Berenberg


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 […]

Berenberg analysts: two views on Amazon Premier League bid

Amazon is likely to win at least one package of English Premier League rights in the auction that opens on February 8, according to media analysts at Berenberg. Berenberg’s telecom analyst team, by contrast, believe that Amazon is unlikely to make a strong bid and that Sky and BT will remain the rights-holders but will […]

ProSiebenSat.1 ‘undervalued’ despite profit warning

German broadcaster ProSiebenSat.1 remains undervalued and current investor concerns are overstated, despite the company issuing its third profit warning this year, according to analysts at Berenberg. ProSiebenSat.1’s share price fell on the profit warning, when the media group’s management said that it expected content and sales activities to record a double-digit percentage decrease in revenues […]

Berenberg highlights Sky risks

Analysts at Berenberg have cut their earnings-per-share estimates for Sky and have highlighted concerns about the uncertain outcome of the forthcoming auction of Premier League rights. Berenberg’s analysts cut their EPS estimates for the broadcaster on the ground that it will incur unforeseen investments related to its loss-making mobile offering, increased investment costs in content […]

Broadcasters in Spain and UK facing advertising uncertainty

Weak advertising growth in Spain and the UK could have an adverse impact on commercial broadcasters Mediaset España and ITV respectively, according to analysts at Berenberg. Weakness in the Spanish market led Berenberg to cut its advertising market growth estimate from 3.9% to 2.1% for this year and from 5% to 4% for next year. […]

Eutelsat should see return to growth in 2019

Satellite operator Eutelsat has more or less emerged from a period of financial turbulence and should return to growth in 2019, with video remaining a “structural growth business” despite recent declines, according to an analysis of the company by Berenberg. According to the analysts, Eutelsat still faces about 12 months of “sluggish growth” before “the […]

ITV position set to worsen, say analysts

UK commercial broadcaster ITV’s performance looks set to worsen as a result of a Brexit-related economic slowdown and increased costs related to next year’s football World Cup, according to an analysis by Berenberg. According to analysts Sarah Simon and Alastair Reid, ITV is likely to face a continued deterioration in the media buyer outlook for […]