TF1 : Q3 expected to be dynamic on advertising but weaker for Newen
>Neutral rating reiterated - Here we provide an update on our forecasts for TF1 for Q3. Our annual forecasts are unchanged but we have made a number of adjustments to our Q3 estimates, therefore with no impact on our 2023 and 2024 earnings forecasts. We anticipate advertising growth of 5.5% in Q3 for TF1 buoyed by the rugby world cup and a favourable comparison base. Q4 looks set to be more difficult. Moreover, Q3 should be marked by more difficult activity at Newen....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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