M6: Q3 publication modest but in line, marked by the closing of Les Girondins’ sale | NEUTRAL | EUR23 vs. EUR22
M6 - NEUTRAL | EUR23 vs. EUR22 (+32%)Q3 publication modest but in line, marked by the closing of Les Girondins’ sale
Completed sale of Les Girondins to reinforce balance sheet with EUR100m cash in
Modest Q3 results, in line with our expectations
Cautious advertising guidance for the end of year
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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