M6 : Q1 EBITA in line and solid advertising momentum
>Outperform rating reiterated - Yesterday evening, M6 published Q1 revenues that beat forecasts with advertising revenue growth of 7.5% (vs our forecast of +3%). EBITA was in line, however, at € 67m vs our forecast of € 68m, reflecting a cost base that was slightly higher than we expected. The group probably took advantage of the good advertising momentum to invest in content. It is not holding a conference call but its AGM takes place today at 9.00am. This could be ...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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