Wunderlich Securities Expects DirecTV Sales To Be Up 10.9%

When Buy-rated DirecTV DTV reports its earnings this Thursday, Wunderlich Securities said that it expects total sales to be up 10.9% to $6,060 mm, with concomitant OPBDA up 19.0% to $1,604 mm. “EPS should be $0.56 v. $0.37 a year ago with consensus at $0.55,” Wunderlich Securities writes. “We have U.S. sales up 7.7% to $5,065 mm with OPBDA up 12.1% to $1,322 mm. Estimated U.S. metrics include 94K net adds, 1.60% churn, a 5.2% lift in ARPU to $89.78, and $800 all-in SAC.” We have Latin sales and OPBDA up 23.0% and 37.0% to $936mm and $273mm, with 287K net adds. Estimated churn is 1.95% and ARPU $56.61. “We are increasing our 2011 target to $55 largely off a higher Lat Am valuation,” Wunderlich Securities writes. DirecTV currently trades at $44.01.