TF1: Oddo still a buyer
(CercleFinance.com) - Oddo presents a first preview of its expectations for the TV sector in Q3.
The advertising trend should be positive throughout Europe. The trend in France, Spain should be slightly positive (around 3%), the broker says.
The momentum remains very good and most advertisers are currently increasing their expenditure. However, the main point of uncertainty is the likely slowdown in the automotive sector (between 10% and 12% of European markets).
The broker maintains its buy rating on TF1 and M6 in view of the likely completion of the merger. It expects TF1's advertising to grow by 2.5%, with EBIT reaching 42 million euros in Q3. There should be significant synergies and analysts believe that the upper end of the synergy target rabge (E250m/E350m) remains likely.
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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.
The advertising trend should be positive throughout Europe. The trend in France, Spain should be slightly positive (around 3%), the broker says.
The momentum remains very good and most advertisers are currently increasing their expenditure. However, the main point of uncertainty is the likely slowdown in the automotive sector (between 10% and 12% of European markets).
The broker maintains its buy rating on TF1 and M6 in view of the likely completion of the merger. It expects TF1's advertising to grow by 2.5%, with EBIT reaching 42 million euros in Q3. There should be significant synergies and analysts believe that the upper end of the synergy target rabge (E250m/E350m) remains likely.
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.