M6 : Good H1 and a slightly softer advertising revenue sequence
>H1 better than expected thanks to cost savings - Yesterday evening M6 reported H1 results that were slightly better than we expected (EBITA of € 129m vs € 121m expected) and held a conference call immediately afterwards. The group posted a decline of 1.2% in advertising revenues in Q2 whereas we looked for growth of +0.7% and the consensus a dip of -0.5%. Despite a probably soft trend in advertising revenue, tight cost control should allow EBIT to come in close to c...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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