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RTL Group: Oddo adjusts target price

( - Oddo has organised a roadshow with RTL in Paris.

Following this meeting, the broker has confirmed its buy rating on the stock, given the group's diverse profile and the solid momentum of other businesses outside Germany, pending a recovery in this country. It has trimmed its target price to 68 euros (against 70 euros).

Oddo says that the trend in the advertising market remains very difficult in Germany in November, which leads it to revise its advertising revenue expectations for 2018, albeit with a marginal impact on EBITA.

The broker adds that it has marginally adjusted its forecast for RTL Deutschland's 2018 EBITA, in view of likely cost base adjustments required to compensate for the market's downturn. Visibility for 2019 remains very low, although the group does not expect such a sharp decline (the broker expects +0.5%).

Oddo also believes that the strategic priority of the next two-to-three years is organic investment on OTT platforms.

The group has indicated a maximum investment envelope of 100 million euros over 4 to 5 years. On this basis, and in 2019, it estimates costs to increase by 35 million euros.

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