reports
Television Francaise(TF1): 1 director
A director at Television Francaise(TF1) bought 39,000 shares at 7.182EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Jerôme Bodin
TF1 : Q3 EBITA beat forecasts thanks to good cost controls
>Outperform rating reiterated - Yesterday, TF1 published Q3 results that beat expectations with EBITA of € 69m vs our forecast of € 46m and € 38m for the consensus. The main difference with our forecasts stemmed from costs which came in well below our estimate, down by around 6% but also the divestment of a brand licences. Advertising growth in TV was -4.2%, below our forecast of -3.5% The group was mainly impacted by relatively demanding base effects after +7% in Q3...
- Jerôme Bodin
TF1 : EBITA T3 supérieur aux attentes sous l’effet d’une bonne gestion...
>Opinion Surperformance réitérée - TF1 a publié hier ses résultats du T3, ressortis supérieurs aux attentes avec un EBITA de 69 M€ alors que nous tablions sur 46 M€ et les consensus sur 38 M€. La principale différence avec nos attentes s’explique par les coûts qui ressortent largement inférieurs à nos attentes, en baisse d’environ 6%, mais aussi par la cession d’une licence de marque. La croissance publicitaire TV ressort à -4,2% inférieurs à nos attentes de-3,5%. Le...
- Ahmed Ben Salem
- Charlotte Vaisse
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/08/2024
The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive backdrop....
EQNR EQUINOR ASA
BVI BUREAU VERITAS SA
PUM PUMA SE
RCO REMY COINTREAU SA
TFI TELEVISION FRANCAISE 1 SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
ORSTED ORSTED
MMT METROPOLE TELEVISION SA
EVK EVONIK INDUSTRIES AG
VACN VAT GROUP AG
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Ahmed Ben Salem
- Charlotte Vaisse
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/10/2024
The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive backdrop....
EQNR EQUINOR ASA
BVI BUREAU VERITAS SA
PUM PUMA SE
RCO REMY COINTREAU SA
TFI TELEVISION FRANCAISE 1 SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
ORSTED ORSTED
MMT METROPOLE TELEVISION SA
EVK EVONIK INDUSTRIES AG
VACN VAT GROUP AG
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
- Jerôme Bodin
ODDO : What do we expect for Q3 from TF1 and M6?
>Advertising momentum somewhat lacklustre, but not collapsing - We provide an update on our Q3 expectations for TF1 and M6. We forecast a slightly more subdued advertising trend due to several factors: base effect, somewhat lacklustre demand and tough base effect (related to the rugby world cup in 2023). We therefore expect advertising growth of -1.5% for M6 and -3% for TF1 in Q3. Q4 could see a sequential improvement due to more favourable base effects; however, dem...
- Jerôme Bodin
ODDO : Qu’attendons-nous du T3 de TF1 et M6 ?
>Un momentum publicitaire assez atone mais qui ne s’effondre pas - Nous faisons un point sur nos attentes T3 pour TF1 et M6. Nous tablons sur une tendance publicitaire « molle » en raison de plusieurs facteurs : effet de base, demande plutôt atone et effet de base difficile (lié à la Coupe du monde rugby en 2023). Nous tablons ainsi sur une croissance publicitaire de -1,5% pour M6 et de -3% pour TF1 au T3. Il est possible que le T4 soit en amélioration séquentielle c...
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
PROX PROXIMUS SA DE DROIT PUBLIC
BEKB BEKAERT SA
VCT VICAT-CIMENTS VICAT SA
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
TFI TELEVISION FRANCAISE 1 SA
BIO BB BIOTECH AG
ALCLA CLASQUIN SA
DEC JCDECAUX SA
ASY ASSYSTEM SA
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
CGM CEGEDIM SA
SRP SRP GROUPE SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
GOE GROUPE GORGE SA
ATE ALTEN SA
FR VALEO SE
ERA ERAMET SA
ELIS ELIS SA
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
SEFER SERGEFERRARI GROUP SA
WAF SILTRONIC AG
WBD WEBUILD S.P.A.
INSD VERIMATRIX SA
SPIE SPIE SA
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
NEOEN NEOEN S.A.
S30 SOLUTIONS 30 SE
HAG HENSOLDT AG
VK VALLOUREC SA
ALHRS HYDROGEN REFUELING SOLUTIONS
FORSE FORSEE POWER SA
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
- Jerôme Bodin
TF1 : Q2 EBITA a shade below expectations but the advertising revenue ...
