We are increasing our estimates for WMG for fiscal (June) Q3, as well as for the full fiscal (September) years 2008 and 2009. While investors may be encouraged by the increases to our estimates, excluding the benefits from currency, we still expect revenues and EBITDA to decline year-over-year. We are maintaining our NEUTRAL rating on…
While hard to believe, the AAA of North and South Carolina (click here for press release), is reporting that Disney vacations booked through AAA are up 20% so far this year. As we discussed in our 6-5-08 report entitled, Getting Tougher to Get to Orlando Heading into Fall 2008 (click here for report), we estimated…
NII delivered results that soundly beat estimates in nearly every line item. EBITDA of $305 million topped our estimate by $11 million despite delivering subscriber net additions of 395,000 that were 38,000 higher than our estimate. Click here for a copy of our note. Click here for a table that details actual results versus our estimates.
America Movil reported consolidated Q2 EBITDA that was generally in-line with our estimate if we exclude the negative one-time impact of higher than expected subscriber growth. Subscriber growth decelerated for the 10th consecutive quarter and we believe will mark the last quarter of more than 20% growth in subscribers. Click here for a copy of our note. …
With TWC’s competition ramping (particularly in NYC), and the weakening economy driving people to listen to competing offers more closely, we are reducing our 2009 EBITDA growth estimate for TWC to 7.9% growth (from 9.6%), with EPS reduced from $1.21 to $1.11 (see key changes in Exhibit A). Adjusting for the $10.27 dividend TWC will…
America Movil reports after the close today with a conference call tomorrow. As we have stated in each of our past two downgrades, we are not attempting to make a call on an individual quarter but we believe the consensus estimates for 2008 and 2009 are too high and the deceleration of EBITDA growth requires…
China Mobile reported strong net subscriber additions of 7.550 million (+36.6% y/y) for the month of June that topped our estimate by 278,000 driven mainly by the prepaid business. This result implies upside of 800,000 subscribers to our Q2 estimate. Click here for a copy of our note.
China Unicom reported disappointing June net subscriber additions of 1.090 million, which were 409,000 below our estimate and down 29% from last year. This was China Unicom’s lowest level of net additions since July 2006. Our estimates had assumed that an industry restructuring would have led to lost market share for China Mobile by this…
Earlier today, Valueclick preannounced Q2 earnings (click here). While it is not a surprise to hear that Q2 display advertising is weak, the incrementally negative statement made was the following: “due to the increasing macroeconomic uncertainty, we no longer anticipate the seasonal strength in ad spending we typically see in the second half of the…
Anatel released wireless market share data for June. America Movil’s Claro experienced the highest increase in market share followed by Telemar and a slight increase at TIM Part, while Vivo’s market share declined. We note that operator market share can vary significantly from month to month. Click here for a copy of our note.
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