ProSiebenSat.1 Media SE : H1 2022 shy of our forecasts and estimates slightly trimmed
>Outperform rating reiterated - Pro7Sat1 yesterday reported H1 results below our expectations with EBITDA of € 289m while we had forecast € 300m. Q2 advertising growth came to -1.3% in Q2 while we had expected a decline of 1%. The group revised down its full-year EBITDA guidance following the disposal of Red Arrow Studios and in view of the current economic situation (inflation, decline in the advertising market, etc.). Given the situation on the advertising markets, ...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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