ATRESMEDIA/MEDIASET ESPAÑA: SEGUIMOS POSITIVOS (ANÁLISIS BANCO SABADELL)
Incrementamos estimaciones y valoración. Reiteramos COMPRARRevisamos estimaciones al alza incorporando nuestra visión más positiva del mercado publicitario de TV. Aunque el 2021 no ha empezado en la misma senda que el 4T’20 esperamos mejores perspectivas desde el 2T’21 (ya con una “fácil” comparativa) para dejar un +8% en 2021 y un TACC’20-23e del +2,6% vs +3% y -0,5% esperado hasta ahora respectivamente. A pesar del buen comportamiento en bolsa desde octubre’20 (+72% TL5 y +59% A3M en absoluto y +46% y +33% vs IBEX) pensamos que el rerating puede continuar porque cotizan a múltiplos muy atractivos (PER’21e c.9x vs c.17x media histórica) y generan mucha caja (FCF’21e Yield >10%). Incrementamos estimaciones y valoración en ambas llegando a un P.O. en TL5 de 7,0 euros/acc. (+49% vs anterior y +41% potencial) y de 4,5 euros/acc. en A3M (+50% vs anterior y +31% potencial). Mantenemos preferencia por TL5 por tener más potencial y mayor capacidad de recortar costes (mayor margen) y generar caja, lo que la hace también una opción “más defensiva”.
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.
Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.
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