Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship. It is also involved in the operation of the Formula 1 Paddock Club hospitality program; and provision of freight, logistical, and travel related services for the teams and other third parties, as well as the F2 and F3 race series. The company was founded in 1950 and is based in Englewood, Colorado. Formula One Group is a subsidiary of Liberty Media Corporation.

Liberty Media Corporation - Series A Liberty Formula One

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares Morningstar U.S. Equity ETF (Symbol: ILCB), we found that the implied analyst target price for the ETF based upon its underlying holdings is $97.97 per unit.
With ILCB trading at a recent price near $89.44 per unit, that means that analysts see 9.54% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of ILCB's underlying holdings with notable upside to their analyst target prices are Liberty Media Corp - Formula One Group (Symbol: FWONA), Tapestry Inc (Symbol: TPR), and Crown Castle Inc (Symbol: CCI). Although FWONA has traded at a recent price of $88.39/share, the average analyst target is 19.63% higher at $105.75/share. Similarly, TPR has 17.48% upside from the recent share price of $95.69 if the average analyst target price of $112.42/share is reached, and analysts on average are expecting CCI to reach a target price of $118.59/share, which is 17.36% above the recent price of $101.05. Below is a twelve month price history chart comparing the stock performance of FWONA, TPR, and CCI:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
iShares Morningstar U.S. Equity ETF
ILCB
$89.44
$97.97
9.54%
Liberty Media Corp - Formula One Group
FWONA
$88.39
$105.75
19.63%
Tapestry Inc
TPR
$95.69
$112.42
17.48%
Crown Castle Inc
CCI
$101.05
$118.59
17.36%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ILCB's Underlying Holdings Imply 10% Gain Potential

Teladoc (TDOC) shares rallied 14.4% in the last trading session to close at $7.89. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.3% gain over the past four weeks.
Teladoc witnessed a price rise after Citron Research highlighted strong growth prospects following the company’s Goldman Sachs presentation, where management revealed that embedding BetterHelp in employer health plans could drastically improve conversion rates. The recent acquisition of UpLift enables insurance billing. Citron also emphasized TDOC’s AI edge and scale as key drivers of future profitability.
Besides, Teladoc's competitive strengths lie in its unmatched integration of virtual care services, global reach and data-driven innovation. It offers a comprehensive suite of clinical services—from wellness and acute care to chronic and mental health management—through a highly scalable, secure and API-driven platform. Its proprietary engagement science, predictive analytics and personalized communications drive exceptional member utilization.
This telehealth services provider is expected to post quarterly loss of $0.26 per share in its upcoming report, which represents a year-over-year change of +7.1%. Revenues are expected to be $621.69 million, down 3.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Teladoc, the consensus EPS estimate for the quarter has been revised 3.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on TDOC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Teladoc is a member of the Zacks Medical Services industry. One other stock in the same industry, LifeMD, Inc. (LFMD), finished the last trading session 3.1% lower at $14.3. LFMD has returned 28% over the past month.
For LifeMD, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.02. This represents a change of +89.5% from what the company reported a year ago. LifeMD currently has a Zacks Rank of #3 (Hold).
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Teladoc (TDOC) Moves 14.4% Higher: Will This Strength Last?

Nektar Therapeutics (NKTR) shares soared 12.1% in the last trading session to close at $9.54. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 13.2% loss over the past four weeks.
The stock rallied as investor optimism grew over the company's review of top-line data from the phase IIb REZOLVE-AD study evaluating its pipeline candidate, rezpegaldesleukin, for treating moderate-to-severe atopic dermatitis.
This biopharmaceutical company is expected to post quarterly loss of $2.53 per share in its upcoming report, which represents a year-over-year change of +32.5%. Revenues are expected to be $10.78 million, down 54.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Nektar, the consensus EPS estimate for the quarter has been revised 10.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NKTR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Nektar belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Indivior PLC (INDV), closed the last trading session 0.4% lower at $13.95. Over the past month, INDV has returned 24.4%.
For Indivior, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.25. This represents a change of -43.2% from what the company reported a year ago. Indivior currently has a Zacks Rank of #3 (Hold).
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Strength Seen in Nektar (NKTR): Can Its 12.1% Jump Turn into More Strength?

