TF1: Strong beat of Q2 EBITA expectations driven by lower programming costs
TF1: (BUY, Fair Value EUR14 (+53%))Strong beat of Q2 EBITA expectations driven by lower programming costs
TF1 group posted very solid Q2 results, above expectations in both revenues and EBITA. In particular, the strong beat on EBITA can be attributed to lower programming costs than expected over the quarter. We welcome the results and we believe the stock should react positively, but we remain prudent as the beat on costs might not be extrapolated over time, given unchanged guidance on programming spend.
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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