M6 : CA Advertising revenues down 8.5% in Q1, cost indications consistent with our scenario
>Advertising revenues broadly in line and initial indications on the margin - M6 reported Q1 2020 advertising revenues of € 321m (ODDO BHF’s estimate: € 330m; consensus: € 318m) broadly in line with expectations of an 8.5% contraction in advertising revenues. The group gave an indication of leverage (50%) in line with our expectations at group level and which confirms our profitability scenario for FY 2020. We are revising marginally up our EBITA expectation for 2020....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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