Charter Communications (CHTR.O): Tougher Financial Comps in 2Q for CHTR Should Ease in 2H26; Early Preview

研报英文原文证据摘录

Charter Communications (CHTR.O): Tougher Financial Comps in 2Q for CHTR Should Ease in 2H26; Early Preview

Action |

29 Jun 2026 06:56:31 ET │ 19 pages

Charter Communications (CHTR.O)

Tougher Financial Comps in 2Q for CHTR Should Ease in 2H26; Early

Preview

CITI'S TAKE

Charter is continuing to invest in network upgrades, rural footprint Buy

expansion, and preparation for the upcoming Cox merger (which could close

in the next few months). However, we see a risk that 2Q EBITDA Price (26 Jun 26 16:00) US$133.64

underperforms from some tough comparisons 2Q25 as the company had a Target price US$190.00↓

$45 million high-margin revenue benefit in the year ago period, advertising-

from US$230.00related selling expenses could be moderately higher, and broadband ARPU

is likely to be sequentially flatter in the absence of a price increase (which Expected share price return 42.2%

could now be employed before year-end). The eventual opportunity to Expected dividend yield 0.0%

employ a positive pricing action combined with seasonally stronger political

Expected total return 42.2%advertising revenue should combine for better 2H performance. The

combination of volume and competitive ARPU headwinds is not helpful for Market Cap US$16,436M

near-term share price performance, while we maintain our Buy on CHTR

shares given its discounted valuation and the opportunity to deliver

relatively better 2H financials.

Price Performance

Press Reports — Friday (6/26) after the close, Bloomberg reported that SpaceX and (RIC: CHTR.O, BB: CHTR US)

internet provider Charter Communications have held executive-level talks about

partnering on a consumer mobile phone offering in the United States (link). We

discuss our thoughts on the implications for Charter.