RTL Group : Challenging Q3 2023, affected by advertising and also Fremantle
>Neutral rating reiterated given the lack of an advertising recovery - RTL Group this morning reported Q3 revenues of € 1,552m, which fell short of our estimate of € 1,625m. As expected, the advertising trend in Germany was more challenging than elsewhere in Europe. However, the group took advantage of the broadcasting of the NFL in September in Germany, which probably allowed it to outperform its peers on this market. What we did not expect was the fall in activity ...RTL Group is a holding company. Co. through its subsidiaries is engaged in the operation of television and radio broadcasting services, television content production and distribution. Co. has interests in 40 television channels and 33 radio stations in 11 countries. Co. is involved in television content production, such as talent and game shows, drama and daily soap operas, through its subsidiary, FremantleMedia. Co. also provides services in the digital entertainment environment, including online games, community and dating services, as well as user-generated content exchange platforms.
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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