A director at ProSiebenSat Media SE bought 1,800 shares at 6.705EUR and the significance rating of the trade was 51/100. 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 years c...
>Outperform recommendation reiterated - Pro7Sat1 held a conference call following the publication of FY 2023 results which beat our forecasts in terms of EBITDA. Growth in advertising in Germany was stable in Q4 whereas we had forecasts a slight 0.5% increase. This represents an improvement vs Q3 (-5%). However, this Q4 performance should be seen in the context of a very favourable comparison base since the decline was 12% last year. This situation therefore demonstra...
>Opinion Surperformance réitérée - Pro7Sat1 a tenu sa conférence téléphonique après la publication de ses résultats annuels 2023 supérieurs à nos attentes en termes d’EBITDA. La croissance publicitaire en Allemagne ressort stable sur le T4 alors que nous tablions sur une légère hausse de 0,5%. Ce qui constitue une amélioration par rapport au T3 (-5%). Cette performance du T4 s’inscrit toutefois dans le contexte d’un effet de base favorable puisque la baisse était de 1...
>Outperform rating maintained based on outlook for German advertising market - This note provides an update on our expectations for Pro7Sat1 in Q4. We confirm our view that we are past the low point in terms of advertising and that Q4 is set to see slight growth (+0.5%), ahead of a more marked recovery in 2024 (+1.8%). We think that the stock is a good vehicle to play the gradual normalisation of the German economy and its possible recovery in 2024. Against this backd...
>Opinion Surperformance réitérée sur la base des perspectives du marché publicitaire allemand - Nous faisons le point sur nos attentes pour Pro7Sat1 en milieu de T4. Nous confirmons notre vue que le point bas est passé au niveau publicitaire et que le T4 devrait être en légère croissance (+0,5%), avant un rebond plus marqué en 2024 (+1,8%). Il nous semble que le titre est intéressant pour profiter de la normalisation progressive de l’économie allemande et de son poss...
>An improvement in Q4 vs Q3, cost savings should become visible in 2024 - Pro7Sat1 has published Q3 results in line with our forecasts with EBITDA of € 110m (consensus at € 104m and ODDO BHF at € 110m). The advertising in trend was a shade more challenging than expected in Germany (-5% vs Q3). The group held a conference call during which it confirmed an advertising trend that was still negative in Q4 in TV but which should be offset by growth in the digital segment. ...
>Un T4 en amélioration vs le T3, les économies de coûts vont apparaitre en 2024 - Pro7Sat1 a publié ses résultats du T3 ressortis en ligne avec nos attentes avec un EBITDA de 110 M€ (consensus à 104 M€ et ODDO BHF à 110 M€). La tendance publicitaire est ressortie un peu plus difficile qu’attendu en Allemagne (-5% sur le T3). Le groupe a tenu une conférence téléphonique durant laquelle il a confirmé une tendance publicitaire toujours négative sur le T4 en TV mais qui s...
>Outperform rating maintained - This note provides an update on our expectations for Q3 for Pro7Sat1. We see a sequential improvement in advertising revenues although it is set to remain negative in Germany (-3% including digital). We think that September may have been slightly better than anticipated, as seen right across Europe. We still believe that Q4 is set to show growth, particularly given favourable comps. We expect EBITDA to be broadly unchanged in the contex...
>Opinion surperformance réitérée - Nous faisons un point sur nos attentes pour le T3 pour Pro7Sat1. Nous tablons sur une amélioration séquentielle pour l’activité publicitaire mais qui devrait rester négative en Allemagne (-3% digital compris). Il nous semble possible que le mois de septembre ait été un peu meilleur que prévu, comme c’est le cas partout en Europe. Nous continuons de penser que le T4 devrait être en croissance, notamment compte tenu d’un effet de base...
>Outperform rating reiterated - Yesterday, Pro7Sat1 published Q2 results in line with our forecasts, with recurring EBITDA of € 79m vs our forecast of € 81m. The group held a conference call following the release. We have slightly adjusted our forecasts for 2023 due to the minor downward revision to estimates for Q3. We reiterate our Outperform rating on the stock with an unchanged target price of € 11. We think that the stock is attractive, given: a) the prospect of...
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