Grupo Televisa S.A.B. Common Stock (TV) fair value

ACCE thesis

Grupo Televisa runs Mexico's largest broadcast network, pay-TV operator Sky, and a publishing and content business, and its real franchise is the sheer scale of Mexican advertising and subscription revenue it controls. The thesis here is weak on the numbers we were given: revenue is shrinking 3.0% year over year, ROE is negative at -8.0%, and the forward P/E of 833x signals earnings close to zero rather than a cheap multiple. The 38.3% gross margin and 11.0% operating margin show the core operations still earn money, so the question is whether that cash generation can stabilise a shrinking top line against streaming competition. The composite score of 41/100 and absence from any index suggest the market has little reason to revisit the name without a clear turn in revenue. It merits a deeper look only if the work on the rev decline and the path back to positive earnings turns up a credible catalyst.