TF1 : Bons résultats S1 2019, notamment sur les coûts et estimations 2019 globalement inchangées
>Opinion Achat réitérée - TF1 a publié hier des résultats S1 supérieurs aux attentes (EBIT récurrent de 100 M€ vs ODDO BHF à 91 M€). Le groupe ne communique plus le CA publicitaire de ses chaînes gratuites, qui ressort un peu plus difficile que prévu au T2 (-2/3%e vs 0%) et donc en ralentissement séquentiel logique (+2% au T1 selon nous). La tendance est toutefois meilleure au T3. Nous réitérons notre opinion Achat sur TF1 et notre un objectif de cours à 13 € avec 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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