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CETV Posts Inline Results For Q4, Guidance Light
Posted on 02/25/10 at 1:54pm by Monica Gerson
Analyst David Kestenbaum of Morgan Joseph maintains his "hold" rating on Central European Media Enterprises (NASDAQ: CETV).
Central European Media Enterprises reported its Q4 results inline with the estimates, while H1 guidance was short. “The advertising recovery in Central Eastern Europe is not likely to be felt until 2H10,” the analyst says.
The analyst expects CETV’s overall losses in Bulgaria to subside once the bTV deal is completed. “The sale of the money-draining Ukrainian operation, and the paring of losses in Bulgaria, along with a core business that should generate FCF, give us confidence in our $2.8mm FCF estimate,” Morgan Joseph adds.
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