Time Warner has provided a convincing framework for high-teens adj. EPS growth through 2018 driven by visible affiliate revenue, content monetization, brand/product expansions, and expense management. Completion of select carriage deals at Turner and an HBO affiliate revenue ramp could provide further support to sentiment.
David Bank is Managing Director at RBC Capital Markets. He can be reached at david.bank@rbccm.com. ®Registered trademark of Royal Bank of Canada. RBC Capital Markets is a trademark of Royal Bank of Canada.
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