Charter Communications (CHTR), mcap=$77.7bn, price $463 vs $470

– Charter is the 2nd largest internet provider in the U.S.
– Charter can continue adding internet subscribers despite challenges from fiber and fixed wireless.
– EBITDA margins are expected to continue expanding further as video subscribers drop and wireless MVNO offerings scale up.

– Using $26bn of EBITDA in 2026 (vs $20.5bn in 2021) and 9x multiple results in $1,000 target share price.
– This model assumes sharecount is reduced by c. one-third till 2026 through buybacks.

Exp. gain: ~17% CAGR over the next 5 years

Full CHTR write-up (free guest account required):

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