PARIS, March 9 (Reuters) - Shares in Lagardere, the French media group behind the likes of Paris Match and Europe 1 radio, fell on Friday after annual results disappointed analysts.
Lagardere shares were down 7.65 percent in early session trading, among the worst performers on Paris’ SBF-120 index.
Lagardere said late on Thursday that it expected its 2018 operating profits to be stable compared to the 2017 figure, as it posted a slight rise in full-year earnings.
“2017 was in line at the EBITA (earnings before interest, tax and amortisation) level, but below at net income. 2018 estimated guidance is as expected and 2017 cash flow was poor,” wrote analysts at Barclays.
Barclays cut earnings estimates on Lagardere and kept an “equal weight” rating on the stock, adding Lagardere’s planned asset sales would be a key factor in how the stock performed in the future.
On Thursday, company head Arnaud Lagardere did not rule out selling magazine brand Elle, but dismissed the possible sale of its weekly newspaper Paris Match and radio Europe 1. (Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont)