Megacable Holdings S.A. de C.V (MEGACPO.MX): Small miss in Q2Q6; Competitive landscape becoming more evident

研报英文原文证据摘录

Megacable Holdings S.A. de C.V (MEGACPO.MX): Small miss in Q2Q6; Competitive landscape becoming more evident

Flash |

30 Jul 2026 20:32:30 ET │ 12 pages

Megacable Holdings S.A. de C.V (MEGACPO.MX)

Small miss in 2Q26; Competitive landscape becoming more evident

CITI'S TAKE

Neutral Mega earnings continue to reflect a sector that is competitive but with

market growth that still props up operational results. The company Price (30 Jul 26 14:00) P$61.90

delivered solid net additions print and managed churn stable QoQ that Target price P$65.00

remained low. We suspect results were propped up by a strong growth in Expected share price return 5.0%

the overall market, as other competitors also posted good numbers - in Expected dividend yield 8.1%

fact, Mega declined to #3 in net additions during 2Q26. EBITDA came in Expected total return 13.1%

with a small miss on a softer topline, driven by a weaker than expected

Market Cap P$53,108M ARPU, which together with margins - which contracted YoY for the second

US$3,062M quarter, breaking a 2-year recovery trend - are the most visible signs, in

our view, of the increased competition. Net leverage at 1.31x is a key

positive highlight. We continue to see Mega on a sound growth and de-

leverage path, and in our view price action will remain linked to Andrés CardonaAC

consolidation discussions. +57-601-484-0441

andres.cardona@citi.com

Small EBITDA miss on softer topline/margins, bottom-line in line with consensus Matheus Tostes

— EBITDA came in at P$4.19bn (+6% YoY, -3% QoQ) slightly under (2%/3%) Citi and +55-21-4009-0406

FactSet consensus. The small difference was explained, in our case, by a softer matheus.tostes@citi.com

topline that also reported 2% below ours – explained by lower ARPU which declined