Cablevision Holding SA (CVH.BA) fair value

ACCE thesis

Cablevision Holding runs Argentina's largest cable and broadband network, selling fixed internet, pay TV and mobile services under the Cablevisión, Flow and Personal brands. The structural case rests on owning the last-mile infrastructure in dense urban markets, which gives it a 54.1% gross margin and a 13.8% operating margin, and a return on equity of 10.4% that is respectable for a capital-intensive operator. Revenue growth has stalled at 0.4%, so the thesis depends on margins and cash conversion rather than top-line expansion, and the data we have does not show a specific near-term catalyst. The stock trades at 3.8 times trailing earnings with no forward multiple available, a level that reflects Argentine macro risk as much as company fundamentals. It is not in any index we track, which limits liquidity and institutional coverage, and the score of 70/100 is a reason to look harder, not a conclusion.