A less-catastrophic performance in the Q3 than in the H1 for ProSieben which has allowed a three-day-long recovery in the share price after the sharp 45% decline since August.
The group has finally revised downwards its 2023 guidance but the new expectations imply a solid Q4 with revenues up by 3% yoy and an EBITDA flat yoy like in the Q3.
We maintain our Buy.
