M6 : Good 2021 results and solid 2022 outlook
>Strong 2021 results and 2022 is looking good - M6 reported yesterday evening its 2021 results which were well above the consensus with EBITA of € 347m (vs € 325m expected) but slightly below our forecast of € 361m. Advertising growth in Q4 was dynamic, coming in at 4% (vs +2% expected and -1% for the consensus). The group benefited from this trend to invest in programmes at the year-end, which explains the slight difference from our estimates. Management delivered a ...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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