CHTR若资本开支削减能带来债务减少和回购，则存在上行潜力，但面临高杠杆和用户流失的风险。
逐段跳播
然后是Charter电信公司。如果你想看一张糟糕的图表，这是一张非常糟糕的图表。该股在一两个月前触底。现在我们只是略有回升。然而，如果我们稍微看一下业绩，业绩仍然会很糟糕，并将继续下滑；收入在下降，息税前利润在下降，资本支出稳定，尚未开始下降。
是的，他们有资产，有规模，有3000万客户，但这个数字在减少。移动电话服务在上升，所以客户正在离开宽带转向移动。视频服务稳定但也在下降，资本支出仍然很高，被认为非常高。随着明年及以后资本支出的减少，这种情况应该会改变。
这应该允许回购，以及更多的回购。他们暂时暂停了回购，但让我给你看些东西。他们在过去十年里回购了60%的股份。箭头做了什么？自从他们开始回购操作以来，股价实际上没有变化。现在市值是170亿，这就是我对所有告诉我“斯文，你应该考虑回购收益率和股票回购收益率”的人的回答。
Then we have Charter Telecommunications Company. If you want to see a bad graph, this is a very bad graph. The stock hit its bottom two months or a month ago. Right now we're only slightly elevated. However, if we look a little at the results, the results will still be bad, and will continue to decline; Revenues are declining, earnings before interest and taxes are declining, and capital expenditures are stable and have not yet begun to decline. Yes, they have the assets, they have the scale, they have 30 million customers, but that number is decreasing. Mobile phone services are on the rise, so customers are leaving broadband and moving towards mobile. Well , the video service is stable but also declining , and capital expenditures are still high, and are considered very high. That should change as capital expenditures decrease next year and beyond. That should allow for repurchases, and more repurchases. They've temporarily suspended it, but let me show you something. They have repurchased 60% of the shares in the last decade. What did the arrow do? The stock has done nothing practical since they started the buyback operations . The market value is now 17 billion, and this is my answer to everyone who tells me, "Sven, you should take into account the buyback yield and the share buyback yield ."
好的，让我给你看些东西。过去十年已经花费了700亿。假设他们还清了债务。现在债务是940亿，其中700亿用于偿还债务。现在债务将是200亿，或者加上利息甚至更少，也许100亿，或者没有债务。
50亿现金流，加上10亿利息，那就是60亿乘以10，市值将是600亿。这意味着什么？是当前市值的四到五倍。没有回购，只有债务偿还和股息分配。有趣。但同样，由于资本密集度降低，自由现金流增长，如果他们实现了这一点，业务保持稳定，这意味着价值翻倍或增至三倍。
所以，这仍然不错，但你确实需要准备好采取这种策略。如果出现衰退、问题或利率上升，债券持有人将控制政策，谁知道会发生什么。因此，在这方面它仍然是一个有希望的赌注。因此，你需要看看这如何适合你。
Okay, let me show you something. 70 billion has been spent over the past decade. Let's assume they paid off the debt. The debt is now 94 billion, 70 billion of which was used to pay off the debt. The debt will now be 20 billion, or even less with interest , perhaps 10 billion or without debt. 5 billion in cash flows, add 1 billion in interest, that is 6 billion multiplied by 10, the market value will be 60 billion. What does that mean ? Four or five times the current market value . No buybacks, only debt repayments and dividend distributions. Interesting. But again, with free cash flow growing due to lower capital intensity, if they achieve that and the business remains stable, it means doubling or tripling the value. So, it's still good, but you really need to be prepared to adopt this strategy. If a recession occurs, problems arise, or interest rates rise, bondholders will control policy, and who knows what might happen. Therefore, it remains a promising bet in this regard. Therefore, you need to see how this suits you .
Charter，它的债务巨大，情况可能会变得非常糟糕。
Charter, its debts are huge, and things could get very bad.
他说在等什么
这个频道对 $CHTR 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上只有这一条判断。