TX GROUP : Le recentrage sur le digital et le positionnement sur le Classifieds soutiendront la rentabilité mais les relais de croissance restent incertains à court terme
Nous initions TX Group (TXG) avec une recommandation Neutre et un objectif de cours de 178 CHF, obtenu par SOP (après décote de holding de 20%). Le groupe rassemble plusieurs actifs médias traditionnels et digitaux essentiellement sur le marché suisse. Nous sommes confiants quant à la capacité d’amélioration de la rentabilité du groupe (marge d’EBIT adj. de 17,8%e à horizon 2027 vs 11% actuellement) en particulier grâce à ses activités digitales et OOH ainsi qu’à son positionnement solide sur le Classifieds. Cependant, nous n’identifions pas de relais de croissance suffisants à court terme pouvant soutenir une hausse plus marquée des BPA (TMVA 24-27e de 11%).TX Group AG, formerly Tamedia AG, is a Switzerland-based company that operates as a media company. The Company diversifies its activities into three main segments: Paid Media, Free Media and Commercialisation, and Marketplaces and Ventures. The Paid Media segment comprises daily and weekly newspapers and gazettes, including Annabelle, Das Magazin, Newsnet, Schweizer Familie, SonntagsZeitung and Tages-Anzeiger, among others. The Free Media and Commercialisation segment comprises both print and digital national newspapers and magazines, including 20 Minuten, 20 minutes and heute.at, among others. The Marketplaces and Ventures segment comprises a network of digital platforms, including trendsales.dk, ricardo.ch , tutti.ch, lykke.com and carforyou.ch, among others. The Company serves customers in Switzerland, Germany, and Austria.
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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