A Five-Year Perspective On Trading Multiples, Sub Values

摘要

Despite a 221.9% gain in cable shares from their 10/09/02 low, we estimate average trading multiples are stilt at about the same level as before the great run-up of 1999-2000. Even though average revenues per sub have risen 68.6% from $55.95 in '02 to $94.32 at end-2006 and cash flow is growing at double-digit rates, the average trading multiple is stuck in the mid-1990s.