Haitong Bank, S.A. - Mediaset Espana Comunicacion SA (TL5) Mediaset EspaÃ±a: Lift from the World Cup? Not for all

Report

Haitong Bank, S.A.

Nuno Matias

EUR 100.00 For Business Accounts Only

Mediaset EspaÃ±a: Lift from the World Cup? Not for all

Mediaset EspaÃ±a (MSE) should report its 2Q18 results on July 25th (after market close) and we expect the companyâ€™s performance, at least in terms of revenues, to be supported by its direct exposure to the football World Cup. Due to this event, Q2 should be an atypical quarter to gauge advertising market behaviour. For the time being we keep our assumptions unchanged, but believe the risk for ad market FY expectations might be on the downside, since the World Cup effect was perhaps not strong enough to â€˜pushâ€™ the market as a whole. Having said that, MSE sharesâ€™ performance seems to incorporate those possible fears, with an underperformance vs the IBEX of roughly 15% since the beginning of April, and thus the downside risks look limited. We reiterate our BUY rating but we reduce our FV from â‚¬9.7 to â‚¬9.1, a technical adjustment following the â‚¬0.6 dividend payment.

18/07/2018 9 EN

Underlying

Mediaset Espana Comunicacion SA

Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.

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ES0152503035 Madrid Stock Exchange Spain

Provider

Haitong Bank, S.A.

Haitong is the first international Chinese investment bank and our goal is to be the primary channel for capital flows into and out of China. During 2015 the Senior Management Team in London was expanded significantly to focus on this objective and to provide a full-service cross-asset markets business coupled with sector-focused investment banking. We work closely with our world-wide network of offices to bring a true depth of understanding to all client situations.

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Analysts

Nuno Matias

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