TF1 : 2019 results above expectations thanks to Newen and a Q4 advertising that contained no surprises
>2019 buoyed by Newen and international activities - This morning, TF1 published its full-year results slightly above expectations (EBIT of € 255m vs € 249m expected), mainly due to production activity (international sales). Advertising performance in Q4 was unsurprisingly very slightly negative. We continue to expect Q1 to grow and rebound after the soft final quarter of 2019. Pending this morning's analysts' meeting, we reiterate our buy recommendation on the s...Television Francaise 1 is a French general-interest television channel. Co. is an integrated communications group. Its activities cover the whole of the audiovisual industry: upstream in production, acquisition and sale of audiovisual rights and also in distribution of feature films to cinemas; downstream in sale of advertising space, and publishing and distribution of DVDs and music CDs. Co. is also engaged in home-shopping TV with Teleshopping, and pay-TV market. In addition, Co. produces multimedia content. Its activities can be divided into four sectors: Broadcasting France, Broadcasting International, Audiovisual Rights and Other Activities.
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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