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M6: Oddo BHF still on hold

( - Oddo BHF maintains its 'neutral' rating on M6 shares, with an unchanged target price of E18.

Last night M6 published 2023 results that were slightly below analysts' expectations, with EBITA of E301m, while Oddo BHF was expecting E306m.

The broker reports that the advertising trend in Q4 finally came out better than expected, at -1.5% versus -3% anticipated.

M6 has also announced that Nicolas de Tavernost will step down as Chairman of the Management Board on 23/04/2024, one year before the end of his mandate. He will be replaced by David Larramendy, Management Board member in charge of commercial activities and development.

Our expectations for 2024 are virtually unchanged. We are expecting advertising growth of 1% for TV and a stable year for radio, due in particular to the rather difficult short-term audience trend, Oddo BHF concludes.

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