TF1 : Q3 ahead of expectations and consensus much too low for 2021
>Good Q3 numbers see TF1 continue margin improvement - TF1 yesterday reported Q3 results a shade above our expectations with EBIT of € 54m vs our forecast for € 42m. Q3 advertising growth came in at 4.5% (we forecast +2.5%) thanks to a good advertising trend in August and July. Note that the comparison base is not easy as the group had posted +8% growth in advertising last year. Management indicated that the good performance in 9M 2021 stemmed from a good advertising ...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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