Morningstar Rating

Stock Research and Analysis

by Peter Wahlstrom, CFA

Bulls Say

The company's solid record of cash generation has enabled it to pay annual cash distributions and extraordinary dividends to shareholders since 2004.
Televisa's TV broadcast operations consistently achieve EBITDA margins well above 45%; we expect this to continue.
Popular telenovelas are proven hits in Mexico and in other markets like the U.S., China, and Brazil. Read more 

Bears Say

A substantial portion of Televisa's revenue, particularly at its Sky and cable/telecom units, is tied directly to consumer spending, leaving it vulnerable to a pullback in economic growth.
Televisa benefits from a previously benign regulatory environment in Mexico; a hostile policy shift could adversely affect revenue and profitability.
Its storied and profitable telenovelas are facing increased competition from upstart alternatives, as rival programming becomes more readily accessible to its Spanish-speaking viewing audiences in Mexico and the U.S. Read more 

Management

We currently view Grupo Televisa's stewardship of shareholder capital as Standard. Emilio Azcarraga Jean is the firm's main decision-maker; he serves as president, CEO, and chairman. He controls about half of Televisa's outstanding shares through a   Read more 

Profile

Grupo Televisa is the largest media company in the Spanish-speaking world. Besides operating broadcast channels in Mexico, the company produces pay-television channels whose   Read more 

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