RTL Group: Oddo still on hold, cuts target price
(CercleFinance.com) - Oddo confirms its "neutral" rating on RTL Group shares, having reduced its target price for them from 56 euros to 52 euros.
The broker reports that RTL Group published its H1 results on Friday morning, which came in slightly above expectations, with EBITA of 501 million euros, just above the consensus of 495 million euros.
However, the summer is expected to see a lull in advertising in Germany, with management expecting the market to either be flat or down by around 4% (optimistic scenario).
The group has also reduced its 2022 guidance, with the former guidance now representing the upper end of the range: regarding EBITA, analysts now expect a 1,050 - 1,150 million euros (vs. 1,150 million euros previously), and sales of 7,300 - 7,500 million euros (vs. 7,400 million euros previously).
The group nevertheless reiterates its medium-term guidance.
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