Banijay - on track to achieve FY guide

Research evidence excerpt

Banijay - on track to achieve FY guide

29 July 2026

Annick Maas

+44 20 7676 6683

European Media annick.maas@bernsteinsg.com

Banijay Group Sabrina Blanc

+33 1 42 13 47 32

Rating sabrina.blanc@bernsteinsg.com

Market-Perform Christophe Cherblanc

Price Target +41 582 723 540

christophe.cherblanc@bernsteinsg.com

BNJ.NA 10.10 EUR

Christopher Pancur

+44 20 7676 7280

christopher.pancur@bernsteinsg.com

Liquidity improvement through Independents, off the table for now Banijay decided not Close Date 29 Jul 2026

to exercise the option it had to fully acquire The Independents. The group remains a happy

BNJ.NA Close Price (EUR) 8.50

minority shareholder for now. The meaning behind this is limited, the actual impact is more

Price Target (EUR) 10.10

that this was an opportunity for a liquidity event, which did not happen.

Upside/(Downside) 19%

M&A could go towards more physical gaming assets. The JOA acquisition is expected to 52-Week Range 10.65/7.87

be completed in 2H. Disclosure around the asset has been limited. The group paid a multiple EDME 1,606.72

in line with the sector, we suspect 6x (price usually paid by Cirsa for its Casinos). The group is FYE Dec

currently assessing what the mix of debt/cash will be for the payment. While Banijay has no Div Yield 0.5%

direct intention to buy more physical assets, management made clear that attractive prices if Market Cap (EUR) (M) 3,640

they offer the opportunity for an omnichannel strategy in existing markets could be considered. EV (EUR) (M) 10,187

Performance YTD 1M 6M 12M

ITV clearly too big for now While non-core gaming M&A could thus be on the cards, Absolute (%) 2.9 0.2 0.4 (3.0)

management was clear that ITV, for now at least, is not. The group underlined its need to EDME (%) 9.1 1.3 6.5 17.8