Berenberg


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 […]

BritBox carries risk of ‘cannibalising’ ITV’s business, say analysts

BritBox, the planned UK SVOD JV between the BBC and ITV, is unlikely to be profitable before 2024, unlikely to contribute to ITV’s bottom line until 2023, and carries a risk of cannibalising ITV’s existing core free-to-air business, according to analysts at Berenberg. According to the investment bank, “the question of positioning the service in […]

SES faces ‘concerning’ decline in video business

Satellite operator SES is facing a “concerning” decline in its video business, with guidance provided by the company of a 2% decline this year looking “optimistic”, according to analysts at Berenberg, which has placed a ‘hold’ recommendation on the Luxembourg operator’s stock following mixed full-year results. SES last week posted full-year revenues of €2.01 billion, […]

1 2 3