>Good advertising momentum driven by the Euro - TF1 yesterday reported Q2 2024 results that came in a shade below our expectations with Q2 EBITA of € 91.5m, whereas we looked for € 105m, but practically in line with the consensus (€ 94m). The main difference with our estimates stems from programming costs that were higher than we expected (Euro 2024 and investment in the launch of TF1+). The advertising trend was robust in Q2 driven by the Euro 2024 but also thanks to...
- Jerôme Bodin
TF1 : EBITA T2 un peu inférieur aux attentes mais tendance publicitair...
>Une bonne dynamique publicitaire portée par l’Euro - TF1 a publié hier ses résultats du T2 2024 ressortis inférieurs à nos attentes avec un EBITA T2 de 91,5 M€ alors que nous tablions sur 105 M€ mais pratiquement en ligne avec celle du consensus (94 M€). La principale différence avec nos attentes provient des coûts de programmes ressortis supérieurs à nos attentes (Euro 2024 et investissements dans le lancement de TF1+). La tendance publicitaire a été solide au T2 ti...
- Jerôme Bodin
ODDO : Un très bon T2 mais un ralentissement probable au T3 pour le ma...
>Légère baisse de nos objectifs de cours sur TF1 et M6 - Nous faisons un point sur TF1, M6 et le marché publicitaire français. Si nous tablons sur un bon T2 publicitaire, il nous semble logique d’attendre un ralentissement au T3 au regard de la situation politique en France. Il est probable que les annonceurs soient plus prudents et décalent certains de leurs investissements en attendant un peu plus de visibilité politique. Les marques évitent par ailleurs généralemen...
- Jerôme Bodin
ODDO : Set for a good Q2 but slowdown likely for French TV advertising...
>Slightly downgraded target prices for TF1 and M6 - This note provides an update on TF1, M6 and the French advertising market. While we see good ad trends in Q2, a slowdown is to be expected in Q3 in light of the political situation in France. Advertisers are likely to take a more cautious stance and to defer some of their investments until there is clearer visibility on the political front. Moreover, brands tend to steer clear of electoral periods, to avoid being ass...
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Jerôme Bodin
- Robert Jan Vos
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2024
As part of the consolidation of the renewable energy sector, an acquisition in cash of Solaria by Endesa, at a price of € 20 (+73%) would make strategic and financial sense, without endangering balance sheet strength. It would give Endesa a new growth trajectory and allow its parent company, Enel, to benefit from Solaria’s ongoing solar energy developments in Italy and Germany. Our positive ratings are based on a speculative approach for Solaria and the resilience of the integrated bu...
- Baptiste Salaville
- Jean-Baptiste Rouphael
- Jerôme Bodin
- Robert Jan Vos
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2024
Dans le cadre de la consolidation du secteur des énergies renouvelables, une acquisition en numéraire de Solaria par Endesa, à un prix estimé de 20 € (+73%), ferait sens au plan stratégique et financier, sans risque sur la solidité bilantielle. Cette opération donnerait une nouvelle trajectoire de croissance à Endesa et permettrait à sa maison mère, Enel, de bénéficier des développements solaires en cours de Solaria en Italie et en Allemagne. Nos opinions positives se fondent sur une ...
- Jerôme Bodin
ODDO : What is the risk of a privatisation of France Télévisions in th...
>Headed for the privatisation of France Télévisions? - Sébastien Chenu, MP and vice-president of Rassemblement National (RN), stated yesterday evening to BFM TV that the party could envisage the privatisation of public audiovisual players (i.e. France Télévisions and Radio France) if the party wins in the upcoming legislative elections (30 June and 7 July). Note that this project was already mentioned by RN during the 2022 presidential election. Arte was excluded from...
- Jerôme Bodin
ODDO : Quel est le risque d’une privatisation de France Télévisions en...
>Vers une privatisation de France Télévisions ? - Sébastien Chenu, débuté et vice-président du Rassemblement National (RN), a indiqué hier sur BFM TV, que le parti pourrait envisager une privatisation de l’audiovisuel public (et donc de France Télévisions et de Radio France) en cas de victoire aux prochaines élections législatives (30/06 et 07/07). Rappelons que ce projet avait déjà été évoqué par le RN lors de l’élection présidentielle de 2022. Arte avait alors été e...
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
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