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Univision: Company
built 606 days ago
As the vanguard of what may well prove to be a major change in American culture and society, Univision could be a powerful company in the years to come. Although the stock looks expensive by conventional measures, media companies rarely trade according to conventional measures. Compared with its peers, then, Univision's valuation looks a bit more reasonable, especially considering its cash flow growth and dominant position in a fast-growing market.
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The sale price is less than the $40 a share that Univision had originally hoped to receive when it put itself up for auction in February. Though the price was less than anticipated, it remains one of the highest multiples paid for a media company in recent history.
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At $11.1 billion, or $36.25 a share, the price is well below the $40 a share that Univision originally hoped to receive. But the figure still represents one of the highest multiples paid for a media company in recent history.
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Univision is producing considerable amounts of cash flow. Free cash flow (excluding a building purchase) for 2004 grew more than 30% to $357 million. Univision's management is ... working to put some of that dinero into shareholders' pockets. Leveraging the company's strong cash flow generation and reasonable balance sheet, Univision will launch a $500 million share-buyback program in 2005.
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