United States

Analyst Research Report Snapshot


Time Warner - Company Profile - Looking good for now




Indigo Equity Research


14 Feb 2013





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Investment thesis - looking good for now, but headwinds are mounting. 85% of TWX's profits are tied to the TV ecosystem of subscriptions, affiliate fees and advertising. Another 10% of profits come from movies. TWX's value depends critically on a few key issues: Increased production of original content …… In summary, the TV ecosystem and Time Warner are continuing to thrive, for now at least. Guidance for adjusted 2013 EPS growth in the low double digits looks ambitious given forecast 4% revenue growth and growing margin pressure from programming costs. Since 2011, the share price has benefitted from an expansion of valuation multiples; which will be increasingly hard as these multiples are now at historically high levels. Divestment of the shrinking, low margin Publishing Division would be a positive catalyst. Strong 2012 Q4 results - weak revenues but higher margins Q4 results dispel concerns that the internet is eating Time Warner's lunch, for now at least. 24% Q4 adj. EPS growth was driven primarily by higher revenues & margins in Networks. …. This 43 page report includes: SWOT analysis, investment thesis, fundamental & DCF valuation, significant recent events, operations analysis, ten year financial analysis, business model, strategy, industry overview, analysis of latest Q results, …. Independent, buy-side, fundamental, financial analysis. www.indigo-equity-research.com

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