Cablevision Holding S.A. Overview
Cablevisión Holding is the listed control vehicle through which the founding shareholders of Grupo Clarín hold and govern Telecom Argentina, the country's largest integrated telecommunications operator. CVH's 39.08% economic stake, combined with a voting trust and shareholders' agreement with David Martínez's Fintech, gives it consolidated control of an operator that, after the February 2025 purchase of Telefónica Móviles Argentina (Movistar) for US$1.245 bn, served roughly 39 million mobile lines and about 5.8 million fixed broadband accesses in Argentina, plus Paraguay (Núcleo/Personal), Uruguay (cable) and wholesale/cyber businesses in the US and Chile. The equity is a leveraged, illiquid proxy for Telecom: its value is driven by Telecom's dividends, its share price, and by the discount at which the market prices holding-company control in Argentina. In 2026 the investment case hinges on the integration of TMA under competition-authority remedies requiring the divestiture of 6 million mobile customers to Metrotel, margin expansion, and Argentina's macro normalisation.
Company's own description. CVH's standard description (FY2025 and 1H26 releases) characterises itself as having been founded as a corporate spin-off from Grupo Clarín, as the first Argentine holding company devoted to developing infrastructure and providing convergent telecommunications services focused on Argentina and the region, with subsidiaries specialising in cable TV, broadband and mobile communications services under well-known brands.
Independent characterisation. CVH has no operating business of its own; its consolidated accounts are Telecom Argentina's accounts plus a thin holding layer. Economically, CVH shareholders own approximately 39% of Telecom's equity value, less any holding-level costs, plus the control premium (or, as markets have priced it, a control discount, given illiquidity and governance concentration). Telecom, in turn, describes itself (FY2025 6-K) as a leading Argentine operator combining mobile, cable television, internet and fixed telephony, plus fintech services, international long-distance and wholesale, data transmission and IT outsourcing, with operations in Argentina, Paraguay, Uruguay, the United States (fixed wholesale) and Chile (cybersecurity).
Business model and revenue model. Revenue is overwhelmingly recurring, subscription-based service revenue:
Source: Telecom FY2025 6-K (10 Mar 2026); FY2024 restated values derived by subtracting the disclosed peso variances from FY2025 values (they reconcile exactly to CVH's restated FY2024 revenue of P$5,442,958 m). FY2025 includes ten months of TMA.
In FY2025, service revenue was ~94.9% of total and equipment ~5.1%. Mobile was 52% of service revenue (43% in FY2024); mobile internet was 98% of mobile revenue. Pricing is via monthly prepaid/postpaid plans, broadband and pay-TV subscriptions, and bundles; there is no material licensing revenue.
Value-chain position. Telecom is a vertically integrated facilities-based operator: it owns spectrum, a national mobile access network (4G covering 98% of population; 5G expanding, 819 sites added in 2025), HFC and FTTH fixed networks (FTTH ~1.3 m accesses at Telecom ex-TMA, ~30% of its broadband base; ~95% of TMA's 1.6 m broadband accesses on FTTH), backbone and international capacity, retail distribution, a content-aggregation platform (Flow) and a payments wallet (Personal Pay).
Customer types and end-markets. Mass-market consumers (prepaid and postpaid mobile, home broadband, pay TV), SMEs, large corporates and government (enterprise connectivity, data, cloud and cybersecurity under "Personal Tech"), wholesale carriers. Geographic end-markets: Argentina (dominant), Paraguay (mobile, internet, satellite TV, fintech), Uruguay (cable, internet, cybersecurity), the US (wholesale) and Chile (cybersecurity).
Brand architecture (December 2025 consolidation). Telecom consolidated its commercial brands under "Personal": Personal Fibra and Personal Móvil (connectivity), Personal Flow (entertainment), Personal Pay (digital finance), Personal Smarthome and Tienda Personal (smart home/retail) and Personal Tech (enterprise and government). The change is commercial only; legal names and tickers are unchanged (Telecom FY2025 6-K). TMA continues to operate Movistar commercially; Telecom states it does not set TMA's commercial or pricing policies pending regulatory resolution.
Strategy
CVH does not publish a stand-alone strategy beyond its role as controlling shareholder; strategy is executed at Telecom. Themes drawn from Telecom's FY2025 and 1H26 disclosures and calls:
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Scale through consolidation (TMA). Acquisition of Telefónica's Argentine business to create the largest operator; integration and synergy capture (TMA standalone margin 22.9% → 29.3% in a year).
