M6 : Q2 2023 results a shade lower than expected but advertising recovery during the summer, estimates unchanged
>Outperform rating reiterated - M6 yesterday reported H1 2023 results that came in a shade below expectations with EBITA of € 135m whereas we looked for € 143.5m (consensus € 139.5m). The gap with our expectations stems mainly from an advertising trend that was a bit more challenging than anticipated in Q2. Advertising revenue growth in Q2 was negative at -9% (vs -7% anticipated). This situation is still due to an unfavourable macroeconomic situation (inflation, highe...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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