Analyst Note| Neil Macker, CFA |
Televisa reported a slightly better-than-expected second quarter as revenue and EBITDA came in just ahead of FactSet consensus estimates. While the content segment rebounded versus a pandemic influenced quarter last year, the new core segment of the business, cable, posted strong growth once again with 62,100 new customers in the quarter. The merger of the firm’s content business with Univision remains on schedule to be completed by the end of 2021. We are maintaining our narrow moat for Televisa and our fair value estimate of $14.