ProSiebenSat.1 Media SE : Slight improvement in the market which nonetheless remains negative
>Neutral recommendation reiterated - We reiterate our Neutral recommendation on the stock for two main reasons: 1/ a very slow improvement in the advertising trend,with a still significant decline in July (-20%). We feared notably that the month of September would continue to post a decline; 2/ we have not factored in a speculative premium to our valuation and we do not anticipate a cash offer from Mediaset. Note that the potential blocking of the MFE project (follow...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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