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26.06.04 13:45:12
und wie immer erst nach mir :lick::laugh::laugh:

13:42 24Jun2004 DRESDNER<ALVG.DE>- HABEN 25 VH AN TELECINCO ZU 10,15 EURO/AKTIE VERÄUSSERT
13:49 24Jun2004 Dresdner Bank verkauft kompletten Anteil an Telecinco

Frankfurt, 24. Jun (Reuters) - Die Dresdner Bank<ALVG.DE> hat ihren kompletten Anteil an dem spanischen TV-Sender Telecinco verkauft.
Die Beteiligung in Höhe von 25 Prozent sei im Rahmen des Börsengangs von Telecinco veräußert worden, teilte die Bank am Donnerstag mit. Der Preis sei am oberen Ende der Preisspanne auf 10,15 Euro je Aktie festgesetzt worden. Dies entspreche einer Bewertung des Unternehmens von 2,5 Milliarden Euro, das Aktienpaket der Dresdner Bank sei 625 Millionen Euro wert.
leh/nro
Thursday, 24 June 2004 13:42:24RTRS [nFAD005699] {C}ENDS



14:59 24Jun2004 RPT-UPDATE 1-INTERVIEW-Spain`s Telecinco sees strong Q2 ad growt


By Daniel Flynn
MADRID, June 24 (Reuters) - Spanish TV channel Telecinco <TL5.MC>, which floated its shares on Thursday, expects second-quarter advertising revenue to grow at a similar rate to the first quarter`s 21 percent, joint Chief Executive Giuseppe Tringali said.
Profitable Telecinco, which is controlled by Italy`s Mediaset <MS.MI>, derives around 90 percent of its revenues from advertising.
"The first quarter was phenomenal," Tringali, who heads Telecinco`s Publiespana advertising wing, told Reuters. "The second quarter is providing strong growth in double digits."
Asked whether sales growth rate could slip after the strong performance in the first three months of the year, he replied: "We are at similar levels."
Telecinco`s advertising sales grew by 21.2 percent year-on-year in the first quarter, underpinning 21.7 growth in all revenues to 173.2 million euros.
The second quarter is crucial in Spain`s cyclical advertising market as it is the period with the second-highest revenues after the fourth quarter.
Shares in Telecinco were last trading at 11.91 euros per share at 1205 GMT, some 17 percent above their price in the initial public offering of 10.15 euros per share.
Tringali told Reuters that he expected strong growth this year in Spain`s television advertising market before cooling down to single-digit growth in 2005.
"This will be a good year because there are big sporting events and statistically the level of advertising rises is higher for all media, not just those which have the TV transmission rights," he said.
Telecinco does not have transmission rights for the Euro 2004 soccer championship, although it will broadcast the Athens Olympics later in the year.
"In 2003...the television advertising market rose by 6.6 percent, which is not bad for a transition year, and 2004 could be a year of stronger recovery," he said.
"In 2005, sales will continue to rise but it will be a year of consolidation," he said. "One can probably not expect growth in 2005 to reach double-digits."





