TF1 : A tough Q3 but likely return to normal in Q4
>More challenging-than-expected Q3 for advertising revenues but Q4 showing a marked improvement - TF1 yesterday morning reported its Q3 2019 results which were broadly in line with our expectations (recurring EBITA of € 21.4m vs ODDO BHF at € 24.4m) despite a disappointing advertising performance. The group no longer discloses advertising revenues for its free-to-air channels which we estimate at around -6% (vs -3.5% forecast). This is mainly attributable to a very de...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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