Core Viewpoint - Charter Communications is expected to report a decline in fourth-quarter earnings and revenue compared to the previous year [1] Group 1: Earnings Expectations - Analysts anticipate Charter Communications will report fourth-quarter earnings of $9.88 per share, down from $10.1 per share in the same period last year [1] - The consensus estimate for quarterly revenue is $13.73 billion, a decrease from $13.93 billion reported in the previous year [1] Group 2: Recent Financial Activity - On January 13, Charter Communications announced the closure of $3.0 billion in aggregate principal amount of senior unsecured notes [2] - Following this announcement, shares of Charter Communications increased by 4.8%, closing at $191.52 [2]

Core Viewpoint - La Caisse intends to sell nearly 11% of its shares in Cogeco Communications at a gross price of $67.45 per share, generating approximately $229 million in gross proceeds [1][2]. Group 1: Transaction Details - The sale of shares is part of La Caisse's periodic portfolio rebalancing [2]. - The transaction will result in La Caisse remaining the largest holder of subordinate shares in Cogeco Communications, which serves 1.6 million customers in Canada and the United States [2]. Group 2: Historical Investment and Support - La Caisse has been a supporter of Cogeco Communications since 2013, having invested in various transactions, including a $350 million share purchase in 2023 [3]. - Initial investment included a $50 million loan in 2013 and a contribution of USD 315 million for acquiring MetroCast cable systems in 2017 [3]. Group 3: La Caisse Overview - La Caisse, formerly known as CDPQ, has a dual mandate to generate long-term returns for its depositors and contribute to Québec's economic development [4]. - As of June 30, 2025, La Caisse's net assets totaled CAD 496 billion, indicating its significant presence in major financial markets, private equity, infrastructure, real estate, and private credit [5].

Core Viewpoint - Charter Communications, Inc. (NASDAQ:CHTR) is facing increased competition in the broadband market, leading to downgrades from major financial institutions regarding its stock rating and price targets [1][2][3]. Group 1: Downgrades and Price Targets - Wells Fargo downgraded Charter Communications from Equal Weight to Underweight, lowering its price target from $240 to $180 [1]. - UBS also reduced its price target from $355 to $233 while maintaining a Neutral rating on the stock [3]. Group 2: Market Competition and Financial Outlook - Wells Fargo anticipates that the broadband market will remain competitive, with fiber and fixed wireless access gaining market share from cable by 2026 [2]. - UBS expects ongoing competition, higher costs, and challenging political advertising comparisons to lead to a 1.7% decline in revenue and a 2.7% decline in EBITDA year-over-year [4]. - For 2026, UBS forecasts flat revenues and modest EBITDA growth, with potential cost reductions and political tailwinds helping to mitigate low single-digit declines in residential revenue [4].

Core Insights - Cogeco's performance in Canada is described as "solid and resilient," with positive year-over-year EBITDA trends and continued customer growth, although wireline competition has intensified during the holiday season, leading to expectations of modest wireline customer growth in the second quarter [1][4] - The U.S. market presents structural opportunities for Cogeco, with low penetration in parts of its footprint, and the company is selectively upgrading its network while launching a new digital brand [2][3] - The first-quarter fiscal 2026 results were in line with the company's plan, with improving customer metrics in the U.S. and steady performance in Canada [4] Financial Performance - Consolidated revenue fell approximately 4.9% and adjusted EBITDA declined about 3.7%, with free cash flow decreasing around 15.9% [5][14] - In Canada, Cogeco Connexion reported stable revenue with a 2% increase in adjusted EBITDA, adding 8,900 internet subscribers, although revenue per customer decreased due to fewer video and wireline phone subscribers [6][8][9] - In the U.S., Breezeline achieved its best customer metrics in 15 quarters, but revenue fell approximately 9.9% and adjusted EBITDA declined about 9.1% in Q1 [7][10][12] Customer Metrics - The U.S. turnaround is showing traction, with subscriber trends improving for the second consecutive quarter, particularly in Ohio, where internet subscriber additions totaled 2,600 [3][11] - Management expects the U.S. business to remain stable in Q2, with more significant improvements anticipated in the second half of fiscal 2026 [13][18] Capital and Dividends - The quarterly dividend was raised by 7% to CAD 0.987, and net debt to EBITDA ended the quarter at 3.2x, slightly up from 3.1x in Q4 [5][16] - Capital intensity was reported at 22.2%, up from 20.4% a year earlier, but management remains on track to meet full-year capital spending guidance [15]

