TF1 : 2020 results in line, robust advertising momentum in Q4 offset by costs
>Results in line with forecasts - TF1 this morning published full-year results in line with forecasts (EBIT of € 190m vs our forecast of € 195m and € 188m for the consensus). Growth in advertising in Q4 was 5.9% vs our forecast for 0%. The end of the year was particularly good, offset by a higher cost base than we had anticipated. The group edged-up its investment at this end of year period. TF1 indicates that it is to pay a dividend of € 0.45, i.e. 73% of net profit....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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