M6: For the group, the pandemic is (almost) behind | BUY | EUR21.0
M6 - BUY | EUR21.0 VS. EUR22.2 (+22%)For the group, the pandemic is (almost) behind
Strong results beat expectations…
… as broadcasting activities come out stronger than pre pandemic levels
Stronger rebound in other activities is still expected…
… but Outlook remains positive, Buy confirmed
Co. is engaged in the media industry, primarily television edition & broadcasting. Co.'s operations can be divided into three segments. In the Free-to-Air segment, Co. operates a Free-to-Air terrestrial TV network, financed exclusively by advertising. In the Digital TV segment, Co. broadcasts many digital channels. In the Diversification & audiovisual rights segment, Co. purchases audiovisual rights. Co. is also engaged in distance-selling business, allows viewers to play an active role in the unfolding of programs proposed to them, develops mobile phone content; publishes a family of websites, organizes events & shows, & manages football Club des Girondins de Bordeaux.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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