ProSiebenSat.1 Media SE : Momentum publicitaire mou, peu de catalyseurs sur les 6 prochains mois
>Révision de notre opinion à Neutre (vs Achat) - Pro7Sat1 a donc tenu hier sa conférence téléphonique suite à ses résultats T3. Le groupe a évoqué un momentum publicitaire TV mou tant sur le T4 qu’en 2019 et à moyen terme. L’année 2019 devrait être une année de transition avec une activité molle et une forte hausse des investissements (de programmes notamment). La valorisation du groupe est particulièrement attractive (VE/EBITDA 2019e de 6x). La valorisation implicite...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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