Megacable Holdings S. A. B. de C. V

What it is

Megacable traces its roots to two small cable companies that served a handful of cities in the Pacific-coast states of Sinaloa and Sonora around 1983; today it provides service to 250 cities across 25 Mexican states. The Robinson Bours family diversified into cable in 1978 through those predecessor companies, and renamed the combined business Megacable in 1994.

The company runs five segments — Cable Network, Internet, Telephone, Business, and Other — distributing TV via cable, providing internet to homes and companies, delivering fixed-line calls, and designing IT infrastructure for business customers. It operates under the Megacable and Metrocarrier brands.

Who owns it

Megacable is controlled by the Bours and Mazón families, which collectively own more than 50% of the shares outstanding. The free float is roughly 35%; a much larger figure sometimes cited on financial databases reflects the fact that the family holds most of its shares in physical rather than electronic form — a quirk of the Mexican exchange.

Francisco Javier Robinson Bours Castelo, an heir of the founding generation, serves as chairman of Megacable’s board. CFO Luis Antonio Zetter joined Megacable in May 2010; management is not part of the controlling families.

CEO Enrique Yamuni Robles himself owns more than 6% of the shares outstanding.

Who runs it

Enrique Yamuni Robles has served as Megacable’s chief executive since the start of its operations in 1982. Deputy CEO Raymundo Fernández was appointed in January 2007, after more than a decade as director of commercial operations.

CFO Luis Zetter holds a degree in accounting from the Universidad de Guadalajara, an MBA from Tecnológico de Monterrey, and completed the senior management programme at IPADE.

The money, in plain words

Sales have grown at a steady pace — up 10% in 2024 and a further 8% in 2025 (our calculation), reaching MXN 35.5 bn (US$2.0 bn). For every peso of sales, the company keeps about 7.9 centavos as profit after all costs and taxes — a net profit margin of 7.9% (our calculation), moderate for a capital-intensive network operator.

For every peso shareholders have put in, the company earns back roughly 9.2 centavos a year — a return on equity of 9.2%, acceptable but not exceptional, reflecting the heavy investment cycle under way. The stock trades at 34.2 times annual earnings (price-to-earnings ratio of 34.2×), a premium that implies investors expect the margin to recover as fibre spending peaks.

Capital spending ran at 25.9% of revenue in 2025, one of the highest intensities in the company’s history.

The company carries no listed debt on its most recent balance sheet and holds MXN 4.9 bn (US$285 m) in cash — net cash of MXN 4.9 bn (US$282 mn) (our calculation) — giving it financial room to keep building without raising new money. It currently pays no dividend, with that cash directed instead into network expansion.

What it is doing now

The company has rebranded its consumer services from “Megacable” to simply “MEGA,” signalling a push into an all-fibre identity. It expects to add up to 150,000 subscribers per quarter in 2026 as it continues its shift to fibre and completes a key network-expansion milestone.

One example of the scale involved: Megacable is investing a total of MXN 1.05 bn (US$60 m) in the city of Mérida alone between 2023 and 2026 to expand and maintain its fibre infrastructure.

Capital spending is expected to fall to 24–26% of revenues in 2026 and further to 21–23% in 2027, as the main expansion and migration projects wind down, while subscriber growth is forecast at 100,000–150,000 net additions per quarter. A May 2026 report described Megacable as becoming a “strategic partner of Carlos Slim,” suggesting possible infrastructure-sharing arrangements with Telmex’s parent group — a development worth watching closely.

What to watch

• Margin recovery. The P/E of 34.2× only makes sense if the net profit margin widens as the peak fibre investment cycle passes. Watch whether free cash flow turns positive in 2026–27.
• Slim partnership. Any formal infrastructure or spectrum deal with the América Móvil/Telmex ecosystem would reshape the competitive map for Megacable and its rivals.
• Chipset supply. A chipset shortage could slow the planned reduction in capital spending — and therefore delay the margin recovery investors are pricing in.
• Dividend restart. The company’s historical policy was to return cash once investment cycles eased. A dividend announcement would be a strong signal of management confidence.
• Family succession. The Robinson Bours stake is spread across roughly 80 individuals as shares have been passed through generations — governance cohesion will matter more as that number grows.

This is news, not investment advice.