TF1 - BUY | EUR12.3 vs. EUR12 (+48%) Strong Q3 results above expectations
TF1 - BUY | EUR12.3 vs. EUR12 (+48%)Strong Q3 results above expectations
Results significantly above expectations
Stronger than expected broadcasting, on both revenues and costs
Disappointing Studios and entertainment activities
We are slightly increasing our fair value to EUR12.3 vs EUR12
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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