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Equity analysts at Exane BNP-Paribas in their ‘start of the year’ 61-page overview of what can be expected this year for investors in media stocks.
As far as the satellite sector is concerned they have Eutelsat as a “top pick”, although recommend investors “avoid” SES (and Vivendi and Publicis). The bank’s advice is to stay “neutral” with ITV, Sky, Mediaset and RTL.
The bank’s report points out that it is the 7th successive year when media-related stocks have relatively outperformed the overall market (although not quite as well as “Internet services”).
Our top picks are WPP, Relx, Rightmove, Prosieben and Eutelsat among the larger caps. The overarching themes we play across these names are reliable growth, savvy use of cash and improving returns. For investors with a value emphasis, Pearson and Informa also look attractive.