Télévision Française 1 (1K) | Hold | Hard times

研报英文原文证据摘录

Télévision Française 1 (1K) | Hold | Hard times

Télévision Française 1 Hold | Target Price: EUR7.00

Company description Management

TF1 is the leading FTA broadcaster in France. It acquired leading French TV Rodolphe Belmer, CEO

production player Newen in 2015 and online site AuFeminin in 2018, which was Pierre-Alain Gérard, CFO

later sold in 2022. In 2022, an attempted merger with main commercial rival M6 Ara Aprikian, Director of Programmes

was blocked by French antitrust authorities. CEO Rodolphe Belmer, ex. Canal+,

has made the success of its streaming platform TF1+ the lynchpin of his strategy, Key shareholders

though has also launched world exclusives for FTA like the carriage deal with Free float 56.25% Bouygues 43.65%

Netflix, and micropayments. DNCA 5.40%

Bank of NY Mellon 3.96%

Investment case Valuation methodology

Outperforming M6 consistently in terms of audiences and gains Our TP is an equally weighted mix of historical multiples and a

in advertising market share, but trades at a significant discount peer-based SOP. Historical multiples are 50/50 equally weighted

(4x EV/EBITA 2025 vs. 6x). for average mid-cycle versus trough EV/sales, EV/EBITA, and

Declines in the Frencht TV advertising market accelerated into adjusted P/E, applied to 2026 earnings forecasts.

year-end despite easy comps and 2026 looks like another year of We also compare TF1 with listed European FTA TV peers like M6,

declines at this stage. RTL, ITV, ProSiebenSat1, Atresmedia and MFE.

TF1 could also lose market share of TV advertising revenues this Risks to our rating

year due to M6's big bet on the 2026 FIFA World Cup in the US Outside chance of easing of ownership restrictions in France.

(exclusive) and also in 2030 in Iberia. Also further industry consolidation at a European level (after