Buy Rating on Grupo Televisa Driven by Mexican Nearshoring Tailwinds, Operational Efficiencies, and 2026 EBITDA-Based Upside

Analyst Matthew Harrigan of Benchmark Co. maintained a Buy rating on Grupo Televisa, S.A.B., retaining the price target of $10.00.

Matthew Harrigan has given his Buy rating due to a combination of factors tied to both Televisa’s fundamentals and the broader Mexican macro environment. He expects renewed investor interest in Mexican equities heading into 2026, supported by resilient Mexican export growth to the U.S., favorable nearshoring dynamics versus China, and a relatively stable peso. Harrigan also sees political and trade risks as manageable, with Mexico’s pragmatic handling of U.S. relations and the likelihood that manufacturing will keep shifting to Mexico for cost and national security reasons.

Operationally, Harrigan highlights several internal drivers that support upside for Grupo Televisa. These include ongoing cost savings from the TelevisaUnivision efficiency program, rising broadband ARPU, and continued balance-sheet strengthening through deleveraging at both Televisa and TelevisaUnivision. He also points to growing monetization of the ViX platform, potential political advertising tailwinds in 2026, and solid cash generation from Sky and Televisa’s content assets. Based on relative valuation benchmarks to the Mexican Bolsa and the S&P 500, he derives a 2026 price target of $10 using a 6.5x proportionate EBITDA multiple, which underpins his Buy recommendation.