Report
Sabadell
Andres Bolumburu
EUR 400.00 For Business Accounts Only

MEDIASET ESPAÑA / ATRESMEDIA: INCERTIDUMBRE ELEVADA, PRECIOS DE DERRIBO - HAY OPORTUNIDAD (ANÁLISIS BANCO SABADELL)

Revisamos valoraciones al alza. Mantenemos TL5 y subimos A3M a COMPRAR.
Tras el mal performance de las dos acciones en 2020 (TL5 ha perdido un -47,1% y A3M un -35,6% en absoluto) y desde 2019 (TL5 se ha dejado -50,2% y A3M un 58,1% en absoluto y –24% y -32% vs IBEX respectivamente) los múltiplos a los que cotizan son atractivos y están muy por debajo de la media histórica y de sus comparables. Incrementamos valoraciones: (i) TL5 nuevo P.O. de 4,7 euros/acc. (+23,7% vs anterior y +60% potencial) y (ii) A3M nuevo P.O. de 3,0 euros/acc. (+11,1% vs anterior y +37% potencial). Somos conscientes del entorno de volatilidad y fuerte deterioro del mercado publicitario así como las incertidumbres del Covid-19 y los riesgos estructurales, pero estaría en precio. Destacamos la generación de caja (FCF Yield’21 >17% ambas).
22/10/2020 19 ES
Underlyings
Atresmedia Corporacion de Medios de Comunicacion SA
Atresmedia Corporacion de Medios de Comunicacion SA

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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ES0109427734 Madrid Stock Exchange Spain
Mediaset Espana Comunicacion SA
Mediaset Espana Comunicacion SA

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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ES0152503035 Madrid Stock Exchange Spain
Provider
Sabadell
Sabadell

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Analysts
Andres Bolumburu

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