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Charter Communications Inc-A

CHTRStrike zoneExpectations · modest

Held by 9 superinvestors.

Price$153.89
Margin of safety−50%
Holders9
Total value$2.48B

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
-0.6%
Net margin
9.1%
ROE
31.1%
FCF margin
8.1%
Revenue $48.10B → $54.77B · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$307/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$154
cheaperpricier

Zero-growth floor

$275

Central IV

$307

Optimistic top

$643

Charter Communications Inc-A (CHTR): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $275–$643 / sh. Today’s price sits below both (price $154 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 1% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 14.6% · Zero-growth downside $275

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
  • The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $265.05 – $342.47 · Greenwald $409.40 – $642.64 (neutral $517.91) · zero-growth base $317.77 · reproduction $15.30

Moat Franchise (moat) · terminal value 28% of present value · owner-earnings yield 27% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$-45.12 – $116.11 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 89% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$275.40 – $317.77 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 89% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 18.7 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.

Asset floor: Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value: if the moat holds for 10 yr at ROIIC ≈ 34%, $91.63–$324.87 / sh (neutral $200.15). Conservative, not a forecast.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 18.7 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.

Owner-earnings DCF: growth g₁ 1% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 13.16%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 51%.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about under -10.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 2.5% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 1 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

9 holders · $2.48B combined · this quarter +0 opened / -1 exited

This quarter3 added2 trimmed1 exited
Holders 14 → 8 · last 8q
Exited this quarter (1)
Lee Ainslie

SEC 13F · notes

Written summary

Charter Communications Inc-A (CHTR) is held by 9 of the superinvestors tracked on Compounder, with a combined $2.48B in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 1.1% of the portfolio.

Other notable holders by value include Ravenel Boykin Curry (0.8% of its book), Tom Bancroft (26.8% of its book) and Stuart Mclaughlin (2.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in CHTR, 3 added to existing ones, 2 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Charter Communications Inc-A (CHTR) also commonly hold →

CHTR's price sits below its conservative value band. See the full strike-zone list

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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