ATRESMEDIA: 1Q’21 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'21 vs. 1Q'20 Results:Sales: € 204.0 M (-8.7% vs. -10.0% BS(e));
EBITDA: € 34.6 M (-3.6% vs. -22.3% BS(e));
Net Profit: € 20.1 M (-7.4% vs. -18.4% BS(e));
The results beat expectations in both sales and, mainly, EBITDA. The 1Q’21 sales fell -8.7%, with TV advertising sales sliding -12.9% (vs. -13.5% BS(e)) thanks to the good performance of audience figures (27.9% in 1Q'21 vs. 26.2% in 1Q'20) and to a market share that came in at 42.5% (vs. 42.7% in 1Q’20) and radio fell -12.9% (vs. -10.8% BS(e)). The rest of divisions reported growth: digital +37.1%, Contents +3.7% and others +23.7%. EBITDA only fell -3.6% (vs. -22.3% BS(e)) to € 34.6 M, meaning a 16.9% margin (vs. 16.1% in 1Q’20) thanks to good cost control (1Q’21 OPEX -10.2% vs. -7.7% BS(e)), allowing the company to largely contain the sales deterioration.
We expect a positive impact from these results that came in above expectations, where we foresee additional positive surprises from the messages on the visibility of the TV advertising market in the 2Q’21 and a strong rally (forecasting +62% growth vs. 2Q’20). The share price has slid -4% in the past month vs. IBEX, which would underpin the good reaction. Conference Call at 13:00 (CET). BUY, T.P. € 4.50/sh. (+23.29% upside).
Atresmedia Corporacion De Medios De Comunicacion is a television and radio broadcasting company based in Spain. Co. is engaged in the indirect management of television and radio services, which include the broadcasting, creation, production and distribution of television and radio programming, and the sale of advertising time. Group companies mainly carry on business activities relating to the production, copying and broadcasting of sounds and images, and TV and Internet home shopping. Co. provides National and World Digital Television Services. Co. is the parent company of Grupo Antena 3.
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