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Conference Call | Downgrading Cable: Will the Broadband Burden be Too Heavy To Bear?
The notion that cable operators have an advantaged infrastructure was once contrarian but is now fully mainstream. And the view that cable operators have latent pricing power that will insulate them from the vagaries of changing video consumption habits has become broadly mainstream as well. Cable stocks have risen sharply, to the point that Comcast shares now sit just 7% below our target price of $45. That the cable companies are very, very good businesses is no longer a secret.
In a clients-only conference call on Tuesday, June 27th, Craig Moffett will discuss our recent downgrade of Comcast and the Cable Sector to neutral, and will examine both the accelerating decline in traditional linear TV and the early evidence for deceleration in broadband subscription growth. We have often written that the cable operators are uniquely positioned to weather a decline in Pay TV subscriptions by adjusting broadband pricing in response. That’s still true. But the question is: just how much will they have to adjust broadband pricing? And what is the right valuation if they do?
Conference Call Replay: Available HERE
Conference Registration: Click HERE
Summit Registration: Click HERE
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Conference Call Replay | U.S. Theaters: Dual Threats Too Hard To Ignore; Downgrade CNK & RGC to Sell
June 13, 2017 7:00 AM PDT / 10:00 AM EDT
We can no longer ignore two threats facing exhibitors: Premium Video On-Demand and Netflix. While each of these threats is unlikely to pose a material negative impact to near-term financials, we expect these longer-term industry headwinds to pressure the multiple investors use to value exhibition stocks.
We believe this time is different than prior unsuccessful attempts to change windows and downgrade Cinemark and Regal from Neutral to Sell as we assign lower multiples to more appropriately reflect these risks.
In a clients-only conference call, Robert Fishman further expanded on these headwinds.
Conference Call Materials: Available HERE
Conference Call Replay: Available HERE
Conference Registration: Click HERE
Summit Registration: Click HERE
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Conference Call Replay | Spectrum: The Paradox of Value
June 13, 2017 7:00 AM PDT / 10:00 AM EDT
In a report we published on June 8th, we presented the provocative conclusion that even as data consumption soars, the value of spectrum is actually declining, not rising. This starkly counterintuitive conclusion arises from technology developments that have dramatically reduced the cost of alternative approaches to capacity expansion, thereby reducing the value of spectrum by comparison.
In a clients-only conference call on June 13, Cathy Yao and Craig Moffett quantified the trade-offs network operators must make in prioritizing their investments in incremental capacity, with an eye towards the implications for spectrum owners including Dish Network, Ligado, Globalstar, and Sprint. We hope you can join us.
Conference Call Materials: Available HERE
Conference Call Replay: Available HERE
Conference Registration: Click HERE
Summit Registration: Click HERE
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Conference Call Replay | State of the Industry 2017
On Thursday, May 25th, in a clients-only conference call, Michael Nathanson and Craig Moffett presented their 2017 State of the Industry review and outlook, as originally presented at our Fourth Annual Media & Communications Summit on May 17th.
Date: Thursday, May 25, 2017
Time: 10:30 am ET; 3:30 pm UK
Conference Call Materials: Available HERE
Conference Call Replay: Available HERE
Conference Registration: Click HERE
Summit Registration: Click HERE
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