Report
Jerôme Bodin

TF1 : TV arm implicitly valued at 2.2x 2019e EBITDA in current share price

>Higher expectations and lower share price - valuation increasingly attractive - This morning, we are looking at the implicit valuation of TF1's free-to-air TV business, as reflected in the share price. We think that this is very pertinent with a view to a long-term investment. TF1 has recently announced good news (very good Q3 and distribution agreement signed with Canal+), which prompted the consensus to raise its 2019 EBIT estimates. This indicator therefore rose f...
Underlying
Television Francaise 1 SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Jerôme Bodin

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