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UPDATE: Credit Suisse Downgrades Grupo Televisa SA (TV) to Neutral

August 11, 2022 4:22 AM EDT
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Price: $5.41 -4.42%

Rating Summary:
    5 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 9
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(Updated - August 11, 2022 4:23 AM EDT)

Credit Suisse analyst Alejandro Chavelas downgraded Grupo Televisa SA (NYSE: TV) from Outperform to Neutral with a price target of $8.00 (from $14.00).

The analyst comments "We lower our TP from US$14 to US$8/ADR (6.7% potential upside). In addition to our reduced TVUV valuation, we reach a 25% lower value for the consolidated operations, due to 100bps higher WACC and 12.8% lower EBITDA estimates in 2023-2025 (2023 CSe P$29.0bn, 4.1% below VA consensus). The forecast reduction is mostly due to much weaker Sky. We see TV’s fixed telco ops trading at 4.5x EV ex. TVUV and minorities/adj. EBITDA ‘23, which does not strike us as attractive vs. 5.3x 2019-21 avg., given challenging competitive dynamics of MX broadband."

For an analyst ratings summary and ratings history on Grupo Televisa SA click here. For more ratings news on Grupo Televisa SA click here.

Shares of Grupo Televisa SA closed at $7.50 yesterday.


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