ProSiebenSat.1 Media SE : Sell-off over last three months and momentum prompt us to upgrade to Outperform vs Neutral (€ 22 vs € 19.5)
>Outperform rating with a new target price of € 22 - We are adopting an Outperform rating on Pro7Sat1 with a new target price of € 22 (vs € 19.5). We have raised our advertising growth target for Q3 to +16% (vs +10%), which gives us a new 2021 EBITDA forecast of € 847.5m (guidance of € 820m). We have raised our forecast by 2% for the year. The momentum remains excellent and we do not expect a deceleration in Q3, but potentially in Q4 (+1%). This cautious scenario for ...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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