NRJ Group : Challenging outlook in 2020, very low valuation in light of the cash generation
>Very low valuation but too much surplus cash - NRJ Group yesterday held its conference call following its 2019 results. We maintain our Neutral rating and have adjusted our target price to € 6.5 vs € 8. This revision is driven by a more cautious advertising scenario and a higher risk premium used in our DCF model for the radio and TV divisions. The valuation is extremely low currently in view of the group’s balance sheet (€ 229.5m of cash, i.e. 60% of the market capi...NRJ Group is engaged in the multimedia industry, particularly in France's private radio market. Co. also operates in 22 other countries, as of Dec. 31, 2012. Co. works as a publisher, producer, and brodcaster, while marketing its own media space. Co. also develops new media such as television, internet and mobile telephony. Co.'s core business consists of creating and developing media, whether it be radio stations, television or the Internet. Co.'s operations can be divided into six segments: Musical Media and Events; Television; International Activities; Shows and Other Productions; Broadcasting and Other Activities. Co.'s brands are NRJ, NOSTALGIE, CHERIE FM, RIRE and CHANSONS.
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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