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But the brokerage, which had been "underweight" on the sector since October 2007, said a slowdown in advertising was "still too near the beginning" to believe the rate of change in decline is close to improving. Advertising accounts for more than half of the sector's revenues, Deutsche Bank said.
The high dividend yield from media, Europe's fourth-most levered sector, could also prove illusory if dysfunctional credit markets mean debt refinancing is either unavailable or punitively expensive, Deutsche Bank said.
The brokerage, however, said professional publishers remain a relative safe haven, and raised Anglo-Dutch publisher Reed Elsevier Plc to "buy."
Deutsche Bank said its top picks in the sector are Reed Elseiver, Italy's Mediaset SpA, United Business Media and Vivendi based on attractive yield characteristics, margins, market leadership and no balance sheet issues.
Following are the rating changes the brokerage made on various companies in the sector:
Company
Rating
Current Prior Mediaset
Buy
Sell Reed Elsevier
Buy
Hold ProSiebenSat1 Media Hold
Sell Wolters Kluwer
Hold
Buy MTG
Hold
Buy GfK AG
Hold
Buy
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Pratish Narayanan) Keywords: EUROPEANMEDIA/RESEARCH DEUTSCHEBANK (antonita.madonna@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: antonita.madonna.reuters.com@reuters.net)
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