Megacable Holdings: MEGA, Quarterly Report 1Q21: Cable kicked-off the year on strong foot

  • Mega's reported solid RGUs additions in the Mass market and efficiencies in expenses, boosting Cable's profitability

  • Despite higher investments for the migration of its network into GPON, capital structure remains solid at 0.2x ND/EBITDA

  • Valuation remains very attractive at 6.0x 2021E (-30% vs. peers median), while GPON migration could drive a re-rating

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