NII reported strong subscriber growth in Q2, raised guidance and announced a major expansion in its network buildout in Brazil. Click here for a table that has a detailed comparison of Q2 results versus our estimates. The company plans to dramatically expand its coverage in Brazil from 65 million POPs to more than 95 million…
Mediacom suffered through a brutal battle with Sinclair Communications in late 2006/early 2007 that resulted in the loss of over 2% of MCCC’s subscriber base (32K subs in Q4 ’06/Q1 ’07). The MCCC/SBGI battle was fought over how much MCCC needed to pay SBGI for retransmitting its television stations – MCCC lost badly. MCCC not…
Telecom Italia, which owns 70% of Brazilian wireless operator Tim Participacoes, made positive comments about Brazil on their quarterly call today. While the company stopped short of raising guidance for TIM Part, it did admit that it is ahead of its targets and that it could experience a significantly better trend for the end of…
America Movil’s Q2 EBITDA was in-line with our estimate despite incurring the extra costs associated with higher than expected subscriber growth. However, it only used $260 million of its more than $1.1 billion of free cash flow in the quarter to repurchase stock. We believe the company can generate at least $3.0 billion of free…
Earlier today, NCMI announced an agreement with the National Amusements theater chain to offer NCMI special events (part of its Fathom division) available in 25 of NA’s 81 domestic theaters (click here to read the full NCMI release). While on the surface the agreement may appear relatively minor, as it only expands Fathom venues by…
Investors often think of Comcast as “the cable industry,” rather than just the largest/dominant company within the industry. That, in and of itself, highlights the burden that sits on Comcast’s “shoulders.” Comcast’s Chairman and CEO, Brian Roberts recently turned 48, and we see every indication that he and his family will want to continue building/growing…
AT&T Wireless reported EBITDA of $3.6 billion that was $97 million lower than our estimate because it cost more to acquire a customer than we expected. We believe the higher customer acquisition costs and lower gross margins are red flags about the wireless industry in the United States. ARPU would be a third red flag…
We believe NCMI investors have become overly concerned with quarterly box office performance and the risk of advertising “make-goods,” if attendance in a given quarter is down year-over-year. Make-goods are simply a fact of life for the cinema advertising industry; most quarters have some level of make-goods, particularly as advertising is sold against three separate…
TIM Participações reported EBITDA of BRL743 million that was BRL19 million better than expected due primarily from stronger than expected gross margins and despite the higher marketing costs associated with better than expected subscriber growth. The EBITDA performance was impressive given the 325,000 upside to our gross addition estimate of 3.375 million.
China Mobile reported June net subscriber additions of 5.5 million (+1% q/q and +24% y/y) that topped our estimate by ~260,000. Prepaid net additions of 5.2 million were responsible for the upside to our estimate, while postpaid net additions were in-line with our estimate. Prepaid accounted for 93% of net additions in the month of…
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