ProSieben.Sat1 published its Q3 results on November 4th which were in line with expectations on revenues but in the words of analysts at investment bank Exane/BNPP there was “a surprising miss on its EBITDA”.
Net income benefitted among others from the financial result and beat consensus expectations by 38 per cent. The highlight, said the bank, is the upgraded guidance driven by the more upbeat advertising momentum.
“Group EBITDA is now expected to reach c€840 million with a variance of €10 million+/- vs consensus at €830 million and [Est] from BNPP €838 million. We expect the upgraded guidance to drive the share price today additionally boosted by the fact that shares have been weak into results (-7 per cent the last month),” said Exane/BNPP.
Programming costs for the FY should amount to c€1 billion as previously announced with 50 per cent of it relating to local content.
Overall, the adjusted net income for the full-year 2021 should significantly improve vs the previous year’s figure of €221 million and this have a positive effect on the dividend as well,” said the bank.