TF1 : 2023 results in line, but very positive surprise on FCF and cash position
>Outperform rating reiterated: many attractive points on the stock - TF1 reported its full-year 2023 results this morning. They came in more or less in line with our expectations, with EBIT of € 287m, vs our forecast of € 290m. Q4 advertising revenues were down 3% (we were expecting a 3.5% decline). So while the macroeconomic environment has stabilised (lower inflation) and TF1 also benefited from the broadcasting of 10 Rugby World Cup matches in Q4, the comparison ba...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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