RTL Group: Oddo BHF lowers TP

(CercleFinance.com) - While maintaining its 'neutral' rating on the stock, Oddo BHF has lowered its target price for RTL Group from E43 to E41, in the wake of a downward revision of its expectations following the publication of lower-than-expected FY 2023 results.


The broker now expects EBITA of E760m in 2024, compared with E1,195m, but also a return to growth this year, mainly driven by a rebound in the German advertising market.

The question remains whether the strategy of developing a pay streaming offer (RTL+) is the right one. We would not be surprised if the Group gradually pivoted towards an advertising model, it continues.


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