Analyst Note

| Neil Macker, CFA |

Televisa posted a slightly-weaker-than-expected second quarter as both revenue and EBITDA fell just short of FactSet consensus estimates. As expected, ad revenue collapsed due to the impact of COVID-19, which hit the other business segments (soccer, film distribution, and gaming) as well. The cable division remains the growth engine for the firm with a record number of net adds in the quarter and the Sky division had its highest top-line growth in 13 quarters. We are maintaining our narrow moat for Televisa and our fair value estimate of $13, which includes the impact of COVID-19 on the firm. With shares trading in 5-star territory, 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.

Contact
Avenida Vasco de Quiroga Number 2000, Colonia Santa Fe
Mexico, DF, 01210, Mexico
T +52 5550225899
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 42,875

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