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ProSiebenSat.1: Commerzbank confirms 'buy' rating

(CercleFinance.com) - Commerzbank has confirmed its "buy" rating on ProSiebenSat.
1, with a new target price of 37 euros, after the German TV broadcaster released "stellar" fourth-quarter results yesterday.

The bank cites a solid TV performance expected in Q1 thanks to the impact of Easter, along with the share's attractive valuation.

Commerzbank also highlights the "good deal" struck with General Atlantic, with the sale of 25% of the group's e-commerce portfolio at 15x 2018 EBITDA, while, in comparison, the market previously valued this portfolio at 11-12x EBITDA.

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