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Network leadership. 5G rollout (819 sites in 2025), FTTH migration, 4G densification; Ookla awards for fastest 5G and best fixed network. Telecom has cited US$1.3 bn investment planned for 2026 and more than US$9 bn invested over nine years (El Economista).
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Convergence and digital entertainment. Flow Flex (decoder-free), Flow+ content bundles; unique Flow customers almost 2 m (+490k).
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Brand simplification. Single "Personal" master brand (Dec 2025).
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Fintech ecosystem. Personal Pay scaled to 4.7 m users; Banco Macro capital partnership (US$75 m equivalent for 50%).
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Efficiency. Ex-TMA real cost reduction of 5.4% (FY25) and 7.3% (1H26); headcount 18,690 ex-TMA; prepaid base clean-up (disconnection of zero-traffic lines).
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Balance-sheet management. Extending maturities (US$600 m 10-year notes), prepaying acquisition loans and short-dated notes, local USD-MEP issuance.
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AI, cloud and automation. Telecom's statement after the competition ruling cited investments in AI, cloud computing and network automation within the 2026 plan.
Medium-term targets/guidance. No formal multi-year financial guidance published in retrieved materials. Stated 2026 capex ~US$1.3 bn. Management framed leverage around ~1.7x net debt/EBITDA at end-2025.
ESG/sustainability commitments.; no quantified targets retrieved.
Products & Services
Prices are not disclosed in filings; ARPUs are given as the best disclosed proxy (constant Dec-2025 pesos, FY2025).
A. Mobile (Argentina, Paraguay)
B. Fixed broadband
C. Entertainment / Pay TV
Telecom pay-TV ARPU: P$18,643.2 (+2.8% real); churn 1.5%.
D. Fixed telephony and data
E. Fintech, digital and other
Product Portfolio
| Offering | Description / capabilities | Target customer | Latest data |
|---|---|---|---|
Personal Móvil (Argentina) | 4G/LTE (98% population coverage) and 5G; mobile data-centric plans; Ookla named Personal the fastest 5G network in Argentina in 4Q25 | Consumers, SMEs | 19.9 m lines (Dec-25), 40% postpaid; ARPU P$9,081.9 (+15.8% real); churn 2.1% |
Movistar (TMA) | Mobile network acquired Feb 2025, operated separately pending remedies | Consumers, enterprise | 19.1 m accesses incl. M2M; 51% postpaid; ARPU P$8,293.7; churn 1.9% |
Personal Paraguay (Núcleo) | Mobile, plus internet, satellite TV and fintech | Paraguayan consumers | 2.6 m subscribers (+3%); 30% postpaid; churn 2.6%; mobile revenue P$186,667 m |
5G network | 819 sites added in 2025 | All | Launch and spectrum details in prior filings |
| Offering | Description | Latest data |
|---|---|---|
Personal Fibra (ex-Fibertel/Flow internet) | HFC and FTTH; 98% of base on ≥100 Mbps plans; Ookla named best fixed network in 4Q25 | 4.2 m accesses (+3.2%); ARPU P$27,062.6; churn 1.2% |
FTTH | Fibre-to-the-home build | ~1.3 m accesses, ~30% of Telecom broadband base |
Movistar Fibra (TMA) | Predominantly FTTH (~95%) | 1.6 m accesses (+5.8%); ARPU P$24,608.2 |
| Offering | Description | Latest data |
|---|---|---|
Personal Flow / Flow Full | Cable TV plus OTT platform, set-top box | Part of 3.3 m Argentine TV accesses |
Flow Flex | Fully digital pay-TV, no decoder or installation | 1.8 m subscribers |
Flow+ (launched 2025) | Bundle letting customers choose two subscriptions among Pack Fútbol, HBO, Disney+ Premium and Universal+, swappable every 30 days | — |
Movistar TV (TMA) | IPTV/satellite | 0.4 m subscribers (−7.9%); ARPU P$23,840.6 |
Cable Uruguay / satellite TV Paraguay | Regional pay-TV | Included in 3.5 m Telecom TV subscribers incl. Uruguay and Paraguay |
“—” = not publicly disclosed.
