Berenberg


ProSiebenSat.1’s Conze hails ‘unique business model’, highlights Joyn premium launch plan

ProSiebenSat.1’s “unique business model”, combining entertainment with e-commerce and digital advertising, will see it through a tough period, while the German broadcaster is seeing “very strong interest” in its Red Arrow production unit, according to CEO Max Conze. Speaking to analysts after the company posted a sharp drop in core advertising revenues offset by solid […]

Analysts reflect on ‘thoroughly disappointing’ Eutelsat numbers

Analysts at Berenberg have admitted that satellite operator Eutelsat’s Q1 revenues were “thoroughly disappointing”, with the top line depressed by a contract termination in Sub-Saharan Africa and the return of two transponders by a Russian customer. The bank has retained its buy recommendation on the company’s stock however, based on an assumption that the Paris-based […]

Berenberg: Mediaset investors likely to stick around for MFE deal

Mediaset shareholders are likely to accept conversion of their shares into stakes in the new MediaForEurope (MFE) organisation that will combine Mediaset and Mediaset Espana, even if they chose to retain an option to exercise withdrawal rights that would enable them to cash out before completion, according to analysts at Berenberg. Berenberg’s analysts, who have […]

Berenberg: ‘uncompelling’ Britbox leaves ITV ‘between a rock and hard place’

The proposed Britbox streaming service between ITV and BBC in the UK looks “uncompelling” in the face of growing SVOD competition, including Apple’s announcement that its own streaming offering would be priced as low as US$4.99, according to analysts from Berenberg, which have ITV a ‘hold’ recommendation. According to Berenberg’s analysts, Britbox will likely struggle […]

SES hit by declining video business

Satellite operator SES last week reported first half revenues of €961.4 million, down 5.1% at constant currency, with video revenues plummeting by 9.9% to €658.5 million in what the company admitted was a “challenging” market for video services. EBITDA was €584.5 million, down 8.4% at constant currency. Despite the headline figures, CEO Steve Collar described […]

Spanish broadcasters facing a tough year as ad market declines

The Spanish free-to-air commercial TV business’s prospects seem increasingly bleak, according to analyses of the two leading groups in the market by investment bank Berenberg. Berenberg predicts that the overall Spanish advertising market will decline by 4% for the year even with a recovery in the second half. Berenberg analysts said that Atresmedia, owner of […]

SES ‘too optimistic’ on future prospects

Satellite operator SES’s full-year financial guidance is “too optimistic” and the operator faces further challenges to its video business and has been over-bullish about the projected upside from re-farming C-band spectrum in the US, according to an assessment by analysts at investment bank Berenberg. Berenberg has cut its estimates for SES revenues this year by […]

Mediaset move will create ‘stronger business’ but pan-European merger unlikely

Mediaset’s creation of a new holding company and the merger of its Italian and Spanish operations is a “bold move” that will “create a stronger business that can benefit shareholders and consumers in the medium to long term”, according to analysts at investment bank Berenberg. However, Berenberg said that it does expect ProSiebenSat.1 or “any […]

Berenberg: Eutelsat’s stock undervalued despite lack of growth

Satellite operator Eutelsat’s stock is undervalued despite a lack of growth potential, particularly in relation to its core video business, according to an analysis by Berenberg. According to Berenberg’s analysts, Eutelsat has different “geographical and application exposure” than struggling peers Intelsat, and SES and its focus on cash-flow generation is “a key differentiator” for investors. […]

ProSiebenSat.1 ‘must deliver’ on targeted advertising strategy

German commercial broadcaster ProSiebenSat.1must “deliver on its ambitions to accelerate growth in its non-traditional linear advertising business” to convince investors, according to analysts at Berenberg. According to the analysts, the company’s stock price already reflects the risk of further downgrades after a difficult year. However, Berenberg sees a likelihood of “robust demand for targeted TV […]

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