Q1 largely in line, conservative outlook for 2022 reiterated; maintain BUY

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ProSiebenSat. 1 Media (ProSiebenSat1) reported a decent performance in Q1 2022. Overall, it reported slightly better-than-expected Q1 results, with group revenue/adj. EBITDA coming in 1%/3% above consensus. Management has confirmed its conservative guidance for 2022 revenues and adj. EBITDA, both with modest increases. ProSiebenSat1 offers good exposure to a complementary basket of entertainment brands along with its dating, commerce, and ventures portfolios. The group continues to ride the entertainment and advertising recovery story, following the lull during the COVID-19 pandemic. This was reflected in Q1 2022, where Entertainment continued to be the key revenue driver. We reiterate our DCF-backed BUY rating with an unchanged PT of EUR 15.00.

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