ProSiebenSat.1 Media SE : Q1 2023 a shade below forecasts, an improvement in advertising in June
>Neutral rating reiterated - This morning, Pro7Sat1 published its Q1 results which were below forecasts, with EBITDA of € 53m vs our estimate of € 61m. The group did not provide any details on profitability for its divisions, but the gap is likely due to a slightly stronger cost base for the TV cost base and a tougher quarter for the dating division. The advertising trend was, as expected, very tough in Germany at the start of the year, down 12% over Q1. The group non...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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