TF1 : Excellent T3 qui, malgré un T4 difficile, nous conduit à relever nos attentes
>Opinion Achat réitérée au regard de la solidité du modèle - TF1 a publié hier ses résultats du T3 et a tenu dans la foulée sa conférence téléphonique. L’EBIT est nettement supérieur à notre attente (57,8 M€ vs 28 M€) et repose sur une croissance publicitaire de 8% au T3 totalement inattendue. L’écart est très important avec M6 et ses autres concurrents. Le coût de grille est aussi inférieur à notre attente. Le management a délivré un message prudent sur le T4 évoquan...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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