Report
Pierre François Merveille

United Group : Spending spree is not over

United Group reported resilient results in 2020, with broadly stable revenues and EBITDA on an organic basis despite the adverse impact of the covid-19 pandemic, and we expect a rebound in earnings in 2021 and 2022 thanks to higher ad revenues, price increases and further cross-selling of the customer base. Competition is expected to intensify in Serbia but we think that the impact is manageable since Serbia telecoms revenues now accounts for c. 13% of total PF sales (vs 36% in 2...
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
Pierre François Merveille

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