TF1 : A positive start to the year for advertising, robust growth to come from FCF out to 2020
>Substantial upside for the share price given the outlook for 2019-2020 - Last Friday, TF1 held its analysts’ meeting following the publication of its 2018 earnings. Management indicated that the advertising trend was "good" in January, which confirms our view of positive growth in 2019 (+1.5%e). While the group: 1/ has lowered its cost guidance for 2019-2020 (€ 990m vs € 992m on our initial expectations and ~€1,000m for the consensus); 2/ and should fully benefit fr...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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