From the above share price graph over the last 30 years, the straightforward conclusion is that shares have lost nearly all their value. TheTMT sector professional. Over 20 years of experience working in the sector in Europe and outside Europe. Decade of investing experience to keep in close touch with companies and themes that are relevant for my work.Companies where I worked are among others: KPN, Chellomedia, Liberty Global, UPC Cablecom Switzerland, Get Sweden, Ooredoo Middle East, Cell C South Africa, ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves a ...

Grupo Televisa (TV) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing earnings p ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

Grupo Televisa, S.A.B. (NYSE: TV ) is a stock that has gone nowhere so far. In my last article , I discussed how efficiency improvements were helping the company generate more free cashAmateur value investor seeking bargains in any market, with a specific focus on emerging markets. Admires great investors such as Li Lu and Peter Lynch, and am not afraid to go against the grain. Willing to buy any company at the right price, and is looking for low-risk and high uncertainty bets. My purpose is to share invest ...

Financial Data and Key Metrics Changes - Grupo Televisa's consolidated revenue for 2024 reached MXN 62.3 billion, representing a year-on-year decline of 6% [20] - Operating segment income for the year was MXN 23.2 billion, a decrease of 7.5% year-on-year, primarily due to lower revenue at Sky [20] - Consolidated operating cash flow was MXN 14.3 billion in 2024, growing by over 28% year-on-year, with a cash flow margin increase of 600 basis points [13] - Free cash flow generated was over MXN 10.1 billion, representing a free cash flow yield of around 43% [14] Business Line Data and Key Metrics Changes - The Cable segment's EBITDA margin improved by over 300 basis points to 39% in 2024 compared to Q3 2023 [8] - Cable CapEx was optimized by 37% to almost $400 million in 2024, with a CapEx to sales ratio of 15.6%, down 740 basis points from 2023 [8] - Sky's operating cash flow increased by 3% year-on-year to around MXN 3.2 billion, with an operating cash flow margin expansion of 300 basis points [12] - TelevisaUnivision's full-year revenue increased by 3% year-on-year to $5.1 billion, marking the fourth consecutive year of top-line growth [30] Market Data and Key Metrics Changes - In the U.S., TelevisaUnivision's revenue grew by 2%, while revenue in Mexico increased by 8% [30] - The Cable segment ended the year with a network of 19.9 million homes, having passed around 73,000 new homes in Q4 [22] - Sky lost 270,000 revenue-generating units in Q4, primarily from prepaid subscribers [25] Company Strategy and Development Direction - The company focused on four key goals in 2024: streamlining OpEx, acquiring AT&T's minority stake in Sky, spinning off non-core businesses, and scaling the DTC business [6] - The integration of Sky with the Cable segment aimed to strengthen competitive and financial positions through synergies and efficiencies [11] - The company plans to grow its network footprint by passing close to 1 million homes in 2025, with a CapEx budget of $665 million [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustainable revenue growth through ongoing efficiencies and integration efforts [7] - The macroeconomic environment in Mexico is being monitored closely, with management indicating resilience in broadband offerings despite potential headwinds [81] - The DTC business, ViX, is expected to become more profitable in 2025, having generated $1 billion in revenue in its second year of operations [65] Other Important Information - The spin-off of Ollamani was completed on February 20, 2024, unlocking value for shareholders with a market cap of around $270 million [14] - The company refinanced $2.1 billion of debt maturing in 2026 and paid down $150 million in debt using proceeds from the sale of non-core assets [31] Q&A Session Summary Question: Can you provide color on the lower than expected CapEx allocation? - Management indicated that the lower CapEx was due to more efficient deployment and inventory management, with a planned CapEx of $665 million for 2025 to support growth [38][41] Question: Can you share your thoughts on M&A within the Cable space? - Management noted the need for market consolidation in the industry but emphasized a focus on improving operations rather than pursuing M&A at this time [37] Question: Can you comment on the competitive landscape in the Cable segment? - Management acknowledged aggressive promotional activity from competitors but emphasized a focus on higher value customers to manage churn effectively [45][48] Question: How do you see growth perspective versus profitability for ViX going forward? - Management expressed optimism about ViX's growth and profitability, highlighting its successful monetization and engagement metrics [66] Question: What are your priorities for cash deployment given upcoming bond maturities? - Management plans to use excess cash generated in 2024 to address upcoming maturities while maintaining a strong liquidity position [71][73] Question: How do you see the outlook for potentially increasing broadband prices? - Management does not anticipate price increases in the near term, focusing instead on upselling additional services to existing customers [88]

I last wrote about Grupo Televisa (NYSE: TV ) with the thesis that the stock was absurdly mispriced with growing cash flow and a 45% stake in TelevisaUnivision that was worth around $3-4 per share. SinceAmateur value investor seeking bargains in any market, with a specific focus on emerging markets. Admires great investors such as Li Lu and Peter Lynch, and am not afraid to go against the grain. Willing to buy any company at the right price, and is looking for low-risk and high uncertainty bets. My purpose ...

Grupo Televisa, S.A.B. (NYSE:TV) Q3 2024 Earnings Conference Call October 25, 2024 11:00 AM ET Company Participants Alfonso de Angoitia - Co-Chief Executive Officer Francisco Valim - Chief Executive Officer, Cable & Sky Carlos Phillips - Chief Financial Officer Conference Call Participants Marcelo Santos - JPMorgan Vitor Tomita - Goldman Sachs Phani Kanumuri - HSBC Carlos de Legarreta - Itau Matthew Harrigan - Benchmark Operator Good morning, everyone, and welcome to Grupo Televisa's Third Quarter 2024 Conf ...

AndreyPopov/iStock via Getty Images Thesis Recap I covered Grupo Televisa (NYSE:TV) on March 2024, saying that it was an undervalued telecom and media company with unique assets, strong competitive advantages, and an adept management team. Since then, the stock is down some 40%, despite strong operating cash flows and modest revenue declines. I believe the massive sell-off is unwarranted and continue to believe the stock has gone from undervalued to even more undervalued. I reiterate my bull thesis, with a ...

Before we begin, I would like to draw your attention to the press release which explains the use of forwardlooking statements and applies to everything that we discuss in today's call and in the earnings release. With me today are Francisco Valim, CEO of Cable and Sky; and Carlos Phillips, CFO of Grupo Televisa. The second half of the year is expected to be heavier in terms of CapEx deployment, but we are cutting our 2024 CapEx budget for our Cable segment to $590 million, including $30 million for the reco ...