Financials Megacable Holdings, S. A. B. de C. V.

Equities

MEGA CPO

MX01ME090003

Integrated Telecommunications Services

End-of-day quote Mexican S.E. Other stock markets 06:00:00 2024-05-05 pm EDT			5-day change	1st Jan Change
51.66 ^MXN	+2.42%		+2.09%	+36.23%

Apr. 26	Transcript : Megacable Holdings, S. A. B. de C. V., Q1 2024 Earnings Call, Apr 26, 2024
Apr. 25	Megacable Holdings, S. A. B. de C. V. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	75,781	66,557	62,479	59,818	44,407	44,350	44,350	-
Enterprise Value (EV) ¹	73,023	64,923	66,786	64,487	57,250	52,772	67,622	69,028
P/E ratio	16.5 x	11.6 x	21 x	13.5 x	11.9 x	21.5 x	14.4 x	12.8 x
Yield	2.02%	-	3.52%	4.04%	-	5.79%	6%	6.8%
Capitalization / Revenue	3.88 x	3.08 x	2.79 x	2.43 x	1.64 x	1.09 x	1.35 x	1.23 x
EV / Revenue	3.74 x	3.01 x	2.98 x	2.62 x	2.11 x	1.77 x	2.05 x	1.91 x
EV / EBITDA	7.73 x	6.34 x	6.05 x	5.32 x	4.48 x	3.96 x	4.48 x	4.22 x
EV / FCF	25.7 x	-103 x	8.53 x	24.2 x	-	78.3 x	-32.1 x	24.2 x
FCF Yield	3.89%	-0.97%	11.7%	4.13%	-	1.28%	-3.12%	4.14%
Price to Book	2.63 x	2.25 x	2.03 x	3.48 x	2.45 x	0.93 x	1.26 x	1.28 x
Nbr of stocks (in thousands)	859,785	859,469	859,641	857,476	857,617	858,500	858,500	-
Reference price ²	88.14	77.44	72.68	69.76	51.78	51.66	51.66	51.66
Announcement Date	2/21/19	2/20/20	2/25/21	2/3/22	2/23/23	2/15/24	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	19,535	21,605	22,383	24,634	27,156	29,871	32,907	36,064
EBITDA ¹	9,446	10,240	11,036	12,116	12,769	13,320	15,100	16,358
EBIT ¹	6,159	6,125	6,329	6,791	6,529	6,121	6,950	7,692
Operating Margin	31.53%	28.35%	28.27%	27.57%	24.04%	20.49%	21.12%	21.33%
Earnings before Tax (EBT) ¹	6,122	5,760	5,960	6,094	5,350	4,338	4,505	4,471
Net income ¹	4,601	4,337	4,382	4,288	3,567	2,844	3,057	3,583
Net margin	23.55%	20.07%	19.58%	17.41%	13.13%	9.52%	9.29%	9.94%
EPS ²	5.346	6.692	3.462	5.160	4.340	1.760	3.575	4.026
Free Cash Flow ¹	2,841	-629	7,825	2,666	-	674.2	-2,106	2,856
FCF margin	14.55%	-2.91%	34.96%	10.82%	-	2.26%	-6.4%	7.92%
FCF Conversion (EBITDA)	30.08%	-	70.9%	22%	-	5.06%	-	17.46%
FCF Conversion (Net income)	61.75%	-	178.58%	62.18%	-	23.71%	-	79.72%
Dividend per Share ²	1.780	-	2.560	2.820	-	2.989	3.102	3.512
Announcement Date	2/21/19	2/20/20	2/25/21	2/3/22	2/23/23	2/15/24	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	6,064	6,145	6,473	6,562	6,681	6,737	7,175	7,152	7,374	7,491	7,854	8,057	8,160	8,333	8,672
EBITDA ¹	3,011	3,016	3,087	3,228	3,258	3,168	3,115	3,269	3,287	3,306	3,458	3,636	3,779	3,882	4,020
EBIT ¹	1,759	1,603	1,676	1,765	1,721	1,574	1,445	1,448	1,770	1,463	1,548	1,689	1,714	1,759	1,832
Operating Margin	29.01%	26.08%	25.89%	26.89%	25.76%	23.37%	20.14%	20.24%	24%	19.53%	19.71%	20.96%	21%	21.11%	21.13%
Earnings before Tax (EBT) ¹	1,630	1,318	1,590	1,677	1,592	1,227	854.1	1,209	1,317	828.2	984.7	1,170	1,147	1,126	1,215
Net income ¹	1,139	927.4	1,118	1,170	1,017	823	557.1	796.6	867.8	531.3	647.9	788.5	784	770	831
Net margin	18.79%	15.09%	17.28%	17.83%	15.22%	12.22%	7.76%	11.14%	11.77%	7.09%	8.25%	9.79%	9.61%	9.24%	9.58%
EPS ²	1.380	1.120	1.340	0.7100	1.260	0.5000	0.6800	0.4900	0.5400	0.3400	0.4000	0.9142	0.9110	0.8946	0.9652
Dividend per Share ²	-	-	2.820	-	-	-	-	-	-	-	0.0100	-	2.960	-	0.1400
Announcement Date	7/22/21	10/26/21	2/3/22	4/28/22	7/27/22	10/27/22	2/23/23	4/27/23	7/27/23	10/26/23	2/15/24	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	4,307	4,670	12,843	20,218	23,272	24,678
Net Cash position ¹	2,758	1,634	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.3903 x	0.3854 x	1.006 x	1.518 x	1.541 x	1.509 x
Free Cash Flow ¹	2,841	-629	7,825	2,666	-	674	-2,107	2,857
ROE (net income / shareholders' equity)	16.1%	15.2%	14.1%	12.8%	10%	8.16%	8.54%	9.45%
ROA (Net income/ Total Assets)	12.1%	10.5%	9.42%	8.25%	6.27%	4.41%	4.31%	3.5%
Assets ¹	37,928	41,452	46,536	51,982	56,889	64,507	71,011	102,321
Book Value Per Share ²	33.50	34.50	35.70	20.00	21.10	40.80	41.00	40.20
Cash Flow per Share ²	9.530	10.30	10.90	6.700	-	15.80	11.80	-1.740
Capex ¹	5,349	7,272	5,960	11,310	-	12,862	10,927	10,482
Capex / Sales	27.38%	33.66%	26.63%	45.91%	-	43.06%	33.21%	29.06%
Announcement Date	2/21/19	2/20/20	2/25/21	2/3/22	2/23/23	2/15/24	-	-

¹MXN in Million²MXN

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Megacable Holdings, S. A. B. de C. V.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

51.66 MXN

Average target price

57.77 MXN

Spread / Average Target

+11.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
MEGACABLE HOLDINGS, S. A. B. DE C. V.	+36.23%	2.62B
CHINA MOBILE LIMITED	+7.72%	195B
VERIZON COMMUNICATIONS	+4.32%	166B
DEUTSCHE TELEKOM AG	-0.28%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-1.45%	93.05B
CHINA TELECOM CORPORATION LIMITED	+13.90%	70.99B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+6.04%	61.17B
SAUDI TELECOM COMPANY	-6.44%	50.24B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-16.70%	38.12B
CHARTER COMMUNICATIONS, INC.	-30.16%	39.1B

Other Integrated Telecommunications Services