Nomura Securities on U.S. Media: First Quarter Preview - Adjusting Estimates and Price Targets
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12 Buy, 21 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 5 | New: 2
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Nomura Securities on U.S. Media: First Quarter Preview - Adjusting Estimates and Price Targets
Analyst, Michael Nathanson, said, "We are making modest revisions to most of our calendar 1Q estimates. We are raising our EPS estimates for Discovery (Nasdaq: DISCA) by 7% to reflect the Amazon (Nasdaq: AMZN) digital library content deal. We are also increasing our estimates for the theatre names with a stronger end to the quarter box office than we previously expected in our launch. In contrast, we are decreasing our estimates by -$0.01 at Time Warner (NYSE: TWX) to largely reflect the write-down for HBO’s Luck. Otherwise, we are maintaining our EPS estimates at the rest of our companies."
"We still remain materially above consensus for CBS (NYSE: CBS) (+8%) due to benefits of several syndication deals and below consensus at Disney (NYSE: DIS) (-7%) due to timing of cable network expenses. For Regal (NYSE: RGC), we are 11% above consensus for 1Q EPS, while we are 7% higher for Cinemark (NYSE: CNK)."
"We are updating price targets following our change to estimates as well as accounting for the current market multiple. We are raising our price targets for Disney by $2 to $48, News Corp (Nasdaq: NWSA) by $1 to $23, Discovery by $3 to $49 and Scripps Networks by $2 to $47. We are also decreasing our targets by $1 for Viacom (NYSE: VIA)(Nasdaq: VIAB) to $55 and Time Warner to $41, as the market multiple came down modestly since the beginning of the month when we raised our targets."
EPS Estimate for Q1:
CBS $0.47, Disney $0.51, News Corp $0.32, Time Warner lowered to $0.64, Viacom $0.90, Discovery raised to $0.61, Scripps Network (NYSE: SNI) $0.62, Cinemark raised to $0.36, Regal raised to $0.17.
Analyst, Michael Nathanson, said, "We are making modest revisions to most of our calendar 1Q estimates. We are raising our EPS estimates for Discovery (Nasdaq: DISCA) by 7% to reflect the Amazon (Nasdaq: AMZN) digital library content deal. We are also increasing our estimates for the theatre names with a stronger end to the quarter box office than we previously expected in our launch. In contrast, we are decreasing our estimates by -$0.01 at Time Warner (NYSE: TWX) to largely reflect the write-down for HBO’s Luck. Otherwise, we are maintaining our EPS estimates at the rest of our companies."
"We still remain materially above consensus for CBS (NYSE: CBS) (+8%) due to benefits of several syndication deals and below consensus at Disney (NYSE: DIS) (-7%) due to timing of cable network expenses. For Regal (NYSE: RGC), we are 11% above consensus for 1Q EPS, while we are 7% higher for Cinemark (NYSE: CNK)."
"We are updating price targets following our change to estimates as well as accounting for the current market multiple. We are raising our price targets for Disney by $2 to $48, News Corp (Nasdaq: NWSA) by $1 to $23, Discovery by $3 to $49 and Scripps Networks by $2 to $47. We are also decreasing our targets by $1 for Viacom (NYSE: VIA)(Nasdaq: VIAB) to $55 and Time Warner to $41, as the market multiple came down modestly since the beginning of the month when we raised our targets."
EPS Estimate for Q1:
CBS $0.47, Disney $0.51, News Corp $0.32, Time Warner lowered to $0.64, Viacom $0.90, Discovery raised to $0.61, Scripps Network (NYSE: SNI) $0.62, Cinemark raised to $0.36, Regal raised to $0.17.
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