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TF1: Oddo sanctions stock as planned merger ditched

( - Oddo has downgraded TF1 shares to Neutral after the group abandoned its merger project.

Meanwhile, the analyst maintains its Outperform rating on M6, while reducing its target price for the latter to 26 euros - it also lowered its target price for TF1 shares from 12.5 euros to 11 euros today.

Both groups anticipated a refusal by the competition authority - particularly because the remedies required were too extensive (M6 disposals), Oddo notes.

However, the abandoning of the project has no impact on analysts' earnings outlook for TF1 and M6 as they had not integrated any synergies, the analyst adds, for whom the situation remains more favourable for M6 than to TF1.

RTL Group, which owns a big chunk of M6 (48.26%) will probably want to sell the group quickly, with Altice, MFE, CMI and Vivendi being credible buyers. In this context, Oddo still applies a speculative premium of 15% to its valuation of M6.

With investors clearly disappointed for both groups, both TF1 and M6 share prices are both down over 3% in the first hour of trading on Monday.

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