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雷达卡
【出版时间及名称】：2010年2月欧洲传媒行业研究报告
【作者】：摩根大通
【文件格式】：pdf
【页数】：128
【目录或简介】：
Table of Contents
Media Strategy............................................................................................... 6
Multiples analysis.......................................................................................... 7
Historical PE analysis................................................................................. 11
Our investment methodology and stock picks ........................................ 16
Our top picks ............................................................................................... 17
Stocks where we would be buyers at lower levels .................................. 18
Performance analysis ................................................................................. 22
We expect positive adspend growth in FY10 ........................................... 27
Revenue and EPS outlook.......................................................................... 31
Media macro data........................................................................................ 33
Economics and Advertising....................................................................... 35
Valuation ...................................................................................................... 36
Performance ................................................................................................ 40
Earnings....................................................................................................... 41
Aegis............................................................................................................. 42
Antena 3 TV.................................................................................................. 43
Axel Springer ............................................................................................... 44
BSkyB........................................................................................................... 45
Daily Mail & General Trust.......................................................................... 46
Havas............................................................................................................ 47
Informa ......................................................................................................... 48
ITV................................................................................................................. 48
JCDecaux..................................................................................................... 49
Johnston Press Plc..................................................................................... 49
Lagardère ..................................................................................................... 50
M6.................................................................................................................. 51
Mediaset ....................................................................................................... 52
MTG............................................................................................................... 54
PagesJaunes ............................................................................................... 55
Pearson ........................................................................................................ 55
ProSiebenSat.1 ............................................................................................ 56
Publicis Groupe........................................................................................... 57
Reed.............................................................................................................. 57
Reed NV........................................................................................................ 58
Schibsted ..................................................................................................... 58
Seat Pagine Gialle ....................................................................................... 59
Sky Deutschland ......................................................................................... 59
Telecinco...................................................................................................... 60
TF1 ................................................................................................................ 60
Thomson Reuters........................................................................................ 61
Trinity Mirror ................................................................................................ 61
United Business Media............................................................................... 62
Vivendi.......................................................................................................... 63
Wolters Kluwer (Downgrading to Neutral)................................................ 64
WPP Group .................................................................................................. 65
Yell ................................................................................................................ 65
Valuation Methodology and Risks............................................................. 66
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