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Telegraaf Media Group

Telegraaf Media Group

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080110 Telegraaf Media Group - a choice between the devil and the deep blue sea? 080110 Telegraaf Media Group - a choice between the devil and the deep blue sea?

A CHOICE BETWEEN THE DEVIL AND THE DEEP BLUE SEA?

091207 Telegraaf Media Group - Advertising spending rebounding? 091207 Telegraaf Media Group - Advertising spending rebounding?

Advertising spending rebounding?

090416 Telegraaf Media Group - an intriguing puzzle.... 090416 Telegraaf Media Group - an intriguing puzzle....

In 2001, TMG announced a new three-pillar strategy. Apart from optimising its mature existing businesses, the company aimed for international expansion and diversification through innovation. Some eight years later, TMG has indeed become a leaner and meaner company.

080425 Telegraaf Media Group - and now the question is: by how much? 080425 Telegraaf Media Group - and now the question is: by how much?

Now the question is: by how much?

080303 Telegraaf Media Group - KKR marks down value of PSM stake 080303 Telegraaf Media Group - KKR marks down value of PSM stake

KKR marks down value of PSM stake.

100125 Telegraaf Media Group - net radio adspend on the brink of recovery 100125 Telegraaf Media Group - net radio adspend on the brink of recovery

The recent positive trends on the Dutch advertising market were confirmed by yet another survey. Data published over the weekend show that, although down by a double digit number, net radio adspend is beginning to show an improving trend. RAB expects 2010 net radio adspend to be flat, illustrating that this trend is likely to sustain from here. We see this as additional evidence supporting our upbeat stance on TMG.

091224 Telegraaf Media Group - November adspend: and the beat goes on 091224 Telegraaf Media Group - November adspend: and the beat goes on

Yesterday, Nielsen released its monthly survey regarding gross display advertising in the Netherlands. On an overall basis, November showed positive growth in gross adspend, which is good news for TMG. Our recent upward revisionin TMG 2010 earnings estimates is based upon higher costs savings and not on an improving top line. Any improvement in advertising revenues would therefore come as abonus. TMG remains one of our top picks for 2010.

080512 Telegraaf Media Group - one-on-one May 2nd, 2008 080512 Telegraaf Media Group - one-on-one May 2nd, 2008

Wrap-up company visit.

081105 Telegraaf Media Group - Portfolio Reshuffle 081105 Telegraaf Media Group - Portfolio Reshuffle

Portfolio reshuffle: a first good step.

090702 Telegraaf Media Group - Radio broadcasting licenses to be extended? 090702 Telegraaf Media Group - Radio broadcasting licenses to be extended?

Frequency licenses to be extended?

091125 Telegraaf Media Group - the winds of change 091125 Telegraaf Media Group - the winds of change

The winds of change.

090512 Telegraaf Media Group - update on AGM en Cyrte rumours 090512 Telegraaf Media Group - update on AGM en Cyrte rumours

Change is coming to Amsterdam.

100914 TMG - Ads will determine the odds 100914 TMG - Ads will determine the odds

Although TMG shares are trading more than 30% below the fair value as reflected in our DCF and SOP models, it will require a clear trigger to narrow this gap. Instead, we have identified a number of uncertainties. Costs saving initiatives are running at an end and it is unclear whether top-line growth can take over as growth engine. The recovery of the advertising markets is still a fragile one and visibility is poor. Last but not lead, it is still unclear who will succeed the retiring CEO and how this may affect the strategy going forward. These uncertainties will keep a lid on the share's performance and force us to adopt a more neutral stance.

100330 TMG - advertising spending continues to accelerate 100330 TMG - advertising spending continues to accelerate

Nielsen data show that gross display advertising spending in the Netherlands was up by 10% in February. Not only did we see a double-digit growth figure but this is also the first quarter in which the number of media showing positive growth outnumbered that of the media with negative growth.The breadth of the recovery is therefore increasing, making it amore credible one.

100216 TMG - Clear signs of rebounding Dutch advertising markets 100216 TMG - Clear signs of rebounding Dutch advertising markets

In recent months, we regularly published overviews on gross advertising spending in the Netherlands. In the meantime, we also have a good impression what happened on a net basis as well as the developments by advertising category. All trends seem to confirm our earlier optimism: the advertising markets in the Netherlands are in a recovery mode. This is good news for TMG and could result in a number of positive surprises going forward.

100201 TMG - December gross adspend up 3.4% 100201 TMG - December gross adspend up 3.4%

December 2009 has shown sustained positive growth in overall gross advertising spending. Newspapers are leading the trend, showing the 6th consecutive month of growth. Radio however, was once again lower, which is slightly disappointing. Full year overall gross adspend was still down 3.1% but with the two most important media having returned into positive growth numbers, we continue to believe that 2010 will show better adspend numbers than we had modeled in. We remain upbeat for TMG .

100730 TMG - radio frequencies revisited 100730 TMG - radio frequencies revisited

A year ago, we published a note on the radio frequency licenses in the Netherlands. The fact that the Dutch State did not plan a new auction but instead offered to extend the existing licenses was initially seen as good news. However, an assessment by an independent third party shows that Sky Radio Group may end up paying higher instead of lower annual license fees, which is not quite what we expected. Although a decision on this matter has been postponed, this confronts us with a new uncertainty.

110131 TMG - SBS as a trigger? 110131 TMG - SBS as a trigger?

The possible sale of SBS Netherlands could be a tremendous opportunity for TMG. But even if these assets are bought by a third party, TMG shareholders could benefit for its PSM participation would no longer be strategic and therefore could be sold. This could result in a super dividend or share buy-back or maybe even a de-listing.

110615 TMG to give preference to PostNL or TMG? 110615 TMG to give preference to PostNL or TMG?

To give preference to PostNL or TMG?

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