Oddo BHF - MEDIASET NV (MFEB) MFE B shares : S1 inférieur aux attentes et T3 en baisse sur la publicité

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Oddo BHF

Jerôme Bodin

MFE B shares : S1 inférieur aux attentes et T3 en baisse sur la publicité

>Opinion Sous-performance réitérée - MFE a publié hier ses résultats du S1 ressortis largement inférieur à notre attente avec un EBIT de 112 M€ contre 140 M€ attendus. Ceci est principalement dû au CA publicitaire qui est resté quasiment stable (-0,1%) alors que nous tablions sur une croissance de 1%. Le groupe a tenu une conférence téléphonique dans la foulée à l’occasion de laquelle il a souligné que la tendance publicitaire est difficile partout en Europe sur le T3...

29/09/2022 1 FR

Underlying

MEDIASET NV

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NL0015000N09 Netherlands

Provider

Oddo BHF

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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Analysts

Jerôme Bodin

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We are initiating coverage of De'Longhi with a Neutral rating and a target price of € 30. De'Longhi benefits from a leading position in the B2C espresso coffee machine segment, high margins, strong FCF generation and a healthy balance sheet. That said, we prefer SEB (Outperform, TP € 127) in the sector, as the French group is on track for more attractive EPS growth momentum over the next few years. The stock is now fairly valued (2024 EV/EBIT: 10.9x) after the recent rerating (+30% ov...

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Nous initions le suivi de De’Longhi avec une opinion Neutre et un OC de 30.0 €. De’Longhi dispose d’un positionnement de leader sur le segment des machines à café B2C, d’un niveau de marge élevé, d’une bonne génération de FCF et d’un bilan sain. Toutefois, nous préférons SEB (Surperformance, OC 127 €) dans le secteur compte tenu d’un momentum de croissance des BPA plus attractif sur les prochains exercices. Le titre De’Longhi est aujourd’hui correctement valorisé (VE/EBIT 2024e : 10.9...

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Oddo BHF

MFE B shares : Advertising trend better than expected in Q4 and for 2024

>Underperform recommendation confirmed - Yesterday, MFE reported Q3 results that fell short of our forecast for EBIT, primarily due to Spain. The advertising trend was down, unsurprisingly, in line with our forecast of -1% for Q3 2023. As a reminder, comparison bases were favourable. The group held a conference call during which it indicated that Q4 is up and positive for the time being in Italy and that this trend should continue in 2024. This is due to the synergies...

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Maissa Keskes ... (+2)

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MFE B shares : S1 inférieur aux attentes et T3 en baisse sur la publicité

ODDO BHF Small & MIDCAP MORNING NEWS - 11/24/2023 Date Performance since listing Date Performance since listing

ODDO BHF Small & MIDCAP MORNING NEWS - 24/11/2023 Date Performance depuis l’entrée Date Performance depuis l’entrée

MFE B shares : Advertising trend better than expected in Q4 and for 2024

Glanbia : H1 results above expectations. FY guidance for EPS upgraded on better revenue growth for GPN and improved margin for H&N

Glanbia : H1 results above expectations. FY guidance for EPS upgraded on better revenue growth for GPN and improved margin for H&N

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/13/2025

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