Mediaset returns to profit in the first quarter and approves the 0.3 euro coupon

MILANO – In the first quarter of the year Mediaset recorded a consolidated net profit of 52.5 million, an increase compared to the 14.6 million of the same period of 2020 but also to the 36.7 of the first quarter of 2019. Revenues amounted to 634 million ( from 682 in the first quarter of 2020). The data are better than analysts’ expectations, whose attention is however focused on the dynamics of advertising revenues in the coming months and on the consolidation in Europe expected from September, when Mediaset will transfer its registered office to the Netherlands.

For 2021 the group led by Pier Silvio Berlusconi has “the objective of further strengthening economic results and cash generation”. The Biscione Board of Directors also examined Fininvest’s proposal and the payment of the extraordinary dividend of 0.3 euro per share contained in the agreement with Vivendi signed at the beginning of last week will therefore be proposed at the meeting on 23 June.

The data of the operating result, equal to 67.9 million, are better than expected, but what analysts are waiting to know is the trend of revenues in the coming months: meanwhile, advertising sales in the first 4 months in Italy rose by 21% and in Spain the month of April alone jumped up by 150%. There is also expectation for future growth strategies abroad, for the race in France on the M6, but also in the rest of Europe. Mediaset has made it known that after the green light of the June assembly, the transfer of the registered office in the Netherlands will be activated immediately, which should be effective from September. “We think that the transfer of Mediaset’s registered office to Amsterdam will be a driving force for consolidation – said Marco Giordani, CFO of Mediaset – we are interested in M6, but we look at all the consolidation opportunities that could arise in Europe. We believe that there are so many opportunities to be seized “.

Bestinver analysts who judge Mediaset hold with a target of 2.75 euros instead expected a positive first quarter operating result of 14 million and net debt down to 1.1 billion. The same opinion for Equita (hold with a target of 2.85 euros) which, however, estimated an operating result of 30 million and a net profit of 11. Banca Akros (accumulated, but target of 2.7 euros) instead had a forecast of 57 million .

Meanwhile, the subsidiary ProsiebenSat (of which Mediaset has 24.9% of the capital between rights and options) raised its 2021 estimates after a first quarter closed with revenues of 938 million (+ 1%) and with an adjusted EBITDA of 143 million. euro (-9%): the German group now expects annual revenues in a range of 4.25-4.45 billion euro (4.15-4.35 billion the previous forecast) and an adjusted EBITDA between 750-800 million (720-750 the previous estimate).