RTL Group : The downturn continues at the start of Q3 and the guidance is lowered
>Neutral rating reiterated - RTL Group reported yesterday its 2023 interim results below our expectations with EBITA of € 250m (vs € 344m expected by ODDO BHF and € 301m by the consensus). The main difference was at RTL Deutschland and Fremantle which were far below our forecasts and those of the consensus. This is due to the tough advertising trend in Germany, trickier than expected in Q2 (-9%) but also due to losses related to streaming that outstripped our estimat...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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