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  • Morning Call

    April 14, 2021

    TLEVISA and Univision will merge content assets, bringing tech-partners aboard to create a single content firm that will merge TLEVISA’s Content division —library, free-to-air and pay-TV channels, and streaming platform— with Univision’s entire business. The new company is being valued at US$15.2B (US$6B in Equity Value, US$9.2B in Net Debt), where TLEVISA will own a 45% stake, being the largest shareholder. Thus, the implied EV/EBITDA stands at 9.5x, using a pro forma EBITDA of US$1.6B (before synergies of US$200-300M). Moreover, TLEVISA’s Content division was valued at US$4.8B (’19 EV/EBITDA of 7.6x), with TLEVISA receiving US$3B in cash and the rest in equity of the combined entity. The transaction is subject to regulatory and shareholder approvals and could be completed in 2021.

     

    • BIMBO will hold its annual shareholders’ meeting on April 29, where a dividend of P$1.0 per share (2.4% yield) and the cancellation of 17.4 million shares repurchased (0.4% of total shares) will be proposed.

     

    • At its April 29 shareholders’ meeting, SITES will propose the cancellation of shares in treasury (31% of total shares).

     

    • S&P assigned a ‘mxAAA’ rating with a stable outlook to Ferromex’sproposed debt issuance for up to P$5 billion. The proceeds will be used to repay higher-interest debt and for general corporate purposes.

     

    • The assembly of heavy vehicles in Mexico grew by 24.2% YOY in March.

     

    • Yesterday, The Lower House approved the outsourcing reform draft bill, it was sent to the Senate for its discussion. The bill forbids the outsourcing of personnel, except for specialized work outside a company’s main economic activity.

     

    • The Mexican Senate passed a law to create a registry with the biometric data of mobile users. The Institute for Transparency, Access to Information, and Protection of Personal Data warned that this reform could compromise the safety of users.