M6 : Momentum somewhat sluggish but cost management still highly efficient
>Sluggish advertising momentum in Q4 - M6 released its Q3 results yesterday evening. EBITA beat expectations at € 55.7m (we and the consensus were looking for € 45m) as the cost base was lower than we expected. The group generated cost savings over the quarter in TV and radio especially, to offset the downturn in revenue. However, the downturn in advertising revenue, at -10%, was steeper than we had expected (-6%e). The quarter was penalised by the economic, energy an...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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