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 ProSiebens investment in content will be key drivers of the companyÂs growth, according to Morgan Stanley. It forecasts EBITDA profit of Â796m this year and Â844m in 2011 Â compared with actual EBITDA profit of Â696m last year.
The report on ProSieben follows a bullish note and profit forecast upgrade from Morgan Stanley on UK free-to-air broadcaster ITV.