Profile: DirecTV (DTV) provides digital satellite broadcasting service to the United States and Latin America, offering up to 1800 channels, 130 High Definition channels, various movie and sports packages, and DVR capabilities to nearly 20 million subscribers.
Competitive Advantage: DirecTV is the only Pay-TV provider with a growing presence in Latin America and the only provider to offer an NFL sports package. They also offer more HD & premium channels than competitors and have a strong marketing base through AT&T.
Investment Thesis: DirecTV provides opportunity for growth through a strong industry position, a first mover advantage in Latin America, and through offering the highest quality product at competitive prices.
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Stock Information Ticker DTV Industry Tech Sector Cable/Satellite Class Growth Mkt. Cap $23.72B Beta 0.95 Price $22.58 52 Wk Range $17.70–$29.10 Shares 1.05B
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Key Ratios (TTM)
EPS $1.35
FCF per share $1.20
Price/Earnings 16.76
PEG (5yr Exp) 1.44
Price/Book (MRQ) 4.13
Price/Sales 1.23
EV/EBITDA 5.40
Current Ratio 2.46
Debt/Equity 0.99
ROE 28.34%
ROA 9.46%
ROI 12.43%
| 2007 | 2008 | 2009E | 2010E | 2011E | 2012E | 2013E | NI | 1,359 | 1,543 | 1,723 | 1,941 | 2,188 | 2,465 | 2,771 | + Depr. | 1,448 | 1,644 | 1,836 | 2,068 | 2,331 | 2,626 | 2,952 | + Int. | 130 | 159 | 177 | 199 | 225 | 253 | 285 | - CapEx | 2326 | 2641 | 2949 | 3292 | 3676 | 4103 | 4581 | - NWC | 53 | 158 | 155 | 188 | 212 | 239 | 264 | FCFF | 664 | 863 | 942 | 1,051 | 1,174 |