| Offering | Latest data |
|---|---|
Fixed voice (copper and IP) | Telecom ex-TMA 2.7 m lines, 2.3 m IP; TMA 2.1 m lines, 1.6 m IP |
Corporate data, wholesale, international long distance | Fixed telephony & data revenue P$1,011,528 m; Telecom ex-TMA down 11.8% real |
| Offering | Description | Latest data |
|---|---|---|
Personal Pay | Digital wallet run by Micro Sistemas; 50% sold to Banco Macro (Jan 2026) | 4.7 m users (Dec-25) vs 3.6 m (Dec-24) |
Personal Smarthome / Tienda Personal | Smart-home devices and e-commerce | — |
Personal Tech | Cloud, IT, cybersecurity and connectivity for enterprises and government; cybersecurity also in Uruguay and Chile | — |
Equipment sales | Handsets and devices | P$426,771 m; Telecom ex-TMA down 22.6% real |
“—” = not publicly disclosed.
Financial Narrative
Income statement — as originally reported (each year in constant pesos of its own year-end; NOT comparable across years)
Sources: CVH full-year releases dated 10 Mar 2022, 10 Mar 2023, 11 Mar 2024, 27 Feb 2025 and 10 Mar 2026. FY2021 and FY2022 revenue derived (EBITDA ÷ margin); FY2021 attributable figure as shown in the release extract.
Income statement — restated comparable pairs
Sources: CVH releases FY2024, FY2025, 1H2026.
Aggregator view (stockanalysis.com, latest restatement basis; for reference only)
These aggregator figures mix restatement bases and use a different EBITDA definition (EBITDA margin shown as 26.63% for FY2025 vs 30.1% reported by CVH). They are included only to show operating-margin and gross-margin trends that CVH's releases do not headline. Discrepancy flagged.
USD-denominated reference (Telecom Argentina, consolidated = CVH consolidated)
Sources: Telecom FY2025 and 2Q26 earnings materials (Quartr summaries). FY2024 revenue derived from US$5.7 bn and +43% growth; FY2024 FCF derived from "up US$0.2 bn"; 1H25 revenue derived from US$3.4 bn and +23%. Revenue figures are rounded "over/exceeded" values.
Per-share data
EPS derived by dividing attributable net income by total shares; CVH does not report potentially dilutive instruments, so basic ≈ diluted. Dividends from Digrin (aggregator) by payment date; the most recent payment was US$0.3901 per CVHSY (ex-date 9 Mar 2026; local payment 5 Mar 2026).
Revenue growth
A five-year CAGR in real pesos cannot be computed from consistently restated data available to this research; in USD, revenue grew ~43% in FY2025 alone.
Balance sheet and cash flow
Key items available at the Telecom (consolidated) level:
Source: Telecom FY2025 6-K. FY2024 net debt derived (FY2025 minus P$1,333,436 m increase); FY2024 capex derived from +98.3%; FY2024 D&A derived from +P$350,431 m.
Source: Telecom 4Q25 earnings call (MarketBeat transcript summary). Rankia reports CVH-level net debt/EBITDA of 2.15x (aggregator, methodology not disclosed).
Rankia cites an Altman Z-score of 0.3 for CVH and itself cautions the metric is unreliable under hyperinflation accounting.
Commentary
2021–2023: real erosion under price controls. Between 2020 and 2023 the operating business shrank in real terms each year. DNU 690/2020 (Fernández administration) declared ICT services essential public services and constrained tariff increases; with inflation accelerating to 211% in 2023, ARPUs lagged. EBITDA margin fell from 34.0% (2020) to 31.1% (2021) and 27.4% (2022), stabilising at ~28% in 2023. Net results were driven by FX translation and inflation-adjustment noise: impairment in 2022, large deferred-tax effects in 2023.
2024: the inflection year. Tariff freedom under the Milei administration allowed Telecom to reprice aggressively; real revenue still fell 7.7% as price rises lagged a 117.8% inflation year, but costs fell 7.6% and margin ex-severance rose to 31.1% (29.4% in 2023). Net income swung to P$1.02 trn (Dec-24 pesos), almost entirely financial: the peso depreciated only 27.7% against 117.8% inflation, generating large real gains on USD debt.
