【出版时间及名称】：2010年欧洲传媒行业展望
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：102
        【目录或简介】：
Table of Contents
Investment outlook ........................................................................... 4
Normal times are back again! ...................................................................................................4
Key stock picks .........................................................................................................................4
1992-6 – material media outperformance. Could it happen again? ...........................................4
The sweet spot .........................................................................................................................5
Credit opportunities, not threats ...............................................................................................5
Yield – prop or handicap?..........................................................................................................5
Structural shift – the great pay experiments .............................................................................5
Changes to ratings and target prices............................................... 8
Discussion of material ratings, estimate and target changes....................................................9
The big questions ............................................................................ 13
2010-2014 - a replay of 1992-6: true or false?.........................................................................13
Ad revenue growth in 2010?...................................................................................................14
Who raises new equity and who makes material savings on debt? .......................................14
What direction will M&A take? ...............................................................................................15
Charging for online content – a snowball’s chance…? ...........................................................16
Why does a 2010 outlook note have a 2009 date on the front? .............................................16
Looking back.................................................................................... 17
Those who do not learn from history…. .................................................................................17
The Japanese precedent? .......................................................................................................19
2009 in review ........................................................................................................................20
Valuation .......................................................................................... 24
The PE picture........................................................................................................................24
The yield picture......................................................................................................................25
EPS revisions – a number of observations..............................................................................27
Where are we on margins?.....................................................................................................28
EV/Sales – our valuation sense check? ...................................................................................29
Credit – from drag to boost?...................................................................................................32
FX...........................................................................................................................................35
Asia and emerging markets ....................................................................................................36
DB v consensus ......................................................................................................................37
Free to air broadcasters .................................................................. 38
Stick to valuation opportunities (BUY ITV & ProSieben) ..........................................................38
Professional publishers................................................................... 39
Follow the themes (BUY Reed Elsevier, Informa & Th-Reuters) .............................................39
Advertising agencies....................................................................... 40
Large caps favoured over mid-caps (BUY WPP, Publicis) .......................................................40
Company sections ........................................................................... 43