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1. Company Snapshot

1.a. Company Description

ProSiebenSat.1 Media SE, together with its subsidiaries, operates as a media company in Europe.It operates through three segments: Entertainment, Dating & Video, and Commerce & Ventures.The Entertainment segment operates free TV stations and digital paltforms, such as SAT.1, ProSieben, Kabel Eins, sixx, SAT.1 Gold, ProSieben MAXX, and Kabel Eins Doku, as well as distributes ProSiebenSat.1 HD stations.


This segment is also involved in operating Marktguru and wetter.com; commercial websites; production and distribution programming portfolio, including entertainment, reality, and factual formats, as well as TV series, TV movies, and digital content; and operates Studio71, which offers digital content and web productions covering branded content, original production, content distribution, influencer products, and creator management.The Dating & Video segment engages in online matchmaking services for social dating and entertainment under the Parship, ElitePartner, eHarmony, LOVOO help singles brand names.This segment also provides video-based social dating and entertainment applications, such as MeetMe, Skout, Tagged, and GROWLr content for users.


The Commerce & Ventures segment engages in the consumer advice, experiences, and beauty and lifestyle businesses; and offers individual tailored support services for development of companies.ProSiebenSat.1 Media SE was founded in 1984 and is headquartered in Unterföhring, Germany.

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1.b. Last Insights on PSM

ProSiebenSat.1 Media SE's recent performance was driven by the company's strategic moves to strengthen its position. The approval of the deal with General Atlantic on the acquisition of minority stakes in ParshipMeet and NuCom Group is a positive development, paving the way for the sale of ProSieben's digital assets. Additionally, the company has lined up Morgan Stanley as defence advisers against MFE's takeover bid, indicating a proactive approach to protecting its interests.

1.c. Company Highlights

2. ProSiebenSat.1 Media SE: A Challenging H1 2025, But Signs of Resilience

ProSiebenSat.1 Media SE reported a 7% decline in Q2 2025 revenues to EUR 840 million, resulting in a 4% decline in H1 2025 revenues to EUR 1.695 billion. The adjusted EBITDA fell by 42% in Q2 and 44% in H1 2025, reaching EUR 41 million and EUR 65 million, respectively. The company's EPS came in at 0.761, significantly beating estimates of 0.2676. The revenue decline was largely driven by weak TV advertising revenues, which fell by 10% in Q2.

Publication Date: Sep -02

📋 Highlights
  • Revenue & Profit Declines:: Q2 2025 revenues fell 7% to EUR 840M; H1 2025 down 4% to EUR 1.695B. Adjusted EBITDA dropped 42% (Q2: EUR 41M) and 44% (H1: EUR 65M).
  • Entertainment Segment Weakness:: Q2 revenue down 7% and H1 down 4%, driven by 10% TV ad decline, offset by 2% growth in digital/smart advertising (Joyn’s AVoD).
  • Commerce & Ventures Resilience:: Stable Q2 2025 revenues despite Verivox sale, with 23% Q2 and 16% H1 like-for-like growth. Adjusted EBITDA declined 32% (Q2) and 17% (H1).
  • Dating & Video Struggles:: Q2 revenue down 27% and H1 down 24% due to sector softness and currency headwinds. Adjusted EBITDA stabilized at EUR 13M in Q2 via cost cuts.
  • Debt Reduction & Outlook:: Net debt fell EUR 54M to EUR 1.541B in Q2 2025. Group confirms 2025 guidance (revenues: EUR 3.85B±150M; adjusted EBITDA: below mid-point of EUR 520M±50M).

Segment Performance

The Entertainment segment, the company's largest, saw a 7% revenue decline in Q2 and a 4% decline in H1 2025, driven by weak TV advertising revenues. However, digital and smart advertising revenues increased by 2% due to the strong growth of Joyn's AVoD revenues. The Commerce & Ventures segment showed resilience with stable Q2 2025 revenues, growing by 23% on a like-for-like basis. The Dating & Video business faced challenges, with revenues declining by 27% in Q2 and 24% in H1 2025.

Financial Management and Outlook

ProSiebenSat.1 extended its senior credit facility agreement to 2029, securing long-term financing, and reduced its net financial debt by EUR 54 million year-on-year to EUR 1.541 billion at the end of Q2 2025. The company expects a further reduction in debt and leverage by year-end due to anticipated cash flows from the second half of the year. ProSiebenSat.1 remains cautiously optimistic about a gradual recovery in the advertising market in the second half of 2025.

Valuation and Growth Prospects

With a P/E Ratio of 35.61, P/B Ratio of 1.35, and EV/EBITDA of 5.82, the market seems to be pricing in a moderate growth outlook. Flaconi, a strong growth pillar, achieved a 33% revenue increase year-on-year in Q2, driven by returning and new customers. Analysts estimate next year's revenue growth at 1.9%. The company's focus on creating long-term value through strategic investments, disciplined financial management, and competitive cost structures is expected to drive growth.

Operational Highlights

ParshipMeet Group is undergoing a transformation to stabilize revenues and unlock growth potential, including a revised organizational structure and a more data-driven approach to marketing and product development. Joyn is experiencing strong AVoD growth, partially compensating for the challenging TV advertising market. Flaconi's EBITDA margin has steadily improved, driven by a stabilized German market and international expansion.

3. NewsRoom

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Is ProSiebenSat.1 (XTRA:PSM) Still Undervalued After Its Recent Share Price Rally?

Sep -09

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MFE-MediaForEurope Becomes Majority Shareholder in ProSiebenSat.1 Media

Sep -04

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ProSiebenSat.1 Shares Jump After MFE Raises Bid to $2.4 Billion Valuation

Jul -28

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MFE Raises Bid for ProSieben