RGC Resources Inc. (RGCO) shares rallied 9.1% in the last trading session to close at $22.18. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.5% loss over the past four weeks.
RGCO’s share price surged on Monday, driven by a sharp increase in natural gas demand and prices amid an ongoing heatwave across the eastern U.S. The extreme temperatures significantly boosted power generation needs, prompting utilities to consume more natural gas to meet the spike in electricity usage. Although gas output in the Lower 48 states edged slightly higher in June, it remained below March’s record levels, keeping supply relatively tight. At the same time, seasonal maintenance at major LNG export facilities reduced outbound flows, easing pressure on domestic supply. Adding to the bullish sentiment, ongoing geopolitical instability in the Middle East has heightened concerns over potential disruptions to global LNG trade, particularly through the Strait of Hormuz—a key chokepoint for roughly one-fifth of the world's LNG shipments. This confluence of strong domestic demand, limited supply growth, and broader market uncertainty lifted investor confidence in regional gas utilities like RGC Resources, fueling the notable rise in its share price.
This company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $15 million, up 3.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For RGC Resources, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RGCO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
RGC Resources belongs to the Zacks Oil and Gas - Refining and Marketing industry. Another stock from the same industry, TotalEnergies SE Sponsored ADR (TTE), closed the last trading session 2.1% lower at $61.28. Over the past month, TTE has returned 8.1%.
For TotalEnergies, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.64. This represents a change of -17.2% from what the company reported a year ago. TotalEnergies currently has a Zacks Rank of #3 (Hold).
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

RGC Resources (RGCO) Surges 9.1%: Is This an Indication of Further Gains?

(RTTNews) - Liberty Media Corp. (FWONA, FWONK, LLYVA, LLYVK) received Monday unconditional approval from the European Commission to complete its acquisition of Dorna Sports, S.L., the exclusive commercial rights holder of the MotoGP World Championship.
The receipt of the European Commission's approval is the final condition to the transaction, which is now expected to close no later than July 3, 2025.
This acquisition enables Liberty Media to accelerate MotoGP's international appeal and bring captivating racing to a wider global audience.
Liberty Media will leverage its expertise in developing sports and entertainment assets to further expand MotoGP's fanbase and grow the sport commercially. Carmelo Ezpeleta, CEO of Dorna since 1998, will continue to run the business headquartered in Madrid.
Liberty Media will acquire 84% of Dorna with Dorna management retaining 16% of the business. The transaction reflects an enterprise value for Dorna of 4.3 billion euros and an equity value of 3.7 billion euro with the existing debt balance at Dorna expected to remain in place after closing.
The purchase price for Liberty Media's 84% stake will be paid in cash, including cash on hand at Formula One Group and Formula 1 and proceeds from $1 billion of committed term loan financing at Formula 1.
Promptly after the transaction closes, Formula One Group expects to draw from Dorna cash and committed term loan proceeds, bringing pro forma leverage at Dorna to just below 5.5x.
Following the transaction close, members of Liberty Media's board of directors and management team, including Chase Carey, director of Liberty Media and former CEO of Formula 1, and Sean Bratches, former Managing Director of Commercial Operations at Formula 1, will join Carmelo Ezpeleta and Enrique Aldama, the Chief Operating and Financial Officer of Dorna, on Dorna's board of directors, which is responsible for oversight of the business and its strategic direction.
Liberty Media has received the necessary regulatory approvals in all other jurisdictions to close the acquisition. Following the acquisition, Liberty Media's Formula One Group tracking stock will be comprised of its subsidiaries Formula 1, MotoGP and Quint, as well as certain minority investments.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Liberty Media Receives EU Approval To Close Acquisition Of MotoGP Rights Holder Dorna Sports

