ProSiebenSat.1 Media SE : A tough Q1, a gradual improvement in Q2 but EBIDTA guidance still cautious in our view
>Neutral recommendation reiterated - Pro7Sat1 released on Wednesday its Q1 2021 results in line with estimates, with EBITDA of € 143m while we had forecast € 143m. The decline in advertising revenues worked out at 16% whereas we were expecting -15%. RTL Group had already reported its Q1 revenues and warned of a challenging start to the year in Germany. The group held a conference call immediately after, during which it indicated a marked rebound in Q2. However, the ex...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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