Berenberg


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, […]

Berenberg: eSports market to be worth US$20bn by 2025

Analysts at Berenberg have published a detailed report about the video games sector in which they claim to be “deeply excited about the health of the sector”. Predicting further growth and margin expansion, the company identifies Ubisoft as its top share pick in the sector but has also placed a buy notice on Electronic Arts […]

Berenberg gloomy on ITV prospects

Analysts at Berenberg have reduced their price target for ITV shares and published a ‘hold’ recommendation on concerns about profitability next year as a downturn in the advertising market bites and the UK commercial broadcaster ups investment. Berenberg predicts that ITV’s advertising revenue will fall by about 1.5% this year, more than the 1% previously […]

Soft advertising market leads to lowering expectations for Spanish broadcasters

The softening advertising market in Spain has led analysts at Berenberg to predict a relatively weak performance from commercial broadcasters Mediaset España and Atresmedia. Mediaset España posted revenues of €491.1 million for the first half and EBITDA of €159.1 million. Berenberg noted that while Mediaset’s Q2 performance was an improvement on Q1, with the broadcaster […]

Mediaset combines pay TV activity with Sky in wide-ranging deal

Mediaset has struck a wide-ranging pay TV deal with Sky that puts a likely end to long-running speculation about a rapprochement with Vivendi. The deal announced at the end of last week will see Sky make nine cinema and TV series channels from Mediaset Premium available to its satellite customers at no additional charge, along […]

Mediaset shares set for volatility as Vivendi uncertainty continues

Mediaset’s share price is likely to be volatile while uncertainty over the outcome of its legal fight with Vivendi remains a factor, according to analysts at Berenberg, who have placed a ‘hold’ rating on the Italian broadcaster’s stock. Berenberg said the legal battle will continue to be “a source of significant Mediaset share price volatility”, […]

Eutelsat results ‘reassuring’ in face of satellite sector difficulties

Eutelsat continues to face a series of serious difficulties despite turning in “reassuring” first-half financial results, according to analysts at Berenberg. Eutelsat last week reported a 5.7% decline in like-for-like revenues to €697 million. EBITDA dropped by 7.4% to €545 million. According to Berenberg’s analysts, Eutelsat should see a boost in the second half from […]

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