While maintaining its 'neutral' rating, Oddo BHF has lowered its target price for RTL Group from €43 to €41, in the wake of a downward revision of its expectations following the publication of lower-than-expected full-year results for 2023.

The research house now expects EBITA of €760 million in 2024, compared with €1195 million, but also a return to growth this year, mainly driven by a rebound in the German advertising market.

The question remains whether the strategy of developing a pay streaming offer (RTL+) is the right one. We would not be surprised if the Group gradually pivoted towards an advertising model", he continues.

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