Oddo BHF raises its opinion on TF1 from 'neutral' to 'outperform', with a new target price of 13 euros (vs. 10 euros previously), in the wake of an average 10% increase in its 2023/25 EPS estimates.

The research firm justifies this increase by raising its advertising expectations (thanks to the ramp-up of the new TF1+ digital offering) and by reviewing its cost model.

In the summary of its note, Oddo BHF also highlights the media group's 'very healthy' balance sheet, with net cash of 510 million euros at the end of 2024, or around 30% of market capitalization.

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