M6 : 2023 results slightly lower, departure of Nicolas de Tavernost and indications on the investment plan in streaming
>Neutral rating maintained - M6’s 2023 results, reported yesterday evening, fell a tad short of our expectations. EBITA came in at € 301m while we forecast € 306m, mainly due to slightly larger than expected programming costs. But the advertising trend in Q4 was in the end a little above expectations at -1.5% (vs -3% forecast). The group held its conference call, which underlined a respectable start to the year. It expects a substantial investment plan in streaming ou...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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