"ВТБ Капитал": CTC-Media 2Q11 EBITDA to Soar On TV Ad Growth, Cost Control // ПОКУПАТЬ
2 августа 2011 года
TP of USD 32 re-iterated ahead of 2Q11 results. CTC-Media’s 2Q11 US GAAP results due on Friday, 5 August are likely to reveal a seasonal pickup from 1Q11 that was fuelled by the double-digit TV ad price inflation that we saw last September and in early 2011. However, a YoY comparison would be of limited relevance given the fact that the company started disclosing its top-line on a gross basis, i.e. including commissions paid to Video International.
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