CS initiate coverage of European broadcasters with Outperform ratings on Mediaset España (TP €13.50), Atresmedia (TP €14.40) and ProSieben (TP €44.10) and Underperform ratings on RTL (TP €68.00) and TF1 (TP €7.35). In more general terms, we see Spanish broadcasters have the greatest long-term advertising upside potential. Also, we see advertising in France looking most at risk, while Germany looks neutral. Mediaset España is our top pick in European broadcasting, followed by Atresmedia, ProSieben and ITV.