TF1 : Q2 2020 will be tough but pleasant surprise on costs, slight upward revision to our estimates
>Q1 2020 results in line and Q2 very challenging as expected - Yesterday evening, TF1 reported its Q1 2020 results in line with our expectations (EBIT of € 42m vs € 43m expected by ODDO BHF and € 32m by the consensus). Q1 advertising growth came out at -9%, exactly in line with our scenario. TF1 held its conference call afterwards, which provided an opportunity to review the advertising outlook. Like M6, the group expects a very difficult Q2. We are expecting a 36% c...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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