TF1 : No change to our forecasts: slightly more costs but a more robust market than expected
>Outperform rating reiterated - TF1 yesterday held a conference call following its H1 earnings release (figures in line with our expectations). Our 2021 forecasts are largely unchanged. The group invested much more than anticipated in Q2 (increased investment in French drama) but this is unlikely to be the case again in H2. We have therefore raised our programming cost estimates but also upgraded our advertising outlook, with a slightly higher forecast for Q3. But thi...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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