Investment bank bullish on P7S1

Morgan Stanley has issued a bullish report on ProSiebenSat.1 in which it says the German free-to-air broadcast group is the most attractive stock of the listed European broadcasters.

The investment bank says the company has restored an efficient commercial strategy and recovered market share previously lost. The growth of the German TV advertising market and ProSieben’s investment in content will be key drivers of the company’s growth, according to Morgan Stanley. It forecasts EBITDA profit of €796m this year and €844m in 2011 – compared with actual EBITDA profit of €696m last year.

The report on ProSieben follows a bullish note and profit forecast upgrade from Morgan Stanley on UK free-to-air broadcaster ITV.