TF1 : Advertising momentum in in Q1 nonetheless offset by a cost increase, but which should normalise in the rest of the year
>Outperform rating reiterated - We are issuing an update on our Q1 forecasts for TF1. We forecast momentum in the quarter from an advertising standpoint, driven by a strong trend in TV as well also a ramp-up in growth in digital activities (launch of TF1+). Nonetheless, this quarter should be atypical and marked by an EBITA decline due to the cost increase. The base effect is notably unfavourable for programming costs and the group underpinned the launch of TF1+ with...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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