TF1: Oddo maintains rating; sets target price at E13.7

(CercleFinance.com) - Oddo reiterates his Buy rating on the stock, with a target price of 13.
7 euros, highlighting huge upside potential (+ 95%), which its analysts believe is quite credible.

Management has said that the advertising trend was "good" in January, and the broker expects the advertising market to grow by 1.5% in 2019 (including a positive contribution of 50 bp from Belgium), Oddo says.
Analyses show that the share has a very attractive valuation, along with its outlook for EBIT and FCF (+ 60% by 2021).

The broker has also slightly reduced its cost expectations due to a reduction in the guidance of programmes, and has made other minor adjustments to the digital segment. Overall, the broker maintains its 2019/20 EBIT sequence, expecting EBIT of 348 million euros in 2020 and FCF growth of 60% relative to 2018, Oddo adds.



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