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ProSiebenSat.1: Berenberg maintains 'buy' rating

(CercleFinance.com) - Berenberg maintains a "buy" rating on the ProSiebenSat.
1 Media share, with a target price of 24 euros, noting that the German broadcaster has reduced its dependence on linear TV advertising after various disposals.

The group is investing substantial amounts in its fast-growing businesses, the broker pointed out, even though some of these activities are not making any profits and are thus worth zero in a multiples-based valuation.

However, Berenberg said that recent management comments suggest that the pace of monetisation of these assets is set to increase over the next 12-24 months.

The Frankfurt-listed share is currently up 0.7% at 14 euros.

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