TF1 : Feedback from Paris road show with CEO and CFO
>Buy recommendation reiterated with a target price unchanged at € 13.7 - We organised a road show with TF1 in Paris with Gilles Pélisson (chairman) and Philippe Denery (CFO). The group delivered a positive message on the advertising trend at the beginning of the year, which confirms our annual estimate (+1.5%). Our earnings estimates are therefore broadly unchanged. We continue to forecast particularly robust growth in EBIT and FCF out to 2021 (+60%) driven by the div...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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