European Media: Media news you missed?

Research evidence excerpt

European Media: Media news you missed?

Barclays | European Media

Recent Research

Embracer Group: FY27 guidance light; a new spin-off announced Embracer is now using

"Cash EBIT" for guidance. While this is sensible, the "at least SEK1bn" guided on this basis for

FY27 compares to consensus (same basis) of SEK1.4bn. We think that will be the focus but they

beat in Q4 and now have a plan to split Embracer into two more listed entities.

European Media – MFE: Inexpensive, but not many catalysts Post Pro7Sat1, MFE looks cheap

at 7x P/E and 15% eFCF in 2027E. This was one of the two pillars of our upgrade thesis.

Unfortunately, the other one, Spain and Germany ads getting better owing to easy comps, is

floundering. 2026E to be another weak year. We stay OW on valuation, but less conviction.

Informa PLC: National Restaurant Show - illustrating some key points of strength for

exhibition model Successful franchises are strong on cross-sell; exhibitors note that they are

very unlikely to skip a show ( not seeing their customers; missing out on leads; lose their slot on

the floor); and this franchise can continue seeing high-single-digit growth.

Publicis Groupe SA: LiveRamp = 1-2% accretion + some optionality Deal is 1-2% accretive

when removing already planned M&A and could enable Publicis to continue to grow 4-5%

organically if they get agentic transformation sales. Conversely, LRamp loss of independence

could impact top line. As price paid is reasonable, seems like a sensible deal.

RELX PLC/Thomson Reuters Corp.: Legora: Plenty of opportunity but not at expense of

incumbent In a Barclays discussion with the CEO and CFO of Legora, they were strong on: a)

their position in legal AI workflow, and b) further growth opportunities. But they were also clear