TF1 : Feedback from the 2021 conference call: a doubly positive message ahead of the merger
>Outperform rating maintained - TF1 held on Friday a conference call following its FY 2021 earnings release which beat expectations. We retain a doubly positive message, both on the advertising trend and costs. The year 2022 should see fresh growth in profitability which should improve once again in 2023, as the group is not set to broadcast any sports events. In this context, FCF generation should remain high (average FCF yield of 13% from 2021 to 2023!). Our EBIT es...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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