Summary Marketline's Tiscali Group Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Tiscali Group - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports...
Summary Tessellis SpA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Tessellis SpA (Tessellis), formerly Tiscali SpA, is a provider of telecommunications services. The company offers mobile telephone services, mobile virtual network operator, voice over internet protocol, ...
La semaine passée nous montrions que l’application, aux 19 secteurs Stoxx, de notre modèle de « Present Value of Growth Opportunities », établissant une relation linéaire entre le poids de la PVGO et la performance annualisée à 2 ans permettait de mettre en avant : Automobile et équipementiers, Banques, Immobilier (centres commerciaux / bureaux), Pétrole. La coloration cyclique value est évidente mais pas aberrante si l’on admet que le cycle reste robuste. Mais ces conclusions tiennen...
Last week we showed that applying to the 19 Stoxx sectors our Present Value of Growth Opportunities model, which establishes a linear relationship between the weight of PVGO and the 2-year forward annualised performance, highlighted: automotive and auto suppliers, banks, real estate (shopping centres / offices) and oil. The ‘value’ cyclical colouring is obvious but not atypical if we accept that the cycle remains robust. But do these conclusions hold up if we take into consideration j...
La semaine passée nous montrions que l’application, aux 19 secteurs Stoxx, de notre modèle de « Present Value of Growth Opportunities », établissant une relation linéaire entre le poids de la PVGO et la performance annualisée à 2 ans permettait de mettre en avant : Automobile et équipementiers, Banques, Immobilier (centres commerciaux / bureaux), Pétrole. La coloration cyclique value est évidente mais pas aberrante si l’on admet que le cycle reste robuste. Mais ces conclusions tiennen...
>Mediaset yesterday released H1 results in line with our expectations, with EBIT of € 198.7m vs € 191.0m forecast. Following this the group held a conference call during which it confirmed a solid recovery in advertising spend, notably in sectors hit by the health crisis (+80.7% vs H1 2020). We forecast advertising growth of 2% in Q3 for Mediaset. The group indicated that it expects slightly positive growth of ~1% for the first nine months of 2021, compared to the fi...
>Mediaset a publié hier ses résultats du S1 ressortis en ligne avec notre attente avec un EBIT de 198,7 M€ contre 191,0 M€ attendu. Le groupe a tenu une conférence téléphonique dans la foulée à l’occasion de laquelle il a confirmé une reprise solide des dépenses publicitaires, notamment des secteurs ayant été impactés par la crise sanitaire (+80,7% vs S1 2020). Nous tablons sur une croissance publicitaire de 2% au T3 pour Mediaset. Le groupe a précisé s’attendre à un...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Via this report we highlight the hidden gems in the holding portfolio of Ackermans & van Haaren, having the impression that the company in 2021 indeed has started to mine some of these gems. Shifting our ‘target’ SotP from 2021e to 2022e, we lift our 12 months TP to € 170 from € 148, thereby still excluding € 35 of hidden gems. - ...
>Excellent advertising momentum offers buy signal - The consensus has, for a few months now, pointed to an excellent Q2. We think it is likely to be better than we and the consensus had forecast previously. Our sentiment is that June is very solid, despite less favourable base effects than in May. On this basis, we have upgraded our Q2 ad growth estimates for all the stocks in our universe of European TV groups. The upward revisions are particularly marked for TF1 and...
Via this report we highlight the hidden gems in the holding portfolio of Ackermans & van Haaren, having the impression that the company in 2021 indeed has started to mine some of these gems. Shifting our ‘target’ SotP from 2021e to 2022e, we lift our 12 months TP to € 170 from € 148, thereby still excluding € 35 of hidden gems. - ...
>Le momentum publicitaire est très bon et constitue un argument d’achat - Il est consensuel, depuis quelques mois, que le T2 devrait être très bon. Nous estimons qu’il devrait être meilleur que nous ne l’attendions et que ce qu’attend le consensus. Notre sentiment est que le mois de juin est très solide, malgré des effets de base moins favorables qu’en mai. Dans ce contexte, nous relevons nos estimations de croissance publicitaire T2 pour toutes les valeurs de notre u...
>Un T1 conforme aux attentes mais la reprise est un peu meilleure qu’attendu au T2 - Mediaset a publié mercredi ses résultats du T1 ressortis en ligne avec notre attente avec un EBIT de 68 M€ contre 69 M€ attendu. Le groupe a tenu une conférence téléphonique dans la foulée à l’occasion de laquelle il a confirmé une reprise solide du marché publicitaire en Italie. Nous relevons nos attentes pour le T2 avec une croissance publicitaire de 45%. Le mois d’avril devrait af...
>Q1 in line with expectations but recovery slightly better than expected in Q2 - Mediaset released its Q1 results on Wednesday, which were in line with our expectations, with EBIT of € 68m vs the € 69m forecast. The group held a conference call afterwards to confirm a solid upturn in the Italian advertising market. We are revising up our forecasts for Q2 and we now anticipate advertising growth of 45%. April is expected to show 100% growth, which is close to the Span...
>Global agreement with Vivendi, end to the disputes - Mediaset and Vivendi yesterday announced that they had signed a global agreement putting an end to all the disputes. The agreement will lead Vivendi to sell 24.2% of its stake (including the sale of 5% at € 2.7 ex dividend of € 0.3) and retain just 4.61%. The second important point is that Vivendi will support Mediaset’s resolutions at the next AGM and notably the transfer of the head offices to the Netherlands. Fo...
>Accord global avec Vivendi, fin des litiges - Mediaset et Vivendi ont annoncé hier la signature d’un accord global qui met fin à tous les litiges et va conduire Vivendi à céder 24,2% de sa participation (dont la cession de 5% à 2,7 € ex dividende de 0,3 €) pour ne conserver que 4,61%. Le deuxième point important est que Vivendi va soutenir les résolutions de Mediaset à la prochaine AG et notamment le transfert du siège aux Pays-Bas. Pour plus de détails voir notre co...
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