Research (Investicniweb.cz)
Czech markets  |  September 19, 2012 08:39:42

CME: Higher target price and recommendation to hold



With the issue of new shares in the amount of USD 185 million and senior notes (maturing in 2016 and 2017) in the amount of 217 million USD CME significantly improved its credit profile. Consequently, the dilution effect will be less negative impact on the share price. Therefore, increasing the annual target price for the shares of the owner of TV Nova $ 6.1 to $ 7.7, and we leave the recommendation to "keep". (SOURCE: MS)

CME - investment recommendations

CME fully repay its bonds maturing in 2013 and 2014, as well as a credit line maturing in 2014 and 2015. The company has now secured funding for the period 2012 to 2014, bonds worth $ 261 million with maturity in November 2015 are still open issues.

Time Warner and CME most likely wait with other actions until the contract expires between Ronald S. Lauder and Time Warner (May 2013). According to this agreement can not Time Warner to increase its stake in CME over 50%.

Downside risk on any uncontrolled bankruptcy of Greece, which would certainly negatively to hit southern European countries, including Romania and Bulgaria. CME to these countries is significantly exposed because of the total Group revenues contributes 30% (along with Croatia, it is almost 38%).

How does CME in comparison with the competition and what awaits advertising market can be found on the web Investment


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