RTL Group SA (RTL:BB) (RGLXY) PT Lowered to EUR40 at CitiThe analyst commented: "RTL is a complex company spanning multiple platforms in multiple markets. This complexity has historically been a challenge for investors because it is difficult to isolate specific themes. Running into 2024E, though, we think the group will see a rare period in which most of the key themes align. First, we see scope for strong linear and non-linear advertising revenue trends across 1H, buoyed by one-off events, easy comps, and improving macro. Second, we think 2024E will mark the high point in streaming investment and that returns should progressively improve from 2H24E. Third, we think the multi-year investment in content production is also on the point of inflecting, as reflected in improving margin. All of this coupled with the potential for a fairly significant cash return post the disposal of RTL Nederland – we estimate a nearly €7 dividend payable in 2025E – makes for attractive risk/reward."