TF1 : The consensus is too cautious in our view. Buy recommendation reiterated
>Buy rating reiterated with a target price adjusted to € 7 - We are reviewing TF1 following our move to a Buy recommendation on 18 May. We reiterate our Buy rating with a target price of € 7 (vs € 6.5). We remain convinced that the consensus is much too low for 2020 (EBIT of € 84m vs € 141m for our estimates). The advertising trend remains negative but probably reflects a marked improvement in May and June and we remain confident on a gradual normalisation. Moreover, ...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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