MFE-MediaForEurope NV and ProSiebenSat.1: Update forecasts to reflect new reporting, change of scope, lower advertising & increased merger savings

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MFE-MediaForEurope NV and ProSiebenSat.1: Update forecasts to reflect new reporting, change of scope, lower advertising & increased merger savings

J P M O R G A N Europe Equity Research

23 June 2026

MFE-MediaForEurope NV and

ProsiebenSat.1

Update forecasts to reflect new reporting, change of

scope, lower advertising & increased merger savings

We reset our forecasts and update numbers to reflect the reporting changes, European Media

ACportfolio disposals and restatements, and a faster phasing of cost and revenue Daniel Kerven

synergies that partially offsets weaker advertising. While the weaker advertising (44-20) 7134-3057

reduces the potential upside, we remain OW on both stocks, which have attractive daniel.kerven@jpmorgan.com

valuations and should benefit from cost savings, synergies, and the increased scale J.P. Morgan Securities plc

of being part of a larger group. Saira Das

(91-22) 6157-3838

OW MFE with a preference for the A shares: MFE A shares trades on 7.6x saira.das@jpmchase.com

J.P. Morgan India Private Limited

2026E earnings and offer c20% EPS growth over the next 3 years. Growth

combined with dividends (representing 27% of the MFE A share price) should Recent Notes:

leave MFE A shares trading on just 3.3x in 2029. Our PT of €4.5 (vs €5.4

European Media: 2026 Outlook:

previously) implies 47% upside to the A shares and 20% upside to the B shares.

Overblown AI fears, Overlooked AI

Both share classes have exactly the same economic interest and while class B

opportunitiesshares have more votes than class A, class A offers more liquidity, and regardless

of which shares you own, Fininvest has control. While we are OW both share

classes, we would have a preference for the A shares over the B shares given their MFE & Pro7: Both offer upside from