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares Morningstar Growth ETF (Symbol: ILCG), we found that the implied analyst target price for the ETF based upon its underlying holdings is $102.85 per unit.
With ILCG trading at a recent price near $93.61 per unit, that means that analysts see 9.87% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of ILCG's underlying holdings with notable upside to their analyst target prices are Flutter Entertainment plc (Symbol: FLUT), Liberty Media Corp - Formula One Group (Symbol: FWONA), and Expedia Group Inc (Symbol: EXPE). Although FLUT has traded at a recent price of $271.39/share, the average analyst target is 11.58% higher at $302.82/share. Similarly, FWONA has 11.49% upside from the recent share price of $87.90 if the average analyst target price of $98.00/share is reached, and analysts on average are expecting EXPE to reach a target price of $188.76/share, which is 9.93% above the recent price of $171.70. Below is a twelve month price history chart comparing the stock performance of FLUT, FWONA, and EXPE:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
iShares Morningstar Growth ETF
ILCG
$93.61
$102.85
9.87%
Flutter Entertainment plc
FLUT
$271.39
$302.82
11.58%
Liberty Media Corp - Formula One Group
FWONA
$87.90
$98.00
11.49%
Expedia Group Inc
EXPE
$171.70
$188.76
9.93%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
Also see:
ACAD Options Chain
RESN Price Target
HCAP Insider Buying
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Peek Under The Hood: ILCG Has 10% Upside

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the Vanguard Russell 1000 Value ETF (Symbol: VONV), we found that the implied analyst target price for the ETF based upon its underlying holdings is $92.07 per unit.
With VONV trading at a recent price near $82.96 per unit, that means that analysts see 10.98% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of VONV's underlying holdings with notable upside to their analyst target prices are Liberty Media Corp - Formula One Group (Symbol: FWONA), Antero Resources Corp (Symbol: AR), and AXIS Capital Holdings Ltd (Symbol: AXS). Although FWONA has traded at a recent price of $86.22/share, the average analyst target is 12.50% higher at $97.00/share. Similarly, AR has 11.55% upside from the recent share price of $39.40 if the average analyst target price of $43.95/share is reached, and analysts on average are expecting AXS to reach a target price of $112.00/share, which is 11.40% above the recent price of $100.54. Below is a twelve month price history chart comparing the stock performance of FWONA, AR, and AXS:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
Vanguard Russell 1000 Value ETF
VONV
$82.96
$92.07
10.98%
Liberty Media Corp - Formula One Group
FWONA
$86.22
$97.00
12.50%
Antero Resources Corp
AR
$39.40
$43.95
11.55%
AXIS Capital Holdings Ltd
AXS
$100.54
$112.00
11.40%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
Also see:
REW YTD Return
Institutional Holders of SID
PSBD market cap history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Sum Up The Parts: VONV Could Be Worth $92

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the Dimensional US Large Cap Value ETF (Symbol: DFLV), we found that the implied analyst target price for the ETF based upon its underlying holdings is $35.66 per unit.
With DFLV trading at a recent price near $30.27 per unit, that means that analysts see 17.79% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of DFLV's underlying holdings with notable upside to their analyst target prices are Warner Bros Discovery Inc (Symbol: WBD), Autoliv Inc (Symbol: ALV), and Liberty Media Corp - Formula One Group (Symbol: FWONA). Although WBD has traded at a recent price of $10.59/share, the average analyst target is 19.86% higher at $12.69/share. Similarly, ALV has 19.44% upside from the recent share price of $95.76 if the average analyst target price of $114.38/share is reached, and analysts on average are expecting FWONA to reach a target price of $93.00/share, which is 19.29% above the recent price of $77.96. Below is a twelve month price history chart comparing the stock performance of WBD, ALV, and FWONA:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
Dimensional US Large Cap Value ETF
DFLV
$30.27
$35.66
17.79%
Warner Bros Discovery Inc
WBD
$10.59
$12.69
19.86%
Autoliv Inc
ALV
$95.76
$114.38
19.44%
Liberty Media Corp - Formula One Group
FWONA
$77.96
$93.00
19.29%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
Also see:
Top Cheap Stocks
Top Ten Hedge Funds Holding HQI
RMI Insider Buying
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Analysts Expect 18% Upside For The Holdings of DFLV

