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US Hispanic Media and Communications Monthly Feb 2006, Issue 3

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US Hispanic Media and Communications Monthly Feb 2006, Issue 3 US Hisp anic Media & Communications Monthly, Feb 2006 Issue 3 US Hispanic Media and Communications Monthly Feb 2006, Issue 3 Mission Capital Group is ¾ Market Update……………………………………………………................................... 2 an investment bank o Hispanic Media Valuations and Share Performance specialized in the US Hispanic media and o Televisa – Fourth Quarter Earnings Outlook communications sectors. ¾ Monthly Features…………………………………..................................................3 – 9 o Univision For Sale – LBO Analysis Appears Feasible Advisory services include o A Look at the Retail Voice Over IP Market capital raising, mergers ¾ Deal Activity ...………………………………………………………………………..10 – 12 and acquisitions, and Norsan Group Accelerates Expansion financial restructurings. o o Impremedia Enters Florida o Davidson Acquires La Mega o New Joint Venture For Crossfone o Disney Acquires Pixar o ABC Merges with Citadel o Google Moves Into Radio ¾ News Clips…………………………………………………………………………. 13 – 17 o Harris Publications – LatCom Communications – Si TV – Hispanic Business Magazine – EPSN Deportes – LTV Networks – Una Vez Mas – Caracol TV – Radiovisa – GLR Networks – Radio Caracol – Batanga – Voy Music – SBS ¾ Media Valuation Comparison Table ….………………………………………………18 ¾ Recent Transactions Table.….…………...………………….. ……...……………….19 ¾ Share Price Performance …………………... ……………………………………….. 20 Media Indexes vs. S&P 500 200 180 Mission Media Research Team 160 140 Alex Ryshawy Director 120 (305) 728-1640 [email protected] 100 Juan Arvelo 80 Vice President (305) 728-1663 [email protected] 60 05 05 5 05 05 05 5 05 05 05 05 06 06 Roberto Pareja b- r- r-0 y- n- ul- -0 p- t- v- c- n- b- e a p a Ju J ug e Oc o e Ja e Analyst F M A M A S N D F (305) 728-1650 [email protected] Dow Jones US Media Index Mission Hispanic Media Index S&P 500 Page 1 Mission Capital Grou p, LLC US Hisp anic Media & Communications Monthly, Feb 2006 Issue 3 Market Update US Media Conglomerates Comparison Table The strongest share price gainer in our Hispanic Share P/E EV/EBITDA media universe over the past month has been Price 2005 2006 E 2005 2006 E Viacom $42.82 22.7x 21.3x 10.6x 9.4x Univision, at 12.4% (see Table below). Fueled by the Time Warner $18.35 23.8x 20.9x 9.6x 8.8x news that the company had put itself up for sale, the News Corp $16.48 23.9x 20.9x 12.4x 11.1x th stock jumped 12% on Feb 8 , the day of the Disney $26.72 19.0x 19.1x 10.9x 9.3x announcement (see complete story on page 3). Median 23.3x 20.9x 10.8x 9.3x Source: Mission Research, Bloomberg, IBES Hispanic Media Share Performance 1 mo 3 mos 1 year Univision 12.4% 21.3% 33.7% Solid Q4 Expected for Televisa Televisa -2.7% 9.0% 31.1% Mexican media conglomerate Grupo Televisa is Entravision 3.4% -9.4% -8.0% expected to report strong fourth quarter results on SBSA 10.2% -11.0% -42.8% nd February 22 , after the market close. Net earnings are forecasted to increase 20% to $1.40 per ADR, Source: Mission Research driven by robust sales growth and expanding operating margins. The Univision news also triggered shares of Spanish Broadcasting Systems (SBSA) to increase by 9.4%. Pay TV and Sky Mexico should continue to show A sudden focus on the high valuations being strong performance during the quarter, with accorded to Hispanic media companies probably forecasted 30%+ sales growth and increasing kindled interest among bargain-hunting investors. By subscriber additions ahead of the World Cup. Total contrast, Televisa’s share price remained flat on fourth quarter revenues are expected to increase dilution fears, as the company is the most likely 12.5% to $915m, driven mainly by the strong pay TV candidate to acquire Univision. performance. Broadcast TV revenue is expected to show a 4Q 2005 increase of 5% over the same Valuation – Premiums Expanding quarter in 2004, while Publishing sales are expected In the wake of Univision’s surprise announcement, to be largely flat. Televisa’s EBITDA margin is on valuation premiums for Hispanic media companies track to expand approximately 200bp to 42% in the widened relative to US media peers. The premium of quarter. the former jumped to 35-40%, up from a historical 20-30% based on EV/EBITDA multiples. Expectations remain high for Televisa in 2006. The company should benefit from rising World Cup Hispanic Media Valuation Comparison Table advertising, as well as political advertising from the Presidential election. New projects to be launched include a television venture in Spain (spring/early Share P/E EV/EBITDA summer 2006) and betting operations in Mexico. In Price 2005 2006 E 2005 2006 E Univision $34.90 42.0x 33.2x 18.4x 15.3x Spain, Televisa is a 40% owner in the Gestora de