2025: TMA transforms scale; FX reverses. Ten months of TMA lifted revenue 53% in real terms and EBITDA 65%. The ex-TMA business delivered its first real service-revenue growth since IAS 29 adoption (+4.2%) and record margin (33.7%). The net loss of P$159.9 bn arose because the relationship flipped: 41.0% peso depreciation against 31.5% inflation produced real FX losses (P$2.79 trn swing). Net debt rose 40% in real terms with acquisition funding, but leverage fell to ~1.7x pro forma EBITDA.
1H2026: margin step-change. EBITDA margin of 35.6% (36.6% in 2Q26) reflects TMA synergies (TMA margin up ~640 bp) and ex-TMA cost cuts (ex-TMA costs −7.3%). Net income rebounded to P$849 bn (P$314 bn attributable to CVH), mostly in 1Q26. Capex intensity rose to 18.6% of revenue, consistent with the US$1.3 bn 2026 investment plan Telecom has publicly cited.
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View Subscription PlansFinancial Detail
Group Structure
| Layer | Entity | Ownership / role |
|---|---|---|
Ultimate control | GC Dominio S.A. | Holds 47,753,621 Class A shares of CVH (~26.4% of capital; multiple votes) |
Listed holding | Cablevisión Holding S.A. | 39.08% of Telecom (28.16% direct + 10.92% via voting trust) |
Co-controlling partner | Fintech Telecom LLC (FTL), owned by Fintech Holdings Inc., controlled by David Martínez | ~30.0% of Telecom per S&P data shown by Simply Wall St (10.92% in trust) |
Other notable Telecom holder | ANSES (Argentine Social Security Administration, FGS) | ~11.4% of Telecom |
Voting trust trustees | Héctor Horacio Magnetto and David Manuel Martínez Guzmán | Telecom FY2025 6-K |
Operating company | Telecom Argentina S.A. | 2,153,688,011 shares outstanding |
Key subsidiaries | Telefónica Móviles Argentina S.A. (99.999625%); Núcleo S.A. (Paraguay); Cablevisión Uruguay/Adesol group; Micro Sistemas (Personal Pay, 50% after Banco Macro deal); Teledifusora San Miguel Arcángel S.A. (merged into Telecom from 1 Jan 2026) | Telecom FY2025 6-K; Operator Watch |
Segment Revenue
| Segment metric (millions of P$, constant Dec-2025 pesos) | FY2024 (restated) | FY2025 |
|---|---|---|
Consolidated revenue | 5,442,958 | 8,328,814 |
TMA revenue contribution (sum of disclosed TMA line items, derived) | 0 | 2,706,448 |
Telecom ex-TMA revenue (derived residual) | 5,442,958 | 5,622,366 |
Consolidated operating costs ex-D&A (Telecom basis) | 3,910,577 | 5,803,279 |
TMA operating costs ex-D&A | 0 | 2,104,182 |
Margin metric (%)
| Margin metric (%) | FY2024 | FY2025 |
|---|---|---|
Consolidated EBITDA margin (CVH basis) | 27.9 | 30.1 |
Consolidated EBITDA margin (Telecom basis, IAS 29) | 28.2 | 30.3 |
Telecom ex-TMA EBITDA margin | 28.2 | 33.7 |
Margin Analysis (%)
| Metric (millions of P$, own-year constant pesos) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total revenue | 425,987 | 729,182 | 2,059,101 | 4,137,596 | 8,328,814 |
EBITDA | 132,482 | 199,796 | 577,698 | 1,155,545 | 2,503,367 |
EBITDA margin (%) | 31.1 | 27.4 | 28.1 | 27.9 | 30.1 |
Consolidated net income | 10,252 | -168,757 | -246,829 | 1,024,708 | -159,916 |
Net income attributable to CVH | 3,698 | -100,704 | -99,525 | 387,106 | -81,050 |
Margin Analysis (%) (FY2023–FY2024)
| Metric (millions of P$, constant Dec-2024 pesos) | FY2023 | FY2024 |
|---|---|---|
Total revenue | 4,483,972 | 4,137,596 |
Consolidated net income | -537,504 | 1,024,708 |
Metric (millions of P$, constant Dec-2025 pesos) | FY2024 | FY2025 |
Total revenue | 5,442,958 | 8,328,814 |
EBITDA | 1,520,108 | 2,503,367 |
EBITDA margin (%) | 27.9 | 30.1 |
Consolidated net income | 1,347,991 | -159,916 |
Attributable to CVH | 509,233 | -81,050 |
Attributable to non-controlling interests | 838,758 | -78,866 |
Metric (millions of P$, constant Jun-2026 pesos) | 1H2025 | 1H2026 |
Total revenue | 4,477,637 | 5,075,511 |
EBITDA | 1,336,074 | 1,805,449 |
EBITDA margin (%) | 29.8 | 35.6 |
