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Time Warner - Company Profile Product Image

Time Warner - Company Profile

  • Published: February 2013
  • 43 pages
  • Indigo Equity Research

Strong 2012 Q3 results -

- Revenue growth is anemic and continues to slow; Networks is the key concern.
- EBIT & EBIT margins fell mostly due to one-off charges in Publishing & Networks.
- Weakening US TV viewing & higher programming costs are increasing concerns.
- Overall, Net Income fell 11%. EPS was flat only due to massive share buy-backs.
- In Q1, total revenue rose by $296 m (+4%), to $7.0 bn; slowing sequentially.
- Film sales rose $180 m (+7%), to $2.8 bn; ; driven by TV, despite lower DVD sales.
- Warner Bros is doing well to keep film revenues flat with the end of the Harry
- Potter franchise, helped by releases Journey 2, Project X & Sherlock Holmes.
- - Publishing revenue fell $25 m (-3%), to $0.8 bn; with lower advertising & subscription.
- - Networks revenue rose $106 m (+3%), to $3.6 bn; helped by higher domestic prices.
- HBO's 2nd series of Game of Thrones is the most-watched drama on US cable TV.
- - Growth was broad-based; content, subscription & advertising all increased 3-4%.
- EBIT fell by $23 m (-2%), to $1.2 bn. EBIT Margin fell by 1.1% to 17.9%. This was READ MORE >

Investment Thesis & SWOT Analysis
News Flow - Significant Recent Events

Industry Overview
Media & Entertainment Industry

Company Analysis
Strategy & Business Model
Management, Executive Compensation & Board
Operating Divisions
Balance Sheet & Key M&A
Business Model - Snapshot of the last 12 Months
SWOT Analysis
Key Investment Issues

Analysis of Financial Results - Quarterly Since 2002
Profit & Loss Summary
Revenue Analysis by Service
Revenue Analysis by Division
OIBDA & EBIT Analysis
Cost Analysis
Cash Flow Analysis
Balance Sheet Analysis
Working Capital Analysis
Return Analysis
Unusual Items

Valuation
Share Price Performance & Valuation Multiples
Historical Valuation Multiples
Fundamental Valuation of Time Warner
DCF Valuation & Sensitivity Analysis

Additional Industry Analysis
Media Industry Overview
Disruptive Media Industry Trends & Drivers
US Film Sales
Content Creation v. Distribution
TV Industry is Doomed

Financial Tables
Quarterly Financial Accounts
Annual Financial Accounts
Revenue Data
Revenue by Division
OIBDA Data
EBIT Data

Explanations and Definitions
Legal and Important Information

List of Tables
Financial Tables
Quarterly Financial Accounts
Annual Financial Accounts
Revenue Data
Revenue by Division
OIBDA Data
EBIT Data

List of Figures
Analysis of Financial Results - Quarterly Since 2002
Profit & Loss Summary
Revenue Analysis by Service
Revenue Analysis by Division
OIBDA & EBIT Analysis
Cost Analysis
Cash Flow Analysis
Balance Sheet Analysis
Working Capital Analysis
Return Analysis
Unusual Items

Valuation
Share Price Performance & Valuation Multiples
Historical Valuation Multiples
Fundamental Valuation of Time Warner
DCF Valuation & Sensitivity Analysis

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