We expect a sharp decline in revenues in Q220, Q320 to remain negative and a rebound in Q421
Turning more positive on sector post our deep-dive work
While the world is in lockdown, the UBS Media team have been talking to corporates, investors and internal strategy and macro teams. We have built scenarios linking short-term earnings with the length of the lockdown period, pondered which companies should see V-shaped recoveries and which may see value permanently impaired. Our approach has been to assume a long lockdown period in our base case, expecting COVID-19 to impact performance during all of Q220 and most of Q320.