Company Overview - Charter Communications, Inc. (NASDAQ:CHTR) is a major player in the telecommunications sector, providing internet, cable TV, mobile, and voice services, along with WiFi solutions, networking, data services, and advertising [1] Industry Challenges - The company has faced significant challenges, with its stock declining 39% last year, making it the second worst performer in the Nasdaq-100 [1] - The cable industry is described as secularly challenged, indicating ongoing difficulties in maintaining subscriber growth and profitability [1] Financial Performance - Charter reported higher-than-expected subscriber losses in the third quarter of 2025, which contributed to its stock decline [1] - Pzena Investment Management noted that the competitive pressure in the telecommunications industry is more severe and persistent than previously anticipated, leading them to exit their position in Charter [1] Investment Perspective - While there is potential for Charter as an investment, the analysis suggests that certain AI stocks may offer greater upside potential and carry less downside risk [1]

Core Insights - Bardin Hill Management Partners LP has completely exited its position in Frontier Communications Parent, selling all 348,850 shares for a total value of $12,698,140, as disclosed in an SEC filing on November 12, 2025 [1][2]. Company Overview - Frontier Communications Parent provides a wide range of telecommunications services, utilizing its extensive fiber and broadband network to cater to a diverse customer base across the United States [4][7]. - The company operates a network infrastructure that serves both consumer and business customers, focusing on subscription-based revenue from residential, small business, and enterprise clients [7]. Financial Metrics - As of November 12, 2025, Frontier's stock price was $37.96, reflecting an 11.16% increase over the past year, although it underperformed the S&P 500 by 3.78 percentage points [6]. - The company's market capitalization stands at $9.50 billion, with a trailing twelve months (TTM) revenue of $6.11 billion and a TTM net income of -$381 million [3]. Investment Context - Following the sale of Frontier shares, Bardin Hill now holds only six stocks in its fund, with a significant concentration of 78% of its assets in an energy company called NextDecade [5][8]. - The investment in Frontier was relatively short-term, as Bardin Hill did not hold any shares until the first quarter of 2025, gradually increasing its position before selling it entirely [9].

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Group 1 - Comcast Corporation (NASDAQ:CMCSA) is considered one of the best very cheap stocks to invest in, with recent bids submitted for Warner Bros Discovery alongside Paramount Skydance and Netflix [1] - Comcast's bid specifically targets Warner Bros. studio and HBO Max segments, with speculation about a potential spinout of NBCUniversal, although it is noted that NBCUniversal would become the parent of Warner Bros Discovery's assets if the offer is accepted [2] - The President of Comcast, Mike Cavanagh, stated that acquiring Warner Bros. studio and HBO Max would complement NBCUniversal [3] Group 2 - Wall Street has a mixed outlook on Comcast's stock following mixed results for fiscal Q3 2025, with Bernstein maintaining a Hold rating and a price target of $34, while MoffettNathanson reiterated a Buy rating but lowered the price target from $58 to $53 [4] - Comcast is a media and technology company providing internet, cable TV, and phone services to households and businesses [5]

Group 1 - Rogers Communications Inc. (NYSE:RCI) is recognized for being more than just a cable company, which contributes to its appeal among investors [1] - The company offers a range of services including wireless, internet, TV, media, smart home, and business solutions, as well as owning sports teams and media networks [1] - Barclays raised its price target for RCI from $33 to $36 while maintaining an Equal Weight rating, indicating confidence in the company's pricing improvements [1] Group 2 - There is a belief that certain AI stocks may present greater upside potential and lower downside risk compared to RCI [2]

Core Insights - Charter Communications, Inc. (CHTR) has a market capitalization of $26.1 billion and provides broadband connectivity and cable services to both residential and commercial customers [1] Performance Overview - CHTR shares have significantly underperformed the broader market, declining 47.9% over the past year, while the S&P 500 Index has increased by nearly 12.3% [2] - In 2025, CHTR's stock fell 41.5%, contrasting with the S&P 500's 12.5% rise year-to-date [2] Comparative Analysis - Compared to the iShares U.S. Telecommunications ETF (IYZ), which gained about 19.3% over the past year, CHTR's underperformance is more pronounced [3] - The ETF's 19.6% returns year-to-date further highlight CHTR's losses during the same period [3] Customer Metrics - CHTR experienced a loss of 109,000 internet customers, primarily due to fierce competition from fixed wireless and fiber providers [4] - Despite adding 500,000 mobile lines and improving video customer retention, the company struggled with new customer acquisitions and faced a challenging advertising environment [4] Financial Results - On October 31, CHTR reported Q3 results, with shares closing down 5% in the subsequent trading session [5] - The company's EPS was $8.34, falling short of Wall Street expectations of $9.32, and revenue was $13.67 billion, missing forecasts of $13.74 billion [5] Future Projections - Analysts expect CHTR's EPS to grow 5% to $36.73 for the current fiscal year ending in December [6] - The company's earnings surprise history has been disappointing, missing consensus estimates in three of the last four quarters [6] Analyst Ratings - Among 25 analysts covering CHTR, the consensus rating is a "Hold," consisting of nine "Strong Buy" ratings, 12 "Holds," and four "Strong Sells" [6] - The overall rating has shifted to "Moderate Buy," with 12 analysts suggesting a "Strong Buy" [7]