ProSiebenSat.1 Media SE : Q4 off to a bad start but visibility is limited on November and December
>Very limited visibility on advertising growth but could an upturn be on the cards at the year's end? - Pro7Sat1 yesterday held a conference call on its Q3 2019 results. The group provided little detail on the advertising trend in Q4. We now forecast -1.5% (vs +3% previously) given difficult trends in October. We have lowered our forecasts following this release. We are standing by our Neutral recommendation with an updated target price of € 16 (vs € 17 previously). W...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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