Consolidated net income | -107,089 | 849,195 |
Attributable to CVH | -49,920 | 313,864 |
Income Statement and Margin Analysis (%)
| Metric (millions of ARS) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating income | 11,479 | -117,911 | -271,193 | -191,414 | 520,259 |
Pre-tax income | 84,879 | -608,017 | -1,274,076 | 1,886,277 | -206,254 |
Net income to common | 7,203 | -313,600 | -216,730 | 509,233 | -81,050 |
Gross margin (%) | 51.37 | 48.59 | 48.47 | 48.32 | 51.76 |
Operating margin (%) | 1.39 | -5.19 | -6.05 | -3.52 | 6.25 |
FCF margin (%) | 13.22 | 13.22 | 17.12 | 11.15 | 12.31 |
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View Subscription PlansIncome Statement
| Metric (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Revenue | 3,986 | 5,700 |
Adjusted EBITDA | — | 1,700 |
Free cash flow before dividends and interest | 400 | 600 |
Cash Flow
| Metric (USD Mn) | 1H2025 | 1H2026 |
|---|---|---|
Revenue | 2,780 | 3,400 |
Capex | — | 639 |
Dividends & Capital Returns (USD)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Basic EPS attributable (P$, own-year pesos, derived on 180,642,580 shares) | 20.5 | -557.5 | -551.0 | 2,142.9 | -448.7 |
Dividends per CVHSY ADR paid in calendar year (USD) | 0.6871 | 0.212 | 0.228 | 0 | 0.263 |
Financial Analysis
| Metric (millions of P$, constant Dec-2025 pesos) | FY2024 (restated) | FY2025 |
|---|---|---|
Net financial debt | 3,316,649 | 4,650,085 |
Capex excl. right-of-use | 749,157 | 1,485,577 |
Capex incl. right-of-use | — | 1,681,289 |
Capex as % of revenue | 13.8 | 17.8 |
Depreciation, amortisation and impairment | 1,725,057 | 2,075,488 |
Net financial results | 2,105,237 | -638,041 |
Income tax (positive = gain) | -538,237 | 46,432 |
Leverage / Liquidity Details
| Leverage / liquidity (Telecom) | FY2025 |
|---|---|
Net debt (USD Bn, approx.) | 3.2 |
Net debt / pro forma EBITDA (x) | 1.7 |
Cash (USD Bn) |
|
Average debt life (years) |
|
Geographic Revenue
| Region metric | FY2024 | FY2025 |
|---|---|---|
Paraguay mobile service revenue (millions of P$, Dec-2025 pesos) | 190,351 | 186,667 |
Argentina mobile service revenue (millions of P$, Dec-2025 pesos, derived) | 2,018,793 | 3,905,495 |
Revenue by Region
| Paraguay (USD Mn) | 1H2025 | 1H2026 |
|---|---|---|
Revenue | 102 | 132 |
EBITDA | 54 | 74 |
Data Point Details
| Data point | Value | Date / source |
|---|---|---|
CVH price (BYMA) | ARS 9,360 | 12 Sep 2026, Rankia |
52-week range | ARS 3,950 – 9,850 | Rankia |
CVH price | ARS 9,270 | 24 Jul 2026, stockanalysis |
CVH price at Allaria report | ARS 6,980 | Mid-2026, iProfesional |
CVHSY (OTC) | ~US$5.0 | Jul 2026, Digrin |
TEO ADR | US$12.14 | 29 Sep 2026, Benzinga |
Valuation Snapshot
| Metric | Value | Basis |
|---|---|---|
Market cap | ~ARS 1.69 trn (~US$1.1 bn at ARS 1,510) | 180.64 m shares × ARS 9,360 (derived) |
Look-through value of Telecom stake | ~US$2.04 bn | 39.08% × (2,153.7 m shares ÷ 5 shares per ADR × US$12.14) — derived |
Implied holding discount | ~45% | Derived |
P/E (aggregator) | 10.2x | Digrin (CVHSY) |
Net debt/EBITDA | 2.15x (aggregator, CVH) / ~1.7x (Telecom) | Rankia; Telecom |
Dividends & Capital Returns (USD) — Dividends paid
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends paid (USD per ADR) | 0.6871 | 0.212 | 0.228 | 0 | 0.263 |
Capital Instruments
| Instrument | Amount (USD Mn) | Coupon | Maturity |
|---|---|---|---|
Class 28 local notes (USD MEP) | 81.3 | 6.50% | 2029 |
Class 27 international notes | 600 | 8.50% | 50% 2035 / 50% 2036 |
Class 1 notes | 162.7 | — | Redeemed Feb 2026 |
TMA acquisition loans | 182 | — | Prepaid Jan 2026 |
Analyst Conclusions
Management guidance. No formal earnings guidance. Telecom indicates ~US$1.3 bn of 2026 investment, continued efficiency, 5G/FTTH expansion and compliance with remedies. Consensus for TEO (Benzinga): 3Q26E revenue ~US$1.77 bn and EPS ~US$0.32; 4Q26E revenue ~US$1.75 bn.
