Berenberg


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 […]

Satellite set for ‘new period of growth’ as video business holds up

Satellite operator SES’s core video business is set to provide increasing returns thanks to its ability to maintain pricing, while the company’s long-term bet on satellite data should begin to pay off this year, according to analysts at Berenberg. In a note on SES, Berenberg set out the argument that the geostationary satellite business, far […]

Mediaset España turns in solid results

Mediaset España has posted solid full year 2016 results, with total revenues of €992 million, up 2.1%, and EBITDA of €241 million, up 8.3%. The company has benefited from continued strong growth of the Spanish economy, with the TV advertising market growing by 5.5% in the course of the year. Mediaset España had a TV […]

ITV outlook darkens as advertisers ‘rein back spending’

The outlook for ITV has deteriorated significantly as advertisers pull back on spending amid anxiety about Brexit, according to analysts at Berenberg. According to the German investment bank’s analysts, spot net advertising revenue for ITV looks set to fall by 8% in Q1, down from an earlier prognosis of a 3-4% decline. “Despite bullish headlines […]

Sky to take UK IPTV plans into other EU markets

Following its initial debut in the UK, Sky plans offer internet-delivered versions of its TV service in its other European markets as part of broader growth plans. Speaking on the company’s earnings call yesterday, Sky CEO Jeremy Darroch said that, over time, it aimed to reach and address an estimated six million customers across its […]

Mediaset prepares defences as Vivendi closes in on 30% threshold

The Berlusconi family has moved to shore up its defences against Vivendi as Mediaset prepares to present its three-year business plan to international investors in mid-January. Vivendi revealed just before Christmas that it had now upped its stake in the Italian broadcaster to 28.8%, with control of 29.94% of the voting rights, following a series […]

Closing Premium would be ‘worst option’ for Mediaset

Closing Mediaset Premium would be the worst of the choices on offer to the Italian broadcaster, but the status quo is not an option for Mediaset either, according to a report by financial analysts at Berenberg. Having previously worked on the assumption that a fresh deal between Mediaset and Vivendi would ultimately be agreed, Berenberg is now basing […]