Financials Grupo Televisa, S.A.B. Nyse

Equities

TV

US40049J2069

Broadcasting

Real-time Estimate Cboe BZX Other stock markets 11:33:03 2024-05-07 EDT			5-day change	1st Jan Change
3.175 ^USD	-2.61%		+8.90%	-4.79%

04-26	Televisa to merge its satellite TV, cable units 'as soon as possible'	RE
04-26	Transcript : Grupo Televisa, S.A.B., Q1 2024 Earnings Call, Apr 26, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	127,892	92,327	107,948	50,051	31,580	30,443	-	-
Enterprise Value (EV) ¹	221,625	195,003	217,631	112,530	94,822	89,343	78,537	73,252
P/E ratio	27.2 x	-106 x	20 x	1.16 x	-3.1 x	8.07 x	25.6 x	10.6 x
Yield	0.79%	1.07%	0.91%	1.98%	3.09%	3.17%	3.17%	3.17%
Capitalization / Revenue	1.26 x	0.95 x	1.04 x	0.66 x	0.43 x	0.46 x	0.45 x	0.46 x
EV / Revenue	2.18 x	2 x	2.1 x	1.49 x	1.29 x	1.36 x	1.17 x	1.1 x
EV / EBITDA	5.8 x	5.15 x	4.99 x	4.41 x	3.92 x	3.82 x	3.27 x	3.04 x
EV / FCF	25.2 x	15 x	35.5 x	-23.2 x	233 x	-16.6 x	10.1 x	8.39 x
FCF Yield	3.97%	6.68%	2.82%	-4.31%	0.43%	-6.03%	9.86%	11.9%
Price to Book	1.41 x	1.24 x	1.35 x	0.39 x	0.26 x	0.26 x	0.25 x	0.27 x
Nbr of stocks (in thousands)	2,882,400	2,820,007	2,800,200	2,824,548	2,784,876	2,757,500	-	-
Reference price ²	44.37	32.74	38.55	17.72	11.34	11.04	11.04	11.04
Announcement Date	20-02-20	21-02-19	22-02-24	23-02-23	24-02-23	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	101,492	97,362	103,522	75,527	73,768	65,565	66,992	66,527
EBITDA ¹	38,218	37,876	43,602	25,505	24,218	23,410	23,999	24,092
EBIT ¹	17,209	16,616	22,183	4,388	2,664	3,683	4,089	5,241
Operating Margin	16.96%	17.07%	21.43%	5.81%	3.61%	5.62%	6.1%	7.88%
Earnings before Tax (EBT) ¹	8,979	5,679	14,072	-13,261	-8,171	-3,068	2,891	857.3
Net income ¹	4,722	-892.3	5,386	43,151	-10,236	2,878	1,873	3,229
Net margin	4.65%	-0.92%	5.2%	57.13%	-13.88%	4.39%	2.8%	4.85%
EPS ²	1.630	-0.3100	1.930	15.25	-3.660	1.368	0.4309	1.042
Free Cash Flow ¹	8,797	13,029	6,128	-4,848	407.3	-5,385	7,746	8,730
FCF margin	8.67%	13.38%	5.92%	-6.42%	0.55%	-8.21%	11.56%	13.12%
FCF Conversion (EBITDA)	23.02%	34.4%	14.06%	-	1.68%	-	32.28%	36.24%
FCF Conversion (Net income)	186.3%	-	113.77%	-	-	-	413.56%	270.4%
Dividend per Share ²	0.3500	0.3500	0.3500	0.3500	0.3500	0.3500	0.3500	0.3500
Announcement Date	20-02-20	21-02-19	22-02-24	23-02-23	24-02-23	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	26,128	28,812	18,609	18,534	19,252	19,132	18,520	18,520	18,316	18,412	15,951	16,061	15,980	16,096	17,738
EBITDA ¹	10,179	15,502	6,715	6,760	6,654	5,539	6,515	6,347	5,467	5,889	5,668	5,631	5,518	5,691	7,118
EBIT ¹	4,831	9,826	1,637	1,552	1,362	-163.9	1,204	992.2	-77.1	544.8	632.7	347.4	1,105	681.7	1,817
Operating Margin	18.49%	34.1%	8.8%	8.37%	7.08%	-0.86%	6.5%	5.36%	-0.42%	2.96%	3.97%	2.16%	6.91%	4.24%	10.24%
Earnings before Tax (EBT) ¹	1,179	9,101	-2,787	4,701	914.8	-16,090	-	265.6	-76.2	-7,462	1,436	-965.5	-580.9	112.3	1,182
Net income ¹	760.6	3,029	52,642	3,140	1,118	-13,750	-788.9	133.5	-918.5	-8,662	951.8	-455.8	30.41	251.7	-
Net margin	2.91%	10.51%	282.88%	16.94%	5.81%	-71.87%	-4.26%	0.72%	-5.01%	-47.04%	5.97%	-2.84%	0.19%	1.56%	-
EPS ²	0.2800	1.080	18.68	1.110	0.4000	-	-0.2800	0.0500	-0.3300	-3.100	0.3500	-0.1600	0.0700	0.1200	0.0100
Dividend per Share	-	0.3500	-	0.3500	-	-	-	0.3500	-	-	-	-	-	-	-
Announcement Date	21-10-21	22-02-24	22-04-26	22-07-26	22-10-27	23-02-23	23-04-25	23-07-26	23-10-26	24-02-23	24-04-25	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	93,733	102,676	109,683	62,479	63,241	58,901	48,095	42,809
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.453 x	2.711 x	2.516 x	2.45 x	2.611 x	2.516 x	2.004 x	1.777 x
Free Cash Flow ¹	8,797	13,029	6,128	-4,848	407	-5,385	7,746	8,730
ROE (net income / shareholders' equity)	5.24%	-1.08%	7%	-12.2%	-8.27%	-0.05%	1.27%	2.88%
ROA (Net income/ Total Assets)	1.61%	-0.31%	1.91%	-4.31%	-3.64%	-1.2%	-0.03%	0.85%
Assets ¹	293,791	287,839	282,075	-1,001,548	280,890	-239,795	-6,041,925	379,826
Book Value Per Share ²	31.40	26.40	28.60	45.30	43.10	42.00	43.50	40.70
Cash Flow per Share ²	9.680	11.90	10.50	4.410	5.440	6.570	7.510	6.790
Capex ¹	19,109	20,132	23,268	17,315	14,708	13,031	13,268	12,789
Capex / Sales	18.83%	20.68%	22.48%	22.93%	19.94%	19.88%	19.81%	19.22%
Announcement Date	20-02-20	21-02-19	22-02-24	23-02-23	24-02-23	-	-	-

¹MXN in Million²MXN

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Grupo Televisa, S.A.B.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11.04 MXN

Average target price

21.09 MXN

Spread / Average Target

+91.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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