RBOCs as Partner(s)? Following up on our note this morning (PDF: click here), investors were surprised that we did not highlight one or more of the RBOCs as the potential fourth, “mystery” partner. Verizon only has 1.2 mm video subs (likely no more than 450K pay TV subs), while AT&T has fewer than 400K video…
Last week, Paramount (owned by Viacom), Lionsgate and MGM collectively announced that they would be forming a new cable network to license their movies to after their individual agreements with Showtime (owned by CBS) come to an end (Paramount’s ended in 2007, with Lionsgate and MGM’s deals ending in 2009). We believe that the three…
America Movil reported Q1 EBITDA that was lower than expected primarily because of weak ARPU in Mexico, Brazil and Colombia. EBITDA of MXN 33.9 billion was below our estimate of MXN 35.0 billion and consensus of MXN 35.7 billion and revenue was lower than the lowest revenue estimate on the street based on a consensus…
There has been a significant increase in investor interest in the TWX stub trade, essentially being long TWX and shorting out TWX’s effective ownership of TWC. TWC currently represents about 43% of TWX’s market cap, however, assuming TWC pays a $4 dividend concurrent with the spin/split-off, TWC would represent about 37% of TWX’s market cap,…
NII Holdings reported Q1 EBITDA of $286 million that was $8 million better than expected primarily from strength in Brazil. Click here for a copy of our note. Click here for a table that details actual results versus our estimates.
Investor frustration with News Corp. is growing. The positive impact from an $11-bn share repurchase utilizing its stake in DirecTV and superior earnings growth (last two qtrs Operating Inc. up over 20% and last two years up mid-teens organically) has been more than offset by News Corp.’s expansion within the Newspaper sector. While Dow Jones…
We reduced our estimates to reflect the increased competition in Mexico and the risk of economic weakness. Our revisions are not based on any recent information but are an aggregation of our analysis on this complex market over the past few months including multiple discussions with management and its primary vendor among others. Click here for…
We downgraded America Movil to Neutral from Buy because we believe the valuation requires the company to exceed consensus estimates that are increasingly difficult to beat. Click here for a copy of our note. Click here for a table that details our estimate revisions.
China Mobile reported Q1 2008 results this morning that were below our estimates due to lower than expected ARPU that was only partially offset by better than expected subscriber growth. We have adjusted our estimates and price target following the quarterly report. Click here for a copy of our note. Click here for a table that details…
China Unicom reported March net subscriber additions of 1.625 million, which were basically in-line with our estimate, but down 3.2% from last year, due to stronger than expected GSM prepaid net additions. The GSM network added 1.324 million new subscribers, which were 88,000 above our estimate due to stronger than expected prepaid net additions that…
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