ProSiebenSat.1 Media SE : Upside now more limited (Neutral vs Buy) after the very marked increase in the share price
>Valuation now reasonable, no speculative premium - We have downgraded our recommendation to Neutral vs Buy due to now more limited upside (+11% based on our valuation vs 51% for TF1, for example). We had upgraded our recommendation to Buy on 31 March, since the stock appeared to be the most attractive in the European sector. In light of the 61% increase in the share price since this date, the valuation now appears more reasonable. Whilst the group’s strategy (gradual...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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