Televisa Update Estimates; Remain Neutral on Capex Cycle and Slower Deleveraging in TV-UVN

研报英文原文证据摘录

Televisa Update Estimates; Remain Neutral on Capex Cycle and Slower Deleveraging in TV-UVN

J P M O R G A N Latin America Equity Research

27 May 2026

Televisa Neutral

TV, TV US

Update Estimates; Remain Neutral on Capex Cycle and Price (26 May 26):$2.84

Slower Deleveraging in TV-UVN

LatAm Technology & Telecom /

We update our estimates on Televisa following 1Q26 results. On Televisa Education

consolidated assets (izzi and Sky), we increase estimates based on stronger trends Marcelo Santos, CFA AC

for the residential cable business, as indicated by management in the earnings call (55-11) 4950-3708

(link to our comments), with segment margin likely closing the year at ~40% marcelo.p.santos@jpmorgan.com

(above our former 38.5% expectation), and the implementation of a price hike of Livea Mizobata

Ps30 in March, which should be supportive to ARPU. This is partially offset by (55-11) 4950-3604

livea.mizobata@jpmorgan.com

stronger than expected deterioration in Sky revenues. On Televisa Univision Banco J.P. Morgan S.A.

(unconsolidated, where Televisa owns a ~45% stake ), we tone down our estimates

mostly on a weak outlook for US advertising, hurt by the World Cup, which the

company does not own the rights to in the US), potentially seeing some recovery Key Changes (FYE Dec)

by the end of the year on the electoral cycle. We remain Neutral on Televisa, given Prev Cur Δ

the capex cycle related to fiber overlay in Mexico and slower develeraging in Adj. EPS - 26E (Ps) 3.15 4.53 43.8%

Adj. EPS - 27E (Ps) 3.97 2.93 -26.2%

Televisa Univision. Among telcos, we favor Tigo (OW), TEO (OW), and

Megacable (OW). Quarterly Forecasts (FYE Dec)

Adj. EPS (Ps)

2025A 2026E 2027E

Q1 (0.85) 2.50A 0.14

Table 1: Summary of estimate changes and 2Q26 preview for Televisa (consolidated) Q2 2.21 0.67 0.91