Citadel Securities Maintains an 'Add' on Cablevision (CVC); Believe Risk-Reward Remains In Our Favor
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Price: $34.87 --0%
Rating Summary:
7 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Citadel Securities maintains an 'Add' on Cablevision (NYSE: CVC) price target of $28.00.
Citadel analyst said, "CVC trades at a premium to peers due to its unmatched properties, superior execution, financial acumen, and public-shareholder focus. In aggregate over the 2010-2011 period, we think CVC could buy back $1B of its shares. The company repurchased 4.2MM shares during the quarter for ~$145MM, in addition to increasing the quarterly dividend to $0.15/share from $0.13/share. As CVC continues to become more shareholder-friendly, and the chances of investing in under-performing non-core assets recede, we believe equity valuations will benefit. We value CVC shares at $28 post the spin-off of the AMC Networks (Nasdaq: AMCX) assets. The shares trade at cable EV/EBITDA of 5.9x and levered FCF yield of 13% versus U.S. Cable-DBS medians of 5.5x and 12%, respectively."
For more ratings news on Cablevision click here and for the rating history of Cablevision click here.
Shares of Cablevision closed at $19.52 yesterday.
Citadel analyst said, "CVC trades at a premium to peers due to its unmatched properties, superior execution, financial acumen, and public-shareholder focus. In aggregate over the 2010-2011 period, we think CVC could buy back $1B of its shares. The company repurchased 4.2MM shares during the quarter for ~$145MM, in addition to increasing the quarterly dividend to $0.15/share from $0.13/share. As CVC continues to become more shareholder-friendly, and the chances of investing in under-performing non-core assets recede, we believe equity valuations will benefit. We value CVC shares at $28 post the spin-off of the AMC Networks (Nasdaq: AMCX) assets. The shares trade at cable EV/EBITDA of 5.9x and levered FCF yield of 13% versus U.S. Cable-DBS medians of 5.5x and 12%, respectively."
For more ratings news on Cablevision click here and for the rating history of Cablevision click here.
Shares of Cablevision closed at $19.52 yesterday.
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