DFSV - Hemisphere Media Group: A First Look

• Shares of Spanish language media concern Hemisphere Media Group, Inc. (HMTV) have fallen 70% since its abandoned secondary offering in November 2021.
• The company’s acquisition of Pantaya has yet to result in a surge of subscribers but has raised its net leverage significantly.
• However, with demographic tailwinds and trading at a price-to-FY22E sales ratio of under .7, the recent beneficial owner buying merited a deeper dive.
• A full investment analysis follows in the paragraphs below.

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