TF1 : Good set of H1 2019 results, notably on costs and 2019 estimates broadly unchanged
>Buy recommendation reiterated - TF1 yesterday evening reported interim earnings ahead of expectations (recurring EBIT of € 100m vs ODDO BHF: € 91m). The group no longer discloses the advertising revenues of its free-to-air channels, which were slightly more challenging in Q2 (-2/3%e vs 0%) and therefore reflecting a logical sequential slowdown (+2% in Q1, on our estimates). The trend nonetheless looks better in Q3. We reiterate our Buy recommendation on TF1 and our ...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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