Table of Contents
Axel Springer ..................................................................................... 4
Q2 results - op in line. Higher services costs............................................................................4
ITV PLC ............................................................................................... 5
H109 Results in line...but how strong is the ad recovery?........................................................5
H109 results summary..............................................................................................................6
Valuation: raising TP to 33p.......................................................................................................7
Risks ........................................................................................................................................8
Lagardere ........................................................................................... 9
TP revision reflects removal of EADS litigation risk ..................................................................9
ProSiebenSat.1 Media AG .............................................................. 10
H109 Results ahead. Raising TP to E9.5 .................................................................................10
Earnings upgrade post H109...................................................................................................11
Upgrading FY09-11E EBITDA by 10%.....................................................................................11
Ratings performance solid ......................................................................................................11
Cash programming costs........................................................................................................12
Valuation ................................................................................................................................14
Risks ......................................................................................................................................14
Trinity Mirror Plc.............................................................................. 16
H1-09 results: longer profit glide path; upgrade to Hold .........................................................16
H1 results...............................................................................................................................17
Divisional summary.................................................................................................................18
Key model drivers ...................................................................................................................18
Estimate changes....................................................................................................................19
Valuation ................................................................................................................................19
Risks ......................................................................................................................................19
Estimates ...............................................................................................................................20
United Business Media ................................................................... 22
Interim results - focusing on the main events .........................................................................22
Trading background ................................................................................................................23
Forecasts and valuation ..........................................................................................................25
Valuation and risks ..................................................................................................................27