ProSiebenSat.1 Media SE : A Q2 advertising trend hit by the Euro 2024 but EBITDA up thanks to tight cost control
>Outperform rating reiterated - Yesterday, Pro7Sat1 reported Q2 results in line with our forecasts, with recurring EBITDA of € 91m vs our forecast of € 90m, i.e. +14% vs Q2 2023 thanks to tight control of costs. The advertising trend in Q2 was positive, as expected, but up by just +1% despite a very favorable base effect (-9% on Q2 2023). The group was adversely affected by the non-broadcasting of Euro 2024 and by a negative seasonal effect linked to Easter. Our EBIT...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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