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M6: Oddo hails strong results, maintains buy rating

( - An analyst at Oddo BHF today said that he is maintaining his "buy" rating on M6 stock, after the TV chairman published solid 2018 results, with advertising having got off to a good start in 2019.

M6 published EBITA of 266 million euros, while the broker was expecting 260 million euros. Its TV business exceeded the broker's expectations, although the group was impacted by complicated business for its diversification activities. In particular, advertising revenues were flat in Q4 (the broker expected -0.5%). The group said that the beginning of the year was improving compared to December (i.e. the broker expects a slight increase). This confirms Oddo's expectations of positive growth in 2019 (it was expecting +1.5%). Moreover, the double strategic movement (sale of Girondins de Bordeaux FC and acquisitions of Lagardère's channels) seems relevant and will create for the group, Oddo says.

The broker confirms its target price of 21 euros, which suggests upside potential outperform around 46%. The broker has increased its organic growth expectations, with a slight downward revision for the Ventadis business and an increase in the TV business (slight reduction in programming costs). It expects 1.5% growth in advertising in 2019, Oddo BHF adds.

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