ProSiebenSat.1 Media SE : Challenging trend in Q3 and visibility remains poor
>The trend remains challenging but the valuation is still very low - We give an update on our expectations for Pro7Sat1 in Q3. We revise down our expectations for TV advertising revenues to -8% vs -5% previously (but +10%e in digital) and expect adjusted EBITDA for the group of € 124m in Q3. Q4 might prove slightly better but still negative. We adjust our expectations for 2022 and 2023 to take into account the consolidation of Joyn (a 50% stake in which will be acquir...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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