TF1 : Le cours actuel valorise implicitement l'activité TV à 2,2x l'EBITDA 2019e
>Des attentes qui se relèvent, un cours qui baisse : une valorisation de plus en plus attractive - Nous nous interrogeons, ce matin, sur la valorisation implicite du pôle de TV gratuite de TF1 reflétée par le cours de Bourse. Celle-ci nous semble la plus pertinente dans la perspective d’un investissement long terme. TF1 a récemment annoncé de bonnes nouvelles (très bon T3 et signature d’un accord de distribution avec Canal+) qui ont conduit le consensus a relevé ses a...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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