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UPDATE: Itau BBA Downgrades Grupo Televisa to Underperform

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In a report published Wednesday, Itau BBA downgraded its rating on Grupo Televisa, S.A.B. (NYSE: TV) from Market Perform to Underperform.

Itau Unibanco noted, “We continue to believe that Televisa's valuation is prone to a gradual de-rating from current levels as, among other factors, the telecom business gains relative weight within Televisa's portfolio. However, in our YE13 fair value we still assume that valuation multiples remain close to current levels, as Televisa may continue to be favored by the shortage of high-liquidity alternatives in the Mexican market. Our YE13 fair value estimate implicitly assumes a 7.9x FV/EBITDA and 17.8x P/E on 2014 forecasts, while we currently see Televisa trading at 8.1x FV/EBITDA and 17.7x P/E on a 12-month forward-looking basis.”

Grupo Televisa, S.A.B. closed on Tuesday at $21.91.

Latest Ratings for TV

DateFirmActionFromTo
Aug 2017Morgan StanleyDowngradesOverweightEqual-Weight
Mar 2017Credit SuisseDowngradesOutperformNeutral
Feb 2017HSBCDowngradesHoldReduce

View More Analyst Ratings for TV
View the Latest Analyst Ratings

Posted-In: Itau BBAAnalyst Color Downgrades Analyst Ratings

 

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