Ahead of tonight’s Q1 2019 Netflix Earnings Interview, we wanted to lay out our top nine questions/issues we have for management (for a look at our key questions heading into Q4 2018, see our January 17, 2019 blog, link): 1) Are Investors Overstating the Value of Pay One Movies? You have had a long history of access to Pay One…
While our Disney upgrade from earlier today (link) focused on the specific implications of Disney’s streaming strategy investor day on Disney shares, we thought it would be useful to discuss six broader industry implications: 1) Acceleration in Cord-Cutting Helps All of SVOD: Disney CEO Bob Iger stated the following on CNBC (full transcript here): “We’re being distributed to the home…
After watching Disney’s streaming strategy investor day last Thursday, we remained skeptical and were planning to stick to our SELL rating. Offering a wider array of well-known library content at a lower than expected price excited investors and shifted the Disney narrative (for now) away from its secularly challenged media network portfolio, especially with Disney management willing to set an…
Earlier this week, we tested Verizon’s newly launched 5G network in Chicago. If performance does not improve, investors will once again question whether Verizon will have to materially increase its capital investment in order to enable millimeter wave spectrum in more than just limited hotspot locations. It also calls into question the relevance of millimeter…
AMC Networks is on most vMVPDs despite having just one show that really matters, Viacom not only did not get dropped by AT&T/DirecTV as investors expected but added incremental distribution for its networks across DirecTV Now and AT&T Watch (not to mention, it was added back across Suddenlink) and Discovery has reached carriage deals with…
On Thursday April 11th, Disney is set to detail its streaming strategy, with their acquisition of a majority of Fox’s assets finally in the rear-view mirror. We expect the discussion to include specific details of the much anticipated Disney+ streaming service, a strategic update on Hulu now that Disney owns 60% (vs. 30% pre-Fox), as well…
16 months after buying Layer 3, T-Mobile announced a $100/month TV service that requires a broadband connection and a new set top box. That’s not very disruptive.
We made several adjustments to our model that reduced our EBITDA estimates for GTT. We therefore lowered our end of year price target to $49 from $53. GTT is a roll-up story with unlevered free cash flow margins that we expect to top 20% in 2020. We expect EBITDA growth of more than 10% to drive…
Yesterday’s first-ever Snapchat Partner Summit illustrated that the reports of Snapchat’s death have been greatly exaggerated. In fact, it was amazing to see the sheer number of content partners, brands/advertisers and press gathered for a full-day of product announcements and discussions (850 attendees in all — here is a look at what the keynote crowd looked like, link). We…
We are dropping coverage of Arris (ARRS, Not Rated) following its acquisition by CommScope (COMM, Buy, $34 PT).
You must be logged in to post a comment.