TF1: Q1 results demonstrate strong core business | BUY | EUR11.7 vs. EUR12.3 (+26%)
TF1 - BUY | EUR11.7 vs. EUR12.3 (+26%)Q1 results demonstrate strong core business
A quarter above expectations
Strong core business in TV
Still expecting more from digital and production activities
Technical adjustments in our fair value
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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