(News Bulletin 247) – Oddo remains ‘Neutral’ on the TF1 share after the publication of the group’s annual results and keeps its price target at 10E.
‘The results are a little lower than our expectations with an EBIT of 316 ME whereas we are establishing on 336 ME’, notes the analyst.
“Pending the conference call of the day, we maintain our expectations for EBITA 2023 unchanged,” continues Oddo, cautious about advertising trends.
‘We expect a 4.4% drop in TF1’s advertising revenue in 2023, which could be too cautious, even if the base effect should be difficult. Also remember that the group will broadcast the main matches of the Rugby World Cup in the third quarter.
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