M6 : Excellent Q2 results with a very good surprise in advertising
>Excellent results justifying our Outperform opinion - M6 reported yesterday evening H1 results ahead of expectations, including EBITA of € 165m vs our estimate of € 135m, and we were more optimistic than the consensus. These excellent results were explained by advertising growth of +84% in Q2 vs our forecast of +65%. The conference call following this release was an opportunity for the group to confirm that trends remain solid in Q3. As such, momentum is excellent. W...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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