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COMMUNICATIONS: Bertelsmann Short Q3 Update; Not A Spread Mover

COMMUNICATIONS

BERTEL    Baa2/BBB

  • Q3 revenue -9.6% YoY; 9M24 -8.4% (on the Majorelle sale last Nov)
  • 9M24 organic growth of +3.1%
  • “For the full year 2024, we continue to expect an overall positive business performance. Due to the good performance of most of our businesses, we expect an improved earnings situation, coupled with slightly lower revenue expectations.”
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BERTEL    Baa2/BBB

  • Q3 revenue -9.6% YoY; 9M24 -8.4% (on the Majorelle sale last Nov)
  • 9M24 organic growth of +3.1%
  • “For the full year 2024, we continue to expect an overall positive business performance. Due to the good performance of most of our businesses, we expect an improved earnings situation, coupled with slightly lower revenue expectations.”