Grupo Televisa SAB ADR

TV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$3.00	Bblm	Wcjsf

Televisa’s Sky Restructuring Remains a Work in Progress as Competitive Pressures Hit Cable

Michael Hodel

Oct 31, 2022

Televisa’s third-quarter earnings showed continued weakness at Sky and the impact of competitive pressure in the cable business. The firm announced plans to spin off several small businesses, including its gaming business and soccer operations. These units account for only about 7% of consolidated revenue and 3% of EBITDA. We are leaving our fair value estimate at $14 per ADR, and we believe the shares are undervalued.

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