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Director’s Cut
Content reigns in digital world
In his initiation report on large cap US media companies, Tim Nollen argues
digital disintermediation is the key concern in today’s market. This is because
there have never been so many opportunities to disintermediate programming
through new online and mobile platforms such as Netflix and Amazon.
Even so, given the increasing number of platforms available, Tim also believes
that the value of TV and film content has never been greater. He therefore
comes down on the side of the content owners in the disintermediation debate
as content is the source of value and profits in media, and those owners who can
manage the digital distribution and pricing should continue to thrive.
Tim’s top Outperforms in the space are CBS (CBS US) and Time Warner (TWX
US). He likes CBS’s vertical integration, starting with top-rated content creation
which CBS controls through the broadcasting and syndication value chain. As
the largest TV and film content producer in the US and with HBO, Time Warner
is well positioned for digital disintermediation.
Turning to Europe’s media sector, Guy Peddy has initiated coverage on Kabel
Deutschland (KD8 GR) with an Outperform. KD8 is the least mature operator
with a strategy for revenue and cash flow growth by up-selling to a basic cable
TV base. In his view, KD8 has a sustainable pricing advantage and is winning
broadband market share but avoiding head on conflict with the incumbent by
gaining share from DSL re-sellers. Over the next 12 months he forecasts a TSR
of 25%, including an attractive dividend yield of nearly 4%.
Highlights
After comparing the Australian REITs, infrastructure and utilities, Paul
Checchin concludes that GPT and CFX offer the best defensive yields.
With Bank Indonesia acting to support the structural growth story, Nicolaos
Oentung remains overweight Indonesian banks.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Director’s Cut
Content reigns in digital world
In his initiation report on large cap US media companies, Tim Nollen argues
digital disintermediation is the key concern in today’s market. This is because
there have never been so many opportunities to disintermediate programming
through new online and mobile platforms such as Netflix and Amazon.
Even so, given the increasing number of platforms available, Tim also believes
that the value of TV and film content has never been greater. He therefore
comes down on the side of the content owners in the disintermediation debate
as content is the source of value and profits in media, and those owners who can
manage the digital distribution and pricing should continue to thrive.
Tim’s top Outperforms in the space are CBS (CBS US) and Time Warner (TWX
US). He likes CBS’s vertical integration, starting with top-rated content creation
which CBS controls through the broadcasting and syndication value chain. As
the largest TV and film content producer in the US and with HBO, Time Warner
is well positioned for digital disintermediation.
Turning to Europe’s media sector, Guy Peddy has initiated coverage on Kabel
Deutschland (KD8 GR) with an Outperform. KD8 is the least mature operator
with a strategy for revenue and cash flow growth by up-selling to a basic cable
TV base. In his view, KD8 has a sustainable pricing advantage and is winning
broadband market share but avoiding head on conflict with the incumbent by
gaining share from DSL re-sellers. Over the next 12 months he forecasts a TSR
of 25%, including an attractive dividend yield of nearly 4%.
Highlights
After comparing the Australian REITs, infrastructure and utilities, Paul
Checchin concludes that GPT and CFX offer the best defensive yields.
With Bank Indonesia acting to support the structural growth story, Nicolaos
Oentung remains overweight Indonesian banks.
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