(News Bulletin 247) – Credit Suisse maintains its ‘underperformance’ opinion while raising its price target from 6.2 to 7.1 euros on ProSiebenSat, to take into account, in its DCF valuation of the German media group, the lower net debt in 2022 than in 2021.

‘The new CEO Bert Habets presented a new strategy which was an evolution of the previous one without new objectives (still around 5% revenue growth in the medium term) but with more concentration and cost discipline’, point-t- he.

The broker reduces its forecast for advertising revenue growth in the DACH zone (Germany, Austria and Switzerland) for 2023 to -4%, against -3% previously, but raises its EBITDA estimate to 625 million euros against 616 million previously .

Copyright (c) 2023 News Bulletin 247. All rights reserved.