DB Media & Online #what's appening: BNJ/Integrating Tipico, WIL/Update, AUTO/Preview, EURO TV/FIFA

研报英文原文证据摘录

DB Media & Online #what's appening: BNJ/Integrating Tipico, WIL/Update, AUTO/Preview, EURO TV/FIFA

Deutsche Bank

Research

Europe Industry Date

France 15 May 2026

Netherlands DB Media & Online

United Kingdom Periodical

#what's appening

Media and Online

BNJ/Integrating Tipico, WIL/Update,

AUTO/Preview, EURO TV/FIFA

Silvia Cuneo

Newsflow, overnight research, valuation comps - if you'd like to discuss any of the

Research Analyst

following in more detail or require models, please get in touch with Silvia, Nizla, +44-20-754-73770

Gareth or Steve. Our contact details are listed in the right-hand margin.

Nizla Naizer

Banijay Group (Annabel Hames): Integrating Tipico +44-20-754-12403

We consolidate the Tipico acquisition into our model, which sees FY26E revenue

Gareth Davies

and adj. EBITDA increase double-digit+ but adj. FD EPS decline mid-single digit

given higher interest costs and non-controlling interest. Near-term, leverage will

+44-20-754-11560

peak at 3.7x in FY26E, before reducing to 2.5x in FY29E. BUY. TP increased to EUR

14.4 (from EUR 13). Q1 results on 18 May. Steve Liechti

+44-20-7541-1549

Consolidating the Tipico acquisition into our model post completion. Tipico is the

leading sportbetting player in Germany and Austria with an omnichannel offering Annabel Hames

(62% online/38% offline). For FY26E, revenue increases +20% to EUR 6.3bn and Research Analyst

adj. EBITDA +37% to EUR 1.3bn (DBe Tipico margin 30.6% vs historic Group c. +44-20-754-11574

19%). Adj. net income is +23%, partly offset by higher interest charges (PF25 Tarun Mittal

incremental EUR 201m). However, adj. FD EPS declines 6% to EUR 0.90 driven by Research Associate

higher non-controlling interest (BNJ 65% stake in Gaming). On a PF basis, BNJ

suggests incl. Tipico and All3Media, adj.