18:16 24Jun2004 UPDATE 3-Telecinco soars in one of Europe strongest IPOs



(Adds closing share price, volume, CEO quote)
By Daniel Flynn
MADRID, June 24 (Reuters) - Shares in Telecinco <TL5.MC>, Spain`s largest privately-run TV channel, soared 18 percent on Thursday in one of Europe`s most successful bourse debuts this year as investors scrambled for an offer priced cheaply against peers.
The Mediaset <MS.MI> unit`s value rose by 455 million euros to reach some 3 billion euros as investors fought to buy into the heavily oversubscribed issue for 35 percent of its stock.
Telecinco shares closed at 12.00 euros, up 18.2 percent from its IPO price of 10.15 euros which the company had deliberately pitched low against its European peers to try and ensure a price rise.
The IPO was not to raise business funds but to allow Dutch fund Ice Finance and Allianz AG <ALVG.DE> unit Dresdner Bank to sell their holdings for 750 million. Mediaset retains its 52 percent controlling stake.
"The bourse debut has been a success with a strong open and the price is now quite close to our valuation," said Fernando Cordero, analyst at Fortis in Madrid.
Analysts said the cheap valuation was a key factor behind the share rise, triggering strong demand for Spain`s second IPO so far this year. After posting profits of 123 million euros in 2003, Telecinco has also pledged to hand out half of future earnings to shareholders in dividends.
Broker Credit Suisse First Boston set a target price of 13.40 euros per share and started coverage of the broadcaster with an "outperform" rating.
Joint Telecinco CEO Giuseppe Tringali, who heads Telecinco`s Publiespana advertising wing, told Reuters the sales outlook for the company was bright as 2004 promised to be a record year for advertising sales in Spain.
Telecinco, which makes 90 percent of its revenues from advertising, should achieve growth in second-quarter ad sales similar to the 21 percent posted in the first quarter, he said.
"In 2005, sales will continue to rise but it will be a year of consolidation," Tringali added. "One can probably not expect growth in 2005 to reach double-digits."
TWENTY TIMES OVERSUBSCRIBED
The IPO price was at the bottom end of analysts` forecasts for Telecinco, making it an attractive buy compared with peers such as fellow Spanish broadcaster Antena 3 <A3TV.MC> which listed last year or its Mediaset parent.
Telecinco said the institutional tranche of the offer -- which was assigned the bulk of the shares -- had been oversubscribed about 20 times, while the retail tranche was overbid 6.8 times.
Telecinco joint Chief Executive Paolo Vasile told Reuters in a recent interview the company had opted for a conservative valuation in a bid to ensure a price rise for shareholders, influenced in part by a fall in the shares of Spanish property firm Fadesa <FAD.MC> following its IPO earlier this year.
"Finally, a television channel made for the public is owned by the public," Vasile told reporters at the Madrid Stock Exchange on Thursday. "We will dedicate all our efforts to ensuring the success we desire for our shareholders."
At 42 million shares, Thursday`s trading volume was more than half the initial offering of 74 million. It was by far the heaviest traded share on the Madrid stock exchange.
ICE Finance, a Dutch fund, is selling all of its 9.9 percent in Telecinco, while Dresdner was due to initially reduce its 24.7 percent holding to 4.5 percent -- leaving the remainder for the offering`s greenshoe over-allocation tranche.
However, Dresdner said on Thursday it had already placed all of its 24.7 percent stake for 625 million euros, implying the greenshoe had been executed.
Banking sources close to the underwriters in London said a decision on the greenshoe had not yet been taken.
Telecinco`s listing was coordinated by Santander Central Hispano, Dresdner Kleinwort Wasserstein, JP Morgan and Morgan Stanley.
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($1=.8241 Euro)





10:39 25Jun2004 RESEARCH ALERT-DEUTSCHE STARTS SPAIN`S TELECINCO<TL5.MC>AT BUY, TARGETS 14 EUROS
10:39 25Jun2004 RESEARCH ALERT-DEUTSCHE STARTS SPAIN`S TELECINCO<TL5.MC>AT BUY, TARGETS 14 EUROS




MADRID, June 25 (Reuters) - Deutsche Bank started coverage on Friday of Spanish broadcaster Telecinco <TL5.MC> -- listed on the stock market on Thursday -- with a "buy" recommendation and a share price target of 14 euros ($16.99).
Deutsche analyst Luis Fernandez said a strong Spanish advertising market and increases in Telecinco`s audience figures were reasons for the recommendation.
Shares in Telecinco, controlled by Italy`s Mediaset <MS.MI>, soared 18 percent in its bourse debut on Thursday to 12.00 euros. By 0842 GMT on Friday the stock was trading up 1.4 percent at 12.17 euros.

($1=.8241 Euro)
Avatar
26.06.04 14:26:02
Ps Die AKTIE wird auch in Frankfurt gehandelt,

aber es sit besser sie in Madrid zu erwerben.

Sind ja sowieso die gleichen Transaktionskosten


Und wie gefällt Euch der Chart ??

http://www.rz.uni-frankfurt.de/~lvb/image68-TL5.gif


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