DISCA’s CFO Gunnar Wiedenfels spoke at an Investor Conference today (09/11/19).
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Hope you had a great summer. Just wanted to pass along some of the tidbits from our convos in what felt like the longest short week ever.
In lieu of our What’s Hot What’s Not, we thought it might be helpful to just run through some of what you might have missed the last few weeks as we assume many of you were taking some much-needed vacations....
The hottest names this week were CMLS (534 bps better than the S&P), WWE (434 bps), GTN (395 bps), ETM (311 bps), and CHTR (237 bps).
In lieu of our typical What's Hot/What's Not, we are providing a recap of earnings as well as a link to each note.
Actually the prior prints have been fine, but the calls have been tough to decipher . This time, the message regarding the numbers was a lot clearer – with the Q3 guide nicely ahead and the relatively vague full year guide affirmed. We raised our 2019 and 2020 EBITDA and FCF estimates by ~2% and we are now 1.6% and 0.7% ahead of Consensus EBITDA, respectively, but in line with FCF. Given we didn’t do much to numbers, we keep our $36 June 2020E price target and Peer Perform rating.
DISCA's Q2 earnings call recently ended, so we wanted to highlight some quick takeaways below.
Total revenue was roughly in-line at $2. 885B (+1.5%) vs. our $2.900B (+2%). and Consensus’ $2.887B (+1.5%). U.S. Networks were in-line with us (but ahead of Consensus), while International was a bit softer.
The hottest names this week were ATUS (524 bps better than the S&P), TRCO (356 bps), NXST (322 bps), AMCX (295 bps), and LAMR (267 bps).
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