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TWX: We Expect a Deal - Upgrading to Buy -- Pivotal Research

TWX: We Expect a Deal - Upgrading to Buy -- Pivotal Research

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Brian Wieser

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Wall St. Speaks Out
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Following news last week that the Department of Justice would seek to block the AT&T acquisition of Time Warner, Time Warner stock fell from already low levels and has maintained a depressed valuation, reflecting a lack of confidence in the likelihood that a deal occurs. However, we expect that some kind of transaction will eventually occur, whether through AT&T litigating with the DOJ, divesting assets or through a sale to another media company in the event no deal with AT&T went through. As our underlying value of Time Warner on a stand-alone basis is around $81 on a YE2017 basis, at current levels the downside seems limited, and the upside to what we calculate as a $103 current value using recent trading levels of AT&T is significant considering our view that the transaction will ultimately occur. With more than 15% upside to current trading levels, we are upgrading the stock from Hold to Buy at this time.

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Brian Wieser

Brian Wieser is Global President, Business Intelligence for GroupM, WPP’s media investment Group. He is leading GroupM’s thought leadership practice to ensure that WPP’s clients receive actionable marketplace intelligence on markets, audien… read more

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MediaVillage “Knowledge Exchange” is where leaders share intelligence, insights, stories and experiences in a trusted journalistic environment. Search “Knowledge Exchange” at MeetingPrep.com for free on-demand access to professional learning. Scroll down to visit each dedicated B2B library where the industry’s knowledge is archived. Follow our social network @MediaVillageCom

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