TF1 : A robust start to the advertising year, rollout in digital at controlled costs
>A structural return to advertising growth, in our view - TF1 held a conference call following its full-year 2023 earnings release. The start of the year is encouraging and the advertising trend declared robust. Our 2024-2025 estimates are broadly unchanged. We continue to forecast a structural rebound in advertising growth, notably thanks to the ramp-up of TF1+. We thus forecast +2% in 2024, of which +4% in T1 (with digital/TF1+ revenues at +25%). The stock still loo...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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