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Mediaset Offers Significant Upside, Goldman Says; Keeps CL Buy 2013-11-22 07:02:47.909 GMT
By Blanche Gatt Nov. 22 (Bloomberg) -- Mediaset offers “significant upside” as structural, competitive outlook improves, Goldman Sachs says in note. * Goldman says upside to come also from ad recovery, self-help measures * Political risks “overstated,” Goldman says * Strong FCF generation, SOTP offer support to valuation * Reiterates Conviction List buy * 5 buys, 9 holds, 11 sells; avg. PT EU3.5 implies upside of 6.8%; up 110% YTD: Bloomberg data * NOTE Nov. 13: Mediaset PT raised to EU3.3 vs EU3 at Kepler Cheuvreux; raised to EU5.6 vs EU4.4 at Credit Suisse
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To contact the reporter on this story: Blanche Gatt in London at +44-20-7392-0351 or bgatt@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net