Liberty Media Corporation - Liberty Formula One Series A (FWONA) came out with a quarterly loss of $1.03 per share versus the Zacks Consensus Estimate of $0.58. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -277.59%. A quarter ago, it was expected that this company would post earnings of $0.31 per share when it actually produced earnings of $0.48, delivering a surprise of 54.84%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Liberty Media Corporation - Liberty Formula One Series A, which belongs to the Zacks Media Conglomerates industry, posted revenues of $1.07 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 14.23%. This compares to year-ago revenues of $1.23 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Liberty Media Corporation - Liberty Formula One Series A shares have added about 4.7% since the beginning of the year versus the S&P 500's gain of 1.3%.
What's Next for Liberty Media Corporation - Liberty Formula One Series A?
While Liberty Media Corporation - Liberty Formula One Series A has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Liberty Media Corporation - Liberty Formula One Series A: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.29 on $431 million in revenues for the coming quarter and $0.80 on $3.88 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Media Conglomerates is currently in the top 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Consumer Discretionary sector, American Outdoor Brands, Inc. (AOUT), has yet to report results for the quarter ended January 2025. The results are expected to be released on March 6.
This company is expected to post quarterly earnings of $0.14 per share in its upcoming report, which represents a year-over-year change of +75%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
American Outdoor Brands, Inc.'s revenues are expected to be $56.4 million, up 5.6% from the year-ago quarter.
Should You Invest in Liberty Media Corporation - Liberty Formula One Series A (FWONA)?
Before you invest in Liberty Media Corporation - Liberty Formula One Series A (FWONA), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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Liberty Media Corporation - Liberty Formula One Series A (FWONA) : Free Stock Analysis Report
American Outdoor Brands, Inc. (AOUT) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Liberty Media Corporation - Liberty Formula One Series A (FWONA) Reports Q4 Loss, Misses Revenue Estimates

