TF1 : Q3 EBITA beat forecasts thanks to good cost controls
>Outperform rating reiterated - Yesterday, TF1 published Q3 results that beat expectations with EBITA of € 69m vs our forecast of € 46m and € 38m for the consensus. The main difference with our forecasts stemmed from costs which came in well below our estimate, down by around 6% but also the divestment of a brand licences. Advertising growth in TV was -4.2%, below our forecast of -3.5% The group was mainly impacted by relatively demanding base effects after +7% in Q3...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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