TF1 : Excellent Q3, leading us to increase our forecasts despite a challenging Q4
>Buy rating reiterated in view of the solidity of the model - TF1 reported its Q3 results yesterday and then held a conference call. EBIT was much higher than we expected (€ 57.8m vs € 28m) based on growth in advertising revenues of 8% in Q3, which was completely unexpected. The gap with M6 and the group’s other rivals is significant. Programming costs are also lower than we expected. The management issued a cautious message for Q4 mentioning a lack of visibility but ...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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