Bull case
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Margin structurally reset: 35.6% EBITDA margin in 1H26 vs 27.9% in FY2024, with TMA still ~10 points below Telecom ex-TMA — further synergy upside.
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Discount compression: CVH trades at ~45% below look-through value; dividends (US$0.39/ADR in 2026) and macro normalisation could narrow it.
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Sovereign upgrades and disinflation lower funding costs and lift the country ceiling for Telecom's ratings.
Bear case
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Remedies strip ~6 m mobile lines and 130 MHz, possibly at a low price, while creating a subsidised third competitor with two years of network access.
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FX shock risk around the 2027 elections: FY2025 showed how depreciation above inflation produces large real losses on USD debt.
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Governance and liquidity: family control, ~1% institutional ownership and no international listing perpetuate the discount.
Key catalysts / monitorables (next 12 months). Metrotel price agreement and transfer timetable; ANC clearance of Banco Macro deal; 3Q26 results (Nov 2026) and FY2026 results (Mar 2027); Telecom dividend declarations and CVH AGM (Apr 2027); Telecom rating actions; Claro's competitive response; peso path versus inflation; appointment of a permanent Telecom CFO; any changes to CVH's board and listing strategy.
Analyst verdict. Cablevisión Holding is best understood as a discounted, leveraged-to-politics claim on Telecom Argentina, and the underlying asset has rarely looked operationally stronger. The TMA acquisition gave Telecom unmatched scale; management has already lifted consolidated EBITDA margin from under 28% in 2024 to almost 36% in the first half of 2026, while the legacy Telecom perimeter posted its first real service-revenue growth since hyperinflation accounting began. Balance-sheet decisions have been sensible: acquisition bridge loans and near-dated notes were replaced with ten-year paper, and leverage sits near 1.7x despite a US$1.25 bn purchase.
The regulatory overhang has resolved into a known, if costly, outcome. Divesting 6 million mobile lines, ~211,000 broadband customers and 130 MHz of spectrum dilutes the deal's original logic and creates a third competitor, but it removes the tail risk of a blocked transaction, and Telecom has chosen compliance over litigation. The remaining unknowns are the price Metrotel pays and how much of the divested base is low-value prepaid.
At CVH level, the arithmetic is compelling on paper — the market values CVH at roughly 55 cents per dollar of its look-through Telecom stake — but the discount reflects real features: concentrated control, thin liquidity, no international listing, and earnings that IAS 29 and FX make almost impossible to read. Argentina's macro trajectory is the dominant swing factor; three sovereign upgrades in 2026 help, but rating agencies explicitly flag the 2027 election.
