M6 : Very good 2020 results, M6 is the cornerstone of consolidation in France
>Very good 2020 results with EBITA 17% above the consensus - M6 yesterday reported 2020 results ahead of expectations with EBITA of € 270m vs our forecast of € 240m. Like for TF1, advertising growth in Q4 was dynamic, coming in at 3% (vs 0% expected). The group ultimately announced a dividend per share of € 1.5, well above our forecast (€ 1). This distribution policy is good news and should underpin the share price in the coming weeks, the dividend being an important...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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