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    MS   NL0015000H23

MFE-MEDIAFOREUROPE N.V.

(MS)
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Italy's Mediaset's profit surges in H1 as group remains keen on M&A

09/15/2021 | 03:02am EST

MILAN, Sept 15 (Reuters) - Mediaset on Wednesday posted a six-fold rise in first-half operating profit, topping pre-pandemic levels, as the broadcaster controlled by the family of former prime minister Silvio Berlusconi remained keen on cross-border M&A.

Like other traditional broadcasters, Mediaset is facing stiffer competition in the industry due to the growth of online giants such as Facebook, Google and streaming services like Netflix.

Boosted by the economic recovery after last year's pandemic- driven slump, the company reported a first-half group operating profit of 198.7 million euros ($234.57 million) compared with 31.7 million euros last year and 4% higher than in 2019.

Mediaset said the positive trend in overall advertising sales on TV, radio and digital outlets in Italy continued in the third quarter, with cumulative figures for the first nine months expected to be 1% higher than 2019 levels.

Italy's top commercial broadcaster sees building up alliances with peers across the continent as the answer to the long-standing challenges posed by newcomers.

As part of this strategy, it approved a plan to move its legal base to the Netherlands, seen as neutral base from which to pursue expansion plans abroad.

"The traditional media market in Europe is due to consolidate", Mediaset's chief financial officer Marco Giordani told analysts during a post-results conference call.

Giordani said Mediaset could play a passive or an active role in the process, adding that the company would keep pursuing an expansion strategy to "be as large as possible".

The executive did not provide details on any potential target but ruled out for the moment any move to consolidate its listed Spanish business. Mediaset is also a large minority investor in Germany's ProSiebenSat.1 Media.

Mediaset shares were up 1.5% by 0900 GMT, compared with a 0.1% fall in Italy's all-share index. (Reporting by Elvira Pollina; Editing by Jon Boyle)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 2.35% 2910.61 Delayed Quote.62.25%
FACEBOOK INC 1.47% 338.03 Delayed Quote.21.95%
MEDIASET ESPAÑA COMUNICACIÓN, S.A. -0.09% 4.23 Delayed Quote.-0.61%
MFE-MEDIAFOREUROPE N.V. 0.50% 2.428 Delayed Quote.15.82%
NETFLIX, INC. -0.27% 663.84 Delayed Quote.23.10%
PROSIEBENSAT.1 MEDIA SE -0.26% 13.215 Delayed Quote.-3.67%
VIVENDI SE 0.22% 11.2 Real-time Quote.-57.64%
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Analyst Recommendations on MFE-MEDIAFOREUROPE N.V.
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Financials
Sales 2021 2 896 M 3 264 M 3 264 M
Net income 2021 370 M 417 M 417 M
Net Debt 2021 1 015 M 1 145 M 1 145 M
P/E ratio 2021 7,57x
Yield 2021 3,51%
Capitalization 2 762 M 3 112 M 3 113 M
EV / Sales 2021 1,30x
EV / Sales 2022 1,18x
Nbr of Employees 4 929
Free-Float 20,6%
Chart MFE-MEDIAFOREUROPE N.V.
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Technical analysis trends MFE-MEDIAFOREUROPE N.V.
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 14
Last Close Price 2,42 €
Average target price 2,84 €
Spread / Average Target 17,5%
EPS Revisions
Managers and Directors
Pier Silvio Berlusconi Deputy Chairman & Chief Executive Officer
Simone Sole Head-Finance & Administration
Marco Giordani Chief Financial Officer & Executive Director
Fedele Confalonieri Chairman
Niccol˛ Querci Executive Director, Manager-HR & Operations
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