Net assessment: operational momentum and regulatory clarity support a constructive view on the underlying business, while CVH offers higher-beta exposure to that view. Investors should size positions for Argentine political risk, focus on Telecom's dividend flow to CVH as the mechanism for value realisation, and treat discount narrowing as an option rather than a base case.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Position | Appointed by |
|---|---|---|
Ignacio Rolando Driollet | President (Chair) | Class A |
Ignacio José María Sáenz Valiente | Vice President | Class A |
Marcela Noble Herrera | Director | Class A |
Marcia Ludmila Magnetto | Director | Class A |
Lucio Andrés Pagliaro | Director | Class A |
Antonio Román Aranda | Director | Class A |
Nelson Damián Pozzoli | Director | Class B |
Alan Whamond | Director | Class B |
Gonzalo Blaquier | Director | Class C |
Sebastián Salaber | Director | Class C |
Executive Leadership Team
| Name | Role | Notes | Source |
|---|---|---|---|
Roberto Nobile | CEO since 1 Jan 2020 (latest confirmation in retrieved sources; verify current status) | Public accountant (UBA); Harvard AMP; former Cablevisión COO and deputy GM; Arthur Andersen, Honeywell | dplnews; Mercado |
Carlos Moltini | Board role; reported by El Cronista as appointed President of Telecom (date not confirmed) | Telecom CEO 2018–2019; ex-CEO of Cablevisión | El Cronista; dplnews |
Gabriel Blasi | CFO until 23 Dec 2025 (stepped down for personal reasons) | — | Telecom FY2025 6-K |
Federico Pra | Finance Director; interim CFO since Dec 2025 | — | Telecom FY2025 6-K |
Pedro López Matheu | Director of Communications | Spokesman on TMA remedies | iProfesional |
Luis Fernando Rial Ubago | Responsible for Market Relations | — | Telecom FY2025 6-K |
Major Shareholders
| Holder | Shares | % of capital |
|---|---|---|
GC Dominio S.A. | 47,753,621 | 26.4 |
ANSES (FGS) | 16,257,029 | 9.0 |
Santander Río Asset Management | 803,194 | 0.44 |
Nomura Investment Management Business Trust | 706,810 | 0.39 |
Delta Asset Management | 157,254 | 0.09 |
Galicia Asset Management | 118,340 | 0.07 |
ICBC Investments Argentina | 19,395 | 0.01 |
HSBC Global Asset Management (UK) | 19,208 | 0.01 |
Major Shareholders — Cablevisión Holding
| Holder | % of Telecom |
|---|---|
Cablevisión Holding (economic interest incl. trust shares) | 39.08 |
Fintech Telecom LLC (S&P data) | 30.0 |
ANSES (FGS) | 11.4 |
Brookfield Corporation | 0.6 |
Mirae Asset Global Investments | 0.4 |
Competitive Landscape
Key Competitors
| Competitor | Segments | Scale indicators | Positioning vs Telecom |
|---|---|---|---|
Claro Argentina (América Móvil) | Mobile, fixed, pay TV | 27.4 m mobile subscribers end-2025 (+5.7%); ~4.0 m fixed RGUs (3Q25); service revenue +10.1% real in 4Q25 | Largest single mobile network; strongest challenger; barred from buying divested customers |
Metrotel (Riverwood/Blackstone) | Enterprise fibre, wholesale; prospective mobile entrant | ~8,000–8,500 km fibre; revenue target US$65 m in 2026 | Will become third mobile player with 6 m lines |
Telecentro | Fixed broadband, pay TV (AMBA) | — | Strong FTTH/HFC rival in Buenos Aires |
DirecTV Argentina | Satellite pay TV, OTT | — | Pay-TV competitor nationwide |
iPlan | Enterprise and residential fibre | — | Niche fibre competitor |
Starlink (SpaceX) | Satellite broadband | — | Rural/remote broadband threat |
Regional cable operators and cooperatives (e.g., Supercanal, Gigared) | Pay TV, broadband in the interior | — | Local share in interior markets |
Netflix, Disney+, HBO Max, Amazon Prime Video | OTT video | — | Disintermediation of pay TV (also partners in Flow+) |
Mercado Pago, Ualá, Naranja X | Fintech wallets | — | Competition for Personal Pay |
Tigo (Millicom) and Claro Paraguay | Paraguay mobile | — | Núcleo's competitors |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | Telecom/CVH consolidated | Claro Argentina | Metrotel |
|---|---|---|---|
Revenue (latest FY, USD) | ~5.7 bn (FY2025) | Not disclosed separately in USD | ~58 m (2025, company statement) |
Revenue growth | +53% real (FY2025, acquisition-driven); +4.2% organic service | +7.0% real (3Q25); service +10.1% (4Q25) | Target +12% (2026) |
EBITDA margin | 30.1% (FY25); 35.6% (1H26) | — | — |
Capex intensity | 17.8% (FY25) | — | — |
Mobile subscribers | ~39 m Argentina (Dec-25, pre-remedy) | 27.4 m | 0 (pre-transfer) |
“—” = not publicly disclosed.
Recent Developments
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