M6 : Less favourable momentum, downgrade to Neutral vs Underperform
>Neutral vs Outperform - We are lowering our rating for M6 from Outperform to Neutral with a new target price of (€ 18 vs € 20). Until now, we favoured M6 over TF1 and are now switching our preference (see our study on TF1 published today). Our downgrade for M6 is based on momentum at M6 that could be slightly less brisk in the coming months, notably relative to its competitor on the French market: 1/ in the short term, the advertising trend remains weak on the Fren...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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