TF1 : Q1 slightly better than expected, before strong growth in Q2
>Outperform reiterated and target price raised to € 9.5 - Yesterday, TF1 published Q1 results that came in a shade above our expectations with EBIT of € 57 vs our forecast for € 46m. Advertising growth in Q1 was 0.7% (vs our forecasts for +1.5%), confirming the beginnings of a correction in France and ahead of a robust rebound in Q2. The updating of our forecasts and market data for our DCF prompts us to raise our target price to € 9.5. We reiterate our Outperform rec...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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