ProSiebenSat.1 Media SE : Start of Q3 still down, but we expect a rebound in September
>Outperform rating reiterated - Yesterday, Pro7Sat1 published Q2 results in line with our forecasts, with recurring EBITDA of € 79m vs our forecast of € 81m. The group held a conference call following the release. We have slightly adjusted our forecasts for 2023 due to the minor downward revision to estimates for Q3. We reiterate our Outperform rating on the stock with an unchanged target price of € 11. We think that the stock is attractive, given: a) the prospect of...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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