Lagardere : Tough year in 2020 but a good showing from publishing, no indication on the corporate situation
>We maintain our Neutral rating but have upped our target price to € 17.5 - Lagardère yesterday reported slightly better than expected 2020 results (EBITA of -€ 155m vs -€ 206m expected by ODDO BHF). The positive takeaway from this release relates to Lagardère Publishing which showed resilience and strong cash generation. The group’s net debt thus came in lower than we expected. But visibility is still very low on a recovery in TR and we remain cautious on a shift in ...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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