Report
Jerôme Bodin

ProSiebenSat.1 Media SE : Feedback from Q1 conference call: difficult trend but actions to limit the impact and review the portfolio

>No surprises from Q1 results – Buy reiterated - On Thursday, Pro7Sat1 published its Q1 2020 results and held its conference call subsequently. These results were not a surprise since the group had already published preliminary figures. The group’s Q1 EBITDA came in at € 157m whereas we were initially expecting € 152m. Management confirmed a drop of around 40% in the advertising market in April and May. June is likely to show a clear improvement with the easing of loc...
Underlying
ProSiebenSat.1 Media SE

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Jerôme Bodin

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Matthias Desmarais
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