ProSiebenSat.1 Media SE : A cautious message, but we think that the upper end of the guidance range will be beaten
>Neutral recommendation reiterated with a target price of € 18.5 - Pro7Sat1 published yesterday its 2020 results that were unsurprisingly in line with forecasts as the group had already communicated preliminary indications. 2020 recurring EBITDA came in at € 706m, a shade below the latest guidance provided by the group (€ 700m). Nonetheless, the group conveyed a cautious message on the advertising market in 2021 (advertising revenues of -2% to +4%). We think that this...ProSiebenSat.1 Media is a holding company engaged as a media corporations in Europe, with TV stations in Germany, Austria and Switzerland. Co.'s core business consists of free TV financed by advertising. Co. also owns an international production network along with digital and ventures portfolio. In addition, Co. is engaged as online seller of video content on the internet. Also, Co. is involved in the online games business and operates an e-commerce portfolio. Through its Red Arrow Entertainment Group, Co. produces international TV programs and sells them to TV stations worldwide. Co. has three segments: Broadcasting German-speaking, Digital & Adjacent and Content Production & Global Sales.
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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