DISC.A – Market expectations are for Uniform ROA decline, but management is confident about TLC, unbundling trends, and other tailwinds

• Discovery Communications (DISC.A:USA) currently trades below historical averages relative to UAFRS-based (Uniform) Earnings with an 9.1x Uniform P/E.  Meanwhile, management is confident about unbundling trends, TLC, and other tailwinds
• Specifically, management is confident about market trends away from traditional TV packages, and is confident in ad growth in TLC, driven by 90 Day Fiancé. Additionally, they are confident about FX tailwinds, and the long-term asset value and growth potential of online platforms