Central European Media Enterprises (CETV) reported better than expected operating results for 4Q05. Segment revenue of $173 million slightly exceeded management guidance of $171 million. Analyst estimates were generally in line with guidance. EBITDA of $70 million easily exceeded guidance of $58 million. Analyst estimates for EBITDA were slightly above guidance but still under $60 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-03-02 14:44:442006-03-02 14:44:44Central European Media Enterprises: Great Quarter and Increased Confidence in Growth Outlook
Cablevision (CVC) shares are up sharply after the company reported better than expected 4Q05 results and announced 2006 guidance for its cable division that is above current analyst estimates. As the conference call begins, CVC shares are up 5% and dragging Comcast (CMCSA/K), up over 1% along for the ride. Wall Street may hate cable […]
There were no changes to Northlake’s Market Cap or style models for March. Client portfolios remain long mid caps and value, which I execute using the exchange trade funds representing the S&P 400 Mid Cap (MDY), the Russell 1000 Value (IWD), and the Russell 2000 Value (IWN). Clients continue to own $3 in IWD for […]
Central European Media Enterprises (CETV) reports before the open on Thursday. I remain optimistic about the shares with the caveat that quarterly are quite volatile particularly on a country-by-country basis. If my forecast for 13% revenue growth and over 18% EBITDA growth in 2006 receives support from management, I think my target in the low […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-03-01 10:28:202006-03-01 10:28:20Central European Media Enterprises Earnings Preview
One week ahead of its March 2nd 4Q05 earnings report, Central European Media Enterprises (CETV) announced an increase in its ownership of its operations in Romania. In a negotiated agreement with its partner, CETV is paying $27.2 million for an additional 5% stake in Pro TV. CETV will now own 90% of Pro TV. The […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-27 08:44:052006-02-27 08:44:05Central European Media Enterprises Increases Stake in Romania at Attractive Price
The market has reacted coolly to the settlement between Time Warner (TWX) and Carl Icahn as TWX shares given up all their gains since the company reported earnings and the Icahn-Lazard report was released. I think the additional debt funding a larger share buyback is incrementally positive for TWX shares, especially if visibility for upper-single […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-27 08:33:252006-02-27 08:33:25Icahn and Time Warner Settle: Upside If TWX Can Sustain Growth
Clear Channel (CCU) shares have given back most the gains which followed the solid 1Q06 guidance the company provided with its 4Q05 earnings report. In my summary of the earnings, I said a brief rally in CCU shares could occur. I didn’t think it would quite this brief. Three issues continue to trouble the shares. […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-27 08:27:382006-02-27 08:27:38Radio Industry Outlook Hurts Clear Channel
Clear Channel (CCU) reported slightly worse than expected 4Q05 earnings with EPS and revenues just short of estimates. However, everyone was expecting a weak 4Q05 so that is not news. The real news is that the company confirmed 1Q06 pacings at 2.9%, better than feared following recent revelations by other operators about 1Q06 guidance. The […]
One week ahead of its March 2nd 4Q05 earnings report, Central European Media Enterprises (CETV) announced an increase in its ownership of its operations in Romania. In a negotiated agreement with its partner, CETV is paying $27.2 million for an additional 5% stake in Pro TV. CETV will now own 90% of Pro TV. The […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-23 07:58:512006-02-23 07:58:51Central European Media Enterprises Increases Stake in Romania
Based on news reports, it appears that Univision (UVN) wants to sell itself for $13 billion. Along with about $1.5 billion in debt that would work out to 18 times projected 2006 EBITDA of $800 million. It is a rich price, especially given that major media companies generally trade at 8-10 times EBITDA. UVN is […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-02-16 14:24:542006-02-16 14:24:54The Univision Buyout and Central European Media Enterprises
Central European Media Enterprises: Great Quarter and Increased Confidence in Growth Outlook
Central European Media Enterprises (CETV) reported better than expected operating results for 4Q05. Segment revenue of $173 million slightly exceeded management guidance of $171 million. Analyst estimates were generally in line with guidance. EBITDA of $70 million easily exceeded guidance of $58 million. Analyst estimates for EBITDA were slightly above guidance but still under $60 […]
Strong Quarter At Cablevision Could Boost Cable Stocks
Cablevision (CVC) shares are up sharply after the company reported better than expected 4Q05 results and announced 2006 guidance for its cable division that is above current analyst estimates. As the conference call begins, CVC shares are up 5% and dragging Comcast (CMCSA/K), up over 1% along for the ride. Wall Street may hate cable […]
March 2006 Model Signals
There were no changes to Northlake’s Market Cap or style models for March. Client portfolios remain long mid caps and value, which I execute using the exchange trade funds representing the S&P 400 Mid Cap (MDY), the Russell 1000 Value (IWD), and the Russell 2000 Value (IWN). Clients continue to own $3 in IWD for […]
Central European Media Enterprises Earnings Preview
Central European Media Enterprises (CETV) reports before the open on Thursday. I remain optimistic about the shares with the caveat that quarterly are quite volatile particularly on a country-by-country basis. If my forecast for 13% revenue growth and over 18% EBITDA growth in 2006 receives support from management, I think my target in the low […]
Central European Media Enterprises Increases Stake in Romania at Attractive Price
One week ahead of its March 2nd 4Q05 earnings report, Central European Media Enterprises (CETV) announced an increase in its ownership of its operations in Romania. In a negotiated agreement with its partner, CETV is paying $27.2 million for an additional 5% stake in Pro TV. CETV will now own 90% of Pro TV. The […]
Icahn and Time Warner Settle: Upside If TWX Can Sustain Growth
The market has reacted coolly to the settlement between Time Warner (TWX) and Carl Icahn as TWX shares given up all their gains since the company reported earnings and the Icahn-Lazard report was released. I think the additional debt funding a larger share buyback is incrementally positive for TWX shares, especially if visibility for upper-single […]
Radio Industry Outlook Hurts Clear Channel
Clear Channel (CCU) shares have given back most the gains which followed the solid 1Q06 guidance the company provided with its 4Q05 earnings report. In my summary of the earnings, I said a brief rally in CCU shares could occur. I didn’t think it would quite this brief. Three issues continue to trouble the shares. […]
Clear Channel: Outlook Improving
Clear Channel (CCU) reported slightly worse than expected 4Q05 earnings with EPS and revenues just short of estimates. However, everyone was expecting a weak 4Q05 so that is not news. The real news is that the company confirmed 1Q06 pacings at 2.9%, better than feared following recent revelations by other operators about 1Q06 guidance. The […]
Central European Media Enterprises Increases Stake in Romania
One week ahead of its March 2nd 4Q05 earnings report, Central European Media Enterprises (CETV) announced an increase in its ownership of its operations in Romania. In a negotiated agreement with its partner, CETV is paying $27.2 million for an additional 5% stake in Pro TV. CETV will now own 90% of Pro TV. The […]
The Univision Buyout and Central European Media Enterprises
Based on news reports, it appears that Univision (UVN) wants to sell itself for $13 billion. Along with about $1.5 billion in debt that would work out to 18 times projected 2006 EBITDA of $800 million. It is a rich price, especially given that major media companies generally trade at 8-10 times EBITDA. UVN is […]