10.26
Q4/F2009 was another solid quarter for Shaw generating strong sub growth in all key cable
products (telephony, digital, Internet). Shaw also released preliminary
F2010 guidance, which calls for organic EBITDA growth of 8% y/y.
Key takeaways: 1) Q4/F2009 financial results largely in line; 2) solid
preliminary guidance for F2010; 3) strong sub growth across all key product
areas despite economy; and 4) Shaw still doing its homework on wireless,
but has held talks with Rogers on a potential partnership.
Consolidated Q4/F2009 revenue of $872.9 million. Consolidated EBITDA of $394.5 million and FD
EPS of $0.29 .
In summary, these are yet again very strong operating and financial results
from Canada’s premier cableco. Given our confidence in Shaw’s continued
execution, we see Shaw as a strong buy-and-hold story.
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