Gregor Rudolph-Dengel of Allianz Global Investors shared his investment thesis on the European broadcast TV industry at European Investing Summit 2018.
Broadcast TV Industry: There appears to a negative structural trend for TV, due to a decline in linear viewing.
Gregor believes the market might have taken a too cautious view, based on recent valuations, on the future prospects of the theme in Europe. This applies for affected companies, such as free-to-air (FTA) broadcasters and satellite operators. Many negative factors are probably more temporary than structural, as the decline in viewing is likely to be only moderate.
There are challenges and they require the companies to improve their business models. Still, Gregor believes they have a good chance to be sustainable. They should be able to make their businesses less dependent on linear TV over time but still keep them as solid underlying cash cows.
Headlines suggest that linear viewing continues to decline should support investments into the theme at low valuations.
Read Gregor’s related article, “What if TV is actually not dead?”
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About the instructor:
Gregor Rudolph-Dengel joined Allianz Global Investors in September 2007 through the graduate programme. Having completed the programme in April 2009, he joined the European Equity team within the Investment Style Team Value. He recently took over responsibility for Allianz European Value. He has been a member of the Dividend team since January 2013 and became the Co-PM of the Allianz European Equity Dividend about two years ago. Before his career at Allianz Global Investor, he graduated with a combined Diploma and Bachelor’s degree in European business (Diplom-Betriebswirt) from the European School of Business in Reutlingen and Dublin City University in 2007. He has also been a CFA charter holder since 2011.