Televisa $81.45 21.7x 16.8x 9.3x 8.1x Inversiones Audiovisuales La Sexta consortium, Entravision $7.26 165.0x 62.6x 15.1x 13.5x which last year won a license to operate one analog SBSA $5.75 -10.3x 60.5x 13.1x 12.0x and two digital television channels. Regarding Median 31.9x 46.9x 14.1x 12.7x gaming, the Mexican government granted Televisa a concession to operate 65 off-track and numbers- Source: Mission Research, Bloomberg, IBES based betting sites in Mexico. Page 2 Mission Capital Grou p, LLC US Hisp anic Media & Communications Monthly, Feb 2006 Issue 3 Monthly Features Deal Structures, Valuation and Suitors Univision For Sale Given Univision’s growth and dominant market Spanish-language media giant Univision (UVN) position, interest in a sale of the company would be announced that it is considering putting itself on the high. While an outright acquisition could be feasible block. The timing for a sale appears apt for several for some players (Disney, Time Warner, Comcast), reasons: other suitors would face regulatory hurdles, such as: 1) A banner year ahead. Univision will enjoy 1) The FCC’s cap limiting TV station favorable operating results in 2006, due to penetration of the US market to 39% (which robust upfront sales and an additional affects News Corp., CBS, and Viacom), advertising lift from the World Cup. Univision and; revenues are forecast to increase 15% this year 2) The limitation preventing foreign ownership to $2.2bn, with roughly half the growth coming of a TV station to only 25% (which impacts from World Cup coverage. EBITDA should grow Televisa). The FCC also limits the number 18%-20%, boosted by a $50 million cost-cutting of stations a broadcaster can own within a program initiated at the end of last year. given market, further complicating an acquisition by a fellow broadcaster. 2) Owner seeks an exit. At 75 years of age, Chairman and CEO Perenchio is thought to be While a broadcaster could always divest assets to contemplating an exit strategy. Perenchio owns comply with any FCC regulations, the real difficulty 11.5% of UVN shares and wields a 56% lies with the high multiple being paid for Univision. controlling interest via ownership of super-voting Any acquirer of the company would never be able to Class P shares. However, the Class P shares sell individual stations at a similarly high multiple; revert from a current 10 votes per share to 1 at moreover, the sales will add incremental costs to the the time of death or the sale of the company. As deal, affecting the overall IRR of the transaction. a result, a planned exit makes sense. It is also important to note that any acquisition of 3) Ongoing friction with Televisa. Increasing Univision will be carried out at a premium multiple. tension between Univision and Televisa could be Univision currently trades at 15.3x 2006 EV/EBITDA, another reason for Perenchio to sell. Televisa and we anticipate a winning bid would value the owns an approximate 10% stake in Univision, company at anywhere from 17.0x–19.0x 2006 and pursuant to a long-standing program EV/EBITDA (i.e., $38-$41 per share). By licensing agreement (PLA), provides Univision comparison, US media conglomerate multiples are with approximately 40% of its content at a very around 9.0x–10.0x 2006 EV/EBITDA. Thus, dilution favorable cost, including 100% of Univision could be a deterrent for publicly-traded companies. prime time programming. Televisa has become increasingly frustrated by the meager royalties Below is a list of the potential suitors along with our received from Univision, as well as by the initial thoughts on their feasibility and interest: restrictive terms of the PLA. (The PLA runs to 2017 and is exclusive to Univision, even in the case of an ownership change). Televisa filed a 1) Televisa - Given the history and operating lawsuit against Univision last year over royalty synergies, Televisa is the most logical buyer. payments, and recently claimed Univision was in However, given the foreign ownership material breach of the PLA. Ultimately, Univision restrictions Televisa would likely partner with is likely to prevail in these legal disputes. But, it one or more private equity firms and limit its is clear that Televisa would like to renegotiate or participation to 25%. Alternatively, Televisa possibly exit the PLA. could acquire the network outright and then buy the TV and radio stations in conjunction with Page 3 Mission Capital Grou p, LLC US Hisp anic Media & Communications Monthly, Feb 2006 Issue 3 private equity. A call option could enable Emilio 3) Disney – Disney has expressed interest in the Azcarraga to gain control at some point in the Spanish-language media market, and is free future after obtaining US citizenship. In any from the regulatory hurdles that other media instance, Televisa has a very important card to broadcasters would face.
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