M6: Oddo raises target price
(CercleFinance.com) - Oddo BHF reiterates its "outperform" rating on M6 share, having increased its corresponding target price from 19.
5 euros to 25 euros, a target price that would mean a multiple of 10.6x 2021 EBITA, below the group's historical average (11.6x).
The broker's new valuation is based on a fundamental approach (21 euros per share) to which it now applies a speculative premium, valued at 17%. With a upside potential of 47%, M6 is the most attractive stock in the TV universe, it adds.
Estimant que la structure de M6 devrait avoir évolué d'ici quelques mois, Oddo BHF indique identifier de nombreux prétendants pour le groupe et donc une probable bonne surprise sur la valorisation. Il voit en outre "un momentum opérationnel solide en 2021".
Oddo BHF believes that M6's structure should have changed in the next few months, and says that it has identified a number of contenders for the group, which will probably result in a pleasant surprise in terms of valuation. It also sees solid operational momentum in 2021.
The M6 share is up 2.5% on Wednesday morning - for the record, its market capitalisation (2.18 billion euros) exceeds that of TF1 (1.6 billion euros).
Copyright (c) 2021 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.
5 euros to 25 euros, a target price that would mean a multiple of 10.6x 2021 EBITA, below the group's historical average (11.6x).
The broker's new valuation is based on a fundamental approach (21 euros per share) to which it now applies a speculative premium, valued at 17%. With a upside potential of 47%, M6 is the most attractive stock in the TV universe, it adds.
Estimant que la structure de M6 devrait avoir évolué d'ici quelques mois, Oddo BHF indique identifier de nombreux prétendants pour le groupe et donc une probable bonne surprise sur la valorisation. Il voit en outre "un momentum opérationnel solide en 2021".
Oddo BHF believes that M6's structure should have changed in the next few months, and says that it has identified a number of contenders for the group, which will probably result in a pleasant surprise in terms of valuation. It also sees solid operational momentum in 2021.
The M6 share is up 2.5% on Wednesday morning - for the record, its market capitalisation (2.18 billion euros) exceeds that of TF1 (1.6 billion euros).
Copyright (c) 2021 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.