TF1 : Le cours actuel valorise négativement l’activité TV, alors que le momentum va s’améliorer
Nous repassons à l’Achat sur TF1 vs Neutre environ 1 mois et demi après notre dégradation. Depuis le cours a baissé de 14% conduisant à une valorisation négative du pôle TV et TF1 a démontré au T1 sa capacité à ajuster ses coûts fortement. Les attentes du consensus nous semblent excessivement basses pour 2020 alors que le marché publicitaire devrait s’améliorer. - >Le cours fait ressortir une valorisation négative l’activité TV, cas unique en Europe - Nous avons dégra...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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