ProSiebenSat.1 Media SE : Q2 better than expected, guidance for EBITDA raised (but still cautious in our view)
>Interim results published ahead of schedule - Pro7Sat1 published yesterday evening its preliminary results unexpectedly. The group has upgraded its 2021 EBITDA guidance to ~€ 820m (vs € 750-800m) due to the advertising trend being better than expected in Q2 (+56% vs +50% forecast). Leverage was naturally very fast, resulting in this operating performance. Our 2021 EBITDA estimate remains above the group’s guidance. We were expecting € 829m (consensus at € 810m before...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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