Report
Javier Hombria

A3M: 9M18 results: Weak environment. From Hold to Under review (Bankinter Securities)

The TV ad market is decreasing by –1.3% according to tracking firm Infoadex, while the digital ad market continues to increase robustly (+12.8%). We believe that it is valid that there would continue to be a historical positive correlation between GDP growth and TV ad market growth. The business model has changed. Consequently, we need to go back to the drawing board and see the correct valuation of Atresmedia under these conditions, which we will in a new long research note. Meanwhile, we change our recommendation and target price from Hold (€9.57 / share) to Under Review.

Underlying
Atresmedia Corporacion de Medios de Comunicacion SA

Atresmedia Corporacion De Medios De Comunicacion is a television and radio broadcasting company based in Spain. Co. is engaged in the indirect management of television and radio services, which include the broadcasting, creation, production and distribution of television and radio programming, and the sale of advertising time. Group companies mainly carry on business activities relating to the production, copying and broadcasting of sounds and images, and TV and Internet home shopping. Co. provides National and World Digital Television Services. Co. is the parent company of Grupo Antena 3.

Provider
Bankinter S.A.
Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

Analysts
Javier Hombria

Other Reports on these Companies
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