Welcome to the Seventh Edition of the LightShed Earnings Scorecard – our attempt to hold companies and analysts accountable for the quality of earnings calls. 66 coffee sustained hours We tracked 70 companies in this quarter’s edition of the Scorecard, adding Gray Television and Nexstar, while excluding Activision, Airspan, Radius, and Starry. MSG Sports will…
There has been increased investor interest in international investment opportunities due to the macro-economic factors in the United States. As a result, we thought it might be a good time to provide a quick primer and refreshed investment opinion on America Movil, the leading Latin American telco with a $65 billion market cap and a…
We downgraded Apple to Sell from Neutral and established a $120 price target. Our estimates are below consensus on a more conservative outlook for iPhone sales and moderating growth expectations in Services revenue. The replacement rate will continue to lengthen We believe the lengthening of the smartphone replacement cycle will persist into calendar 2024 for…
Nexstar used the stage at an investor conference this week to gloat about being one of the only media stocks that appreciated in 2022, driven by robust free cash flow, and to explain how they believe Nexstar stock is still cheap. As we listened, we could not help but think about Nextar’s blindness to a…
Netflix Co-CEO, Ted Sarandos, spoke a few weeks ago at The Economic Times Global Business Summit. We have embedded the entire interview below, with time stamped bullets of key moments. There has been significant investor interest in Netflix’s recent price reductions in smaller markets around the world (we talked to why this fear was misplaced…
Broadcast TV station groups have been incredibly savvy over the past decade leveraging an antiquated regulatory system that dates back to the 1992 Cable Act to drive retransmission consent fees. As we discussed ten years ago in our post The Disequilibrium of Power: How Retransmission Consent Went So Wrong & How to Fix It, retrans…
LightShed’s Brandon Ross Interviewed by Puck News’ Matthew Belloni on The Town Podcast February 2022
Last week, Puck News’ Matt Belloni interviewed us on The Town podcast. The conversation focused on the future of regional sports networks. Local sports distribution has become one of the most challenging problems created by the decay of the multichannel television bundle. The RSNs were an extremely profitable business for all stakeholders for the past several decades…
It has been less than a year since the creation of Warner Bros. Discovery on April 8, 2022. As the WBD transaction closed, David Zaslav and team faced a perfect storm of challenges. The ad market was becoming undone with rising inflation (and brands pulling back spend fearing a slowing economy) and there was a…
During last week’s fiscal (Dec) Q1 2023 earnings call, newly reminted Disney CEO Bob Iger implied that Disney could be looking to sell Hulu, which ties to our February 3rd post: Is Disney Preparing to Shop Hulu? What makes Iger’s comments so interesting is how much his view of Hulu and general entertainment content has…
Iridium is a stock that a broader investor base should consider. It grows recurring service revenue by 10% per year and generates ~40% free cash flow margins. Its recently announced partnership with Qualcomm offers new revenue opportunities by connecting common smartphones to its global satellite constellation. Iridium’s market cap is $7.7 billion and it trades…
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