ProSiebenSat: Credit Suisse raises target price
(CercleFinance.com) - Credit Suisse maintains its "underperform" rating on ProSiebenSat shares, raising its target price for them from E6.
2 to E7.1, taking into account lower net debt in 2022 than in 2021 in its DCF valuation of the German media group.
"The new CEO Bert Habets presented a new strategy which was an evolution from the previous one with no new targets (still c.5% mid term revenue growth) but more focus and cost discipline," it points out.
The broker has reduced its forecast for advertising revenue growth in the DACH region (Germany, Austria and Switzerland) for 2023 to -4%, compared with -3% previously, although has raised its EBITDA estimate to E625m (from E616m).
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2 to E7.1, taking into account lower net debt in 2022 than in 2021 in its DCF valuation of the German media group.
"The new CEO Bert Habets presented a new strategy which was an evolution from the previous one with no new targets (still c.5% mid term revenue growth) but more focus and cost discipline," it points out.
The broker has reduced its forecast for advertising revenue growth in the DACH region (Germany, Austria and Switzerland) for 2023 to -4%, compared with -3% previously, although has raised its EBITDA estimate to E625m (from E616m).
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.