TF1 : Improvement in the market, control of costs but cut to the dividend
>2020 looking set to be better than initially forecast by the consensus - TF1 held a conference call yesterday. We have trimmed our estimates due to the studios & entertainment business (but we were well above the consensus). The message from the management confirms our view that the French market is stabilising. However, we factored into our estimates a possible dip in September (-8/-10%), leading us to forecast a fall in advertising revenue of 4.3% in Q3 (our full-y...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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