Deutsche Bank Reinstates Coverage on Central European Media Enterprises Ltd. (CETV); Top Pick in CEE Media Industry
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Deutsche Bank reinstates coverage on Central European Media Enterprises Ltd. (Nasdaq: CETV) with a Buy. Price target $21.70.
Deutsche analyst says, "CME, the biggest CEE TV broadcaster operating 18 channels in 7 markets is our top pick in the region's media industry. We believe that CME's superior growth prospects and safety backstop from Time Warner (NYSE: TWX) justify its premium valuation vs. sector peers. Given the more advanced stage of the slowdown in CME countries vs. Poland, we also expect them to initiate the recovery in the region...In 2009E, we expect CME markets GDP to dive 12% to 38% YoY, spurring a 13% to 73% TV ad market crash (in US$ terms). However, given the more advanced stage of the cycle vs. Poland, we expect these markets to bottom before the Polish market...We expect the ad market to bottom at the turn of 2009 and 2010 and, noting the CME market share expansion, CME sales to drop 37% in 2009E and recover 6% and 14% in 2010E and 2011E, respectively."
To see more analyst ratings on CETV Click Here.
Central European Media Enterprises Ltd (CME) invests in, develops and operates commercial television channels in Central and Eastern Europe.
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