M6 : Results a shade above, Q3 difficult but the first unfavourable report on the merger with TF1
>Outperform rating reiterated - visibility on the merger with TF1 reduced - Yesterday, M6 published interim results that beat the consensus with EBITA of € 161m vs our forecast of € 154m (consensus at € 153m). The difference with our forecasts principally stemmed from the radio division. Advertising growth in Q2 was negative at -5.3% (vs -5% anticipated). The comparison base was demanding (+84% in Q2 2021) with the broadcast of the Euro 2021 championship last year. It...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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