Lagardere : Excellent Q2 for both businesses ahead of likely gradual normalisation in H2
>Neutral rating maintained with a new target price of € 22 - Lagardère's H1 2021 results, reported yesterday, largely beat our expectations (EBITA of € 3m while we forecast -€ 147m and the consensus -€ 145m) thanks to its two main business entities. Cost management was much better than we expected and organic growth remained very robust for the publishing business. The group thus expects the situation to normalise. H2 is set to present a more normalised profile, part...Lagardere Groupe is a holding company. Through its subsidiaries, Co. is engaged in the media industry (news, education, culture and entertainment businesses). Co.'s main activities in the media industry can be divided into four separate divisions. Lagardere Publishing includes Co.'s Book Publishing and e-Publishing businesses. Lagardere Active encompasses Co.'s Magazine Publishing, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage businesses. Lagardere Services encompasses the Travel Retail and Distribution businesses. Lagardere Unlimited specializes in sports and entertainment.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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