M6 falls on "mixed" H1 results

Television Francaise 1 SA

24/07/2024 08:58

** Shares in French broadcaster M6  MMTP.PA  fall 2% after
the company posted operating result down year-on-year and
slightly below expectations, despite a solid performance in
advertising
    ** "H1 results were mixed. TV advertising was better than
expected but EBITA was slightly below our forecast", J.P. Morgan
says in a note
    ** M6 reported H1 consolidated EBITA of 120.1 million
euros($130.24 million), down 11.1% year-on-year, and TV
advertising revenue of 458.5 million euros, up 7.2%
    ** JPM also points to limited visibility on H2 advertising,
noting August is expected to be down sharply with the Olympics
broadcasted on France TV
    ** "We expect profitability to remain under pressure given
streaming investment", the broker says, adding TF1  TFFP.PA  is
its preferred French broadcaster
    ** Share on track for its worst day since June 14, when it
closed 2.7% lower


($1 = 0.9222 euros)

 (Reporting by Mathias de Rozario)
 ((mathias.derozario@tr.com))