Media The sector deserves more despite headwinds
What next now that the TF1/M6 merger is very unlikely to go ahead? Stocks in our media coverage are trading at historically low valuations. Any merger that might have been priced in for TF1/M6 has been removed. An economic downturn and the resulting fall-out for advertising spend is anticipated by consensus. This could be considered the rock bottom, and the sector should show relatively good resilience since media groups have demonstrated their ability to adapt their cost bases to revenue fluctuations, profitability has never been so high and some speculative scenarios still remain. We have adjusted our TP down for M6 Group, but still see upside opportunities for both stocks given the current share prices. Buy confirmed for both TF1 and M6.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.
Television Francaise 1 is a French general-interest television channel. Co. is an integrated communications group. Its activities cover the whole of the audiovisual industry: upstream in production, acquisition and sale of audiovisual rights and also in distribution of feature films to cinemas; downstream in sale of advertising space, and publishing and distribution of DVDs and music CDs. Co. is also engaged in home-shopping TV with Teleshopping, and pay-TV market. In addition, Co. produces multimedia content. Its activities can be divided into four sectors: Broadcasting France, Broadcasting International, Audiovisual Rights and Other Activities.
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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