AlphaValue reiterates his opinion "accumulate" on TF1 and always sets a price target to 14.9 euros, a few days after the publication of first quarter results.
The consulting firm said that the quarterly sales of the group reflects the pressure on prices, in terms of advertising revenue, but also an unfavorable comparison base from M6.
Analysts point out that the audience share of the channel TF1 has continued to decline to 24.2% over the period, against 25.1% a year earlier.
According AlphaValue, advertising revenue and the worsening disappointing viewing figures were partly offset by good cost management and the integration of TMC and NT1, allowing an improvement in operating margin.
The consulting firm said that the quarterly sales of the group reflects the pressure on prices, in terms of advertising revenue, but also an unfavorable comparison base from M6.
Analysts point out that the audience share of the channel TF1 has continued to decline to 24.2% over the period, against 25.1% a year earlier.
According AlphaValue, advertising revenue and the worsening disappointing viewing figures were partly offset by good cost management and the integration of TMC and NT1, allowing an improvement in operating margin.
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