M6 : A very good Q3 which confirms the robustness of the model, consensus far too low for 2021
>Advertising growth and EBITA beat forecasts - Yesterday evening, M6 published Q3 sales that beat forecasts notably for advertising growth, at 9% (vs our forecast of +4%). EBITA was € 58.4m, while we were expecting € 46m. This was therefore a very good publication which confirms the group’s capacity to grow (albeit in a more lacklustre advertising environment over the past few weeks) and, above all, improve its profitability. The consensus is far too low, in our view ...Co. is engaged in the media industry, primarily television edition & broadcasting. Co.'s operations can be divided into three segments. In the Free-to-Air segment, Co. operates a Free-to-Air terrestrial TV network, financed exclusively by advertising. In the Digital TV segment, Co. broadcasts many digital channels. In the Diversification & audiovisual rights segment, Co. purchases audiovisual rights. Co. is also engaged in distance-selling business, allows viewers to play an active role in the unfolding of programs proposed to them, develops mobile phone content; publishes a family of websites, organizes events & shows, & manages football Club des Girondins de Bordeaux.
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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