Rogers Communications RCI reported third-quarter 2024 adjusted earnings of $1.04 per share, which lagged the Zacks Consensus Estimate by 2.80% and increased 9.6% year over year.
Revenues of $3.76 billion lagged the consensus mark by 1.39% and declined 1% year over year.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
In domestic currency (Canadian dollar), adjusted earnings increased 11.81% year over year to C$1.42 per share. Total revenues increased 0.73% year over year, reaching C$5.12 billion, driven primarily by revenue growth in media businesses.
Rogers Communication, Inc. Price, Consensus and EPS Surprise
Rogers Communication, Inc. price-consensus-eps-surprise-chart | Rogers Communication, Inc. Quote
Wireless Details
Wireless revenues (51.08% of total revenues) increased 1.39% year over year to C$2.62 billion. Service revenues rose 1.97% to C$2.06 billion. Equipment revenues declined 0.72% to C$554 million.
Wireless service revenues increased 2% this quarter, which benefited from growth in the mobile phone subscriber base over the past year.
Monthly mobile phone ARPU was C$58.57, down 0.4% year over year.
As of Sept. 30, 2024, the prepaid subscriber base totaled 1.161 million, representing a loss of 117K subscribers year over year. The monthly churn rate was 2.8% compared with 6% reported in the year-ago quarter.
As of Sept. 30, 2024, the postpaid wireless subscriber base totaled 10.69 million, representing net additions of 367K subscribers year over year. The monthly churn rate was 1.12% compared with 1.08% in the year-ago quarter.
Segment operating expenses fell 2.71% year over year to C$1.25 billion.
Adjusted EBITDA increased 5.49% year over year to C$1.36 billion. Adjusted EBITDA margin expanded 200 basis points (bps) on a year-over-year basis to 52.1%.
Cable Details
Cable revenues (38.4% of total revenues) declined 1.15% year over year to C$1.97 billion due to a decrease in the Home Phone and Satellite subscriber base.
Service revenues fell 1.21% year over year to C$1.96 billion. Equipment revenues increased 14.29% on a year-over-year basis to C$8 million.
As of Sept. 30, 2024, the retail Internet subscriber count was nearly 4.247 million, representing a net reduction of 55K million year over year.
As of Sept. 30, 2024, total Smart Home Monitoring subscribers reached 120K, indicating an increase of 30K subscribers. The total Home Phone subscriber count was nearly 1.53 million, reflecting a loss of 114K customers in the reported quarter.
ARPA was C$140.36, higher than the C$138.46 reported in the year-ago quarter.
Segment operating expenses declined 8.32% year over year to C$837 million.
Adjusted EBITDA increased 4.91% year over year to C$1.13 billion.
Media Details
Media revenues (12.7% of total revenues) increased 11.43% year over year to C$653 million due to higher sports-related revenues, driven by higher subscriber revenues and higher revenues at the Toronto Blue Jays.
Segment operating expenses increased 8.35% year over year to C$519 million.
The company reported an adjusted EBITDA of $134 million, up 25.23% year over year due to higher revenues and expense changes.
Consolidated Results
Operating costs declined 3.62% to C$2.5 billion. As a percentage of revenues, operating costs were 50.38%.
Adjusted EBITDA rose 5.56% year over year to C$2.54 billion. Adjusted EBITDA margin expanded 230 bps to 49.6%.
Balance Sheet & Cash Flow Details
As of Sept. 30, 2024, Rogers had C$4.8 billion of available liquidity, including $0.8 billion in cash and cash equivalents and a combined C$4 billion available under the bank credit facility.
As of June 30, 2024, RCI had C$4.3 billion of available liquidity, including $0.45 billion in cash and cash equivalents and a combined C$3.85 billion available under the bank credit facility.
Rogers’ debt leverage ratio was 4.6 times as of Sept. 30, 2024, as a result of cost reductions, earnings growth, proceeds from asset sales and commencing the payback of acquisition-related debt.
Cash flow from operating activities was C$1.89 billion compared with C$1.47 billion generated in the previous quarter. Free cash flow was C$915 million compared with C$666 million generated in the previous quarter.
Rogers paid dividends worth C$266 million and declared a C$0.50 per share dividend.
Guidance
For 2024, Rogers expects total service revenues to grow between 8% and 10%. Adjusted EBITDA is expected to grow in the range of 12-15%.
Capital expenditure is still expected between C$3.8 billion and C$4 billion. Free cash flow is expected in the range of C$2.9-C$3.1 billion.
Zacks Rank & Other Stocks to Consider
Rogers currently has a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Consumer Discretionary sector are Norwegian Cruise Line NCLH, Liberty Media Corporation - Liberty Formula One Series A FWONA and Funko FNKO, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
NCLH is set to report its quarterly results on Oct. 31. FWONA and FNKO are set to report their quarterly result on Nov. 7.
The Zacks Consensus Estimate for NCLH’s third-quarter 2024 earnings per share is pegged at 94 cents, up 1.07% over the past 30 days.
The Zacks Consensus Estimate for FWONA’s third-quarter 2024 earnings per share is pegged at 31 cents, up 29.1% over the past 30 days.
The Zacks Consensus Estimate for FNKO’s third-quarter 2024 earnings is pegged at 4 cents per share, unchanged over the past 30 days.
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