RTL Group S.A.

RTL Group is a holding company. Co. through its subsidiaries is engaged in the operation of television and radio broadcasting services, television content production and distribution. Co. has interests in 40 television channels and 33 radio stations in 11 countries. Co. is involved in television content production, such as talent and game shows, drama and daily soap operas, through its subsidiary, FremantleMedia. Co. also provides services in the digital entertainment environment, including online games, community and dating services, as well as user-generated content exchange platforms.
  • TickerRTLL
  • ISINLU0061462528
  • ExchangeLuxembourg Stock Exchange
  • SectorMedia
  • CountryLuxembourg

Analysts

Cedric Duinslaeger ...
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur

Morning Note: AED BB, ATEB BB, BCART BB, ECONB BB, EURN BB, GIMB BB, PNL NA, RTL BB

Aedifica: FY18-19: strong results and higher expectations Atenor: 1H19 Results: Net profit up 11.7% Biocartis: 1H19: US causes serious dent in volume ramp-up Econocom: Reiterates commitment to group restructure Euronav: On IMO2020 strategy Gimv: € 10m investment in iSTAR Medical PostNL: ACM rejects acquisition of Sandd by PostNL RTL Group: Transformation at full throttle

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/03/2019

The correction in August restored modest potential. The latter is already used up (Stoxx 600 Dec 2019: 384 unchanged). EPS momentum continues to decelerate (+2%) whilst expectations for 2020e are too high (+9.6%). What to do? We have examined since 2015 (QE), the sectoral performance of the Stoxx 600 in a context of dwindling growth expectations for EPS. The following sectors emerge from this approach: oil, real estate, technology, personal & household goods and capital goods. Of cour...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Martial Descoutures
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 09/03/2019

...

Jerôme Bodin

ODDO : Initial indications on the future regulatory reforms. What is the impact?

>We estimate an EBIT impact of at least € 16m for TF1 and € 9m for M6 - French business daily Les Échos provides some new information on the audiovisual reforms following a meeting between the culture minister and sector professionals. We note: 1/ direct-to-consumer/targeted advertising is to be authorised for a 12-month test period; 2/ advertising for cinema films will be authorised; 3/ the ban on broadcasting cinema films on Saturdays is to be lifted; 4/ as regards ...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/09/2019

La correction en août avait reconstitué un potentiel modeste. Il est déjà consommé (Stoxx 600 Dec 2019 : 384 inchangé). La dynamique des BPA ralentit toujours (+2%) alors que les attentes pour 2020 sont trop élevées (+9.6%). Que faire ? Nous avons examiné depuis 2015 (QE) les performances sectorielles relatives au Stoxx 600 dans un contexte de baisse des attentes de croissance de BPA. Se dégagent de cette approche : Pétrole, Immobilier, Technologie, Personal & Household Goods et Biens...

Cedric Duinslaeger ...
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur

Morning Note: AED BB, ATEB BB, BCART BB, ECONB BB, EURN BB, GIMB BB, PNL NA, RTL BB

Aedifica: FY18-19: strong results and higher expectations Atenor: 1H19 Results: Net profit up 11.7% Biocartis: 1H19: US causes serious dent in volume ramp-up Econocom: Reiterates commitment to group restructure Euronav: On IMO2020 strategy Gimv: € 10m investment in iSTAR Medical PostNL: ACM rejects acquisition of Sandd by PostNL RTL Group: Transformation at full throttle

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/03/2019

The correction in August restored modest potential. The latter is already used up (Stoxx 600 Dec 2019: 384 unchanged). EPS momentum continues to decelerate (+2%) whilst expectations for 2020e are too high (+9.6%). What to do? We have examined since 2015 (QE), the sectoral performance of the Stoxx 600 in a context of dwindling growth expectations for EPS. The following sectors emerge from this approach: oil, real estate, technology, personal & household goods and capital goods. Of cour...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Martial Descoutures
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 09/03/2019

...

Jerôme Bodin

ODDO : Initial indications on the future regulatory reforms. What is the impact?

>We estimate an EBIT impact of at least € 16m for TF1 and € 9m for M6 - French business daily Les Échos provides some new information on the audiovisual reforms following a meeting between the culture minister and sector professionals. We note: 1/ direct-to-consumer/targeted advertising is to be authorised for a 12-month test period; 2/ advertising for cinema films will be authorised; 3/ the ban on broadcasting cinema films on Saturdays is to be lifted; 4/ as regards ...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/09/2019

La correction en août avait reconstitué un potentiel modeste. Il est déjà consommé (Stoxx 600 Dec 2019 : 384 inchangé). La dynamique des BPA ralentit toujours (+2%) alors que les attentes pour 2020 sont trop élevées (+9.6%). Que faire ? Nous avons examiné depuis 2015 (QE) les performances sectorielles relatives au Stoxx 600 dans un contexte de baisse des attentes de croissance de BPA. Se dégagent de cette approche : Pétrole, Immobilier, Technologie, Personal & Household Goods et Biens...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/29/2019

...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/08/2019

...

Anis Zgaya ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 07/03/2019

After a break in 2018, the outlook for renewed dividend growth is underpinned by: 1/ strong solvency (CET1 = 21.9%) with capital generation set to outpace growth in RWA; and 2/ the expected recovery in earnings thanks to reduced margin pressures. Our target price of € 32.4 is derived from a DDM and the minimal (10%) probability of success for the legal action regarding the CCI. - ...

Anis Zgaya ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jeremy Garnier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 03/07/2019

Après une pause en 2018, les perspectives de reprise de la croissance des dividendes sont confortées par : 1/ la solvabilité élevée (CET1 = 21.9%) avec une génération de fonds propres qui sera supérieure à la croissance des RWA ; et 2/ le rebond attendu des résultats grâce à une moindre pression sur les marges. OC 32.4 € basé sur un DDM et une probabilité minimale (10%) de succès de l’action en justice sur les CCI. - ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2019

...

RTL GROUP presents increased market risk and shows a lower rating of Slightly Negative

The independent financial analyst theScreener just requalified the risk of RTL GROUP (BE), active in the Broadcasting & Entertainment industry. As regards its fundamental valuation, the title receives a new star(s) and now shows 3 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and can be qualified as risky. theScreener considers that these elements lead to an overall rating downgrade to Slightly Negative while the title remains exposed to strong pressure. As of the analysis date July 2, 2019, the closing price was EUR 45.78 and its target price was estimated ...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

RTL Group – Proxinvest Corporate Governance Rating ® : E

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 18/04/2018

It is proposed to elect a new member to the Board, Ms Lazaznick. She is considered independent and would therefore increase both the independence rate and gender diversity rates of the Board. Hence, we support this election (Item 5.1). It is also proposed to re-elect all board members. Only 3 board members (including Ms Zalaznick) are considered independent (i.e 23.1% of independence rate). Hence, we do not support most of the re-elections proposed. We note our renewed concern with the absence of a vote on remuneration. While not required in Luxembourg, it is now European best practice. We r...

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