(CercleFinance.com) – Oddo BHF maintains its ‘neutral’ rating on M6 shares with an unchanged price target of 18 euros.
As a reminder, M6 published 2023 results last night very slightly below the analyst’s expectations, with an EBITA of 301 ME when Oddo BHF was counting on 306 ME.
The broker reports that the advertising trend in the 4th quarter ultimately came out better than expected at -1.5% versus -3% anticipated.
M6 also announced that Nicolas de Tavernost would leave his position as chairman of the management board on 04/23/2024, one year before the end of his mandate. He will be replaced by David Larramendy, member of the Management Board in charge of commercial activities and development.
‘Our expectations are approximately unchanged for the year 2024. We are counting on advertising growth of 1% for TV and a stable year for radio, particularly under the effect of the rather difficult audience trend in the short term’, concludes Oddo BHF.
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