媒体与在线行业估值表、关键绩效指标及股价表现

+44 20 75411549/steve.liechti@db.com+44 20 754 11560gareth-a.davies@db.com+44 20 754 11574annabel.hames@db.com+44 20 754 73770silvia.cuneo@db.com+4420-754 12403Inizla.naizer@db.com UK Media and OnlineAbsolute & relative weekly share price performance (%)Absolute weekly share price performance-2.8Relative weekly share price performance to the FTSE A!l Share Index-3.95.8-10.021.1S4 CapitalddAKainos GroupDeutsche Bank Group. Deutsche Numis 0.30.78'00.10.5-1.3-0.7-0.5MONY Group1I/M微信-2.4-2.0-1.87.6-1.0-1.00.60.40.3PearsorNY Group UK Mediaand OnlineAbsolute & relative year-to-date share price performance (%Absolute year-to-date share price performanceRelative year-to-date share price performance to the FTSE All Share IndexDeutsche Bank Group.Deutsche Numis 15.7-11.9-9.89.25.120.919.0-19.017.626.320.5-18.4-17.827.6-27.626.224.334.9-34.0 Appendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Other information is sourced fronDeutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the mostrecently published company report or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures .Aside from within this report.important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer . Investors are strongly encouraged to review this information before investing.Analyst CertificationThe views expressed in this report accurately reflect thepersonal views of the undersigned lead analyst about the subject issuers and the securitiesofthoseissuers.Inaddition,theundersigned leadanalysthasnot andwill notreceiveanycompensationforprovidingaspecific recommendationor view in this report.Gareth Davies.Deutsche Bank Group. Deutsche Numis Equty Rating nd Dsptrsion KeryThe Equity Rating Dispersion Chart depicts the following:The proportion ofrecommendations that are rated"buy.'sell'and"hold'overtheprevious 12months.This is shownforsecurities issued in the stated region e.g."Europe Universe'.Seerating definitions below.This is represented by the"Companies Covered'bars in the chart.The percentage valuedisplayed above the baris the proportion as a percentage.E.g.50% above the"buy/"Companies Covered"bar means that 50% of DB's equity research covered companies overthepast12months havea"buy"rating.twoadditional barstoshow:-The proportionof"buy,sell"or'holdrecommendations whereDeutsche Bank andor/Affiliates providedMiFIDInvestmentorAncillary Services in the past 12 months.This is represented in the"MIFID Investmentand AncillaryServices"barThe percentage value displayed abovethebarshows theproportion of Companies Covered withthegivenratingwhereDBhasalsoprovidedMiFiDInvestmentandAncillaryServices inthepast12months.E.g.50%abovethe"Cos.w/MiFiD InvestmentandAncillary Services"barmeans50%of the Companies Coveredwith therating stated havealsoreceived MIFIDInvestmentandAncillary Services fromDB.-The proportion of"buy(or'sell"or"hold)recommendations where Deutsche Bank and or/Affiateshas providedInvestment Banking services in the past12monthsfor which it hasreceived compensation.The percentage valuedisplayed abovethe barshows theproportionofCompanies Covered withthestatedrating whereDBhas alsoprovidedmeans 50% of the Companies Covered with therating stated also have an Investment Banking Relationship with DB.Buy:Basedonacurrent12-monthviewofTSR,werecommendthatinvestorsbuythestockSell:Basedona current12-monthviewofTSR,we recommendthat investorssellthestockHold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either aBuyor Sell.TSR-Total Shareholder Return.Percentage change in share price from current priceto projected target price plusprojected dividend yieldNewlyissued researchrecommendations andtargetprices supersedepreviouslypublished research.Deutsche Bank Group.Deutsche Numis AdditionalInformationThe information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public sources believedto be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses the content nor isresponsible for the accuracy or security controls of those websitesmay act as principal for its own account or as agent for another person.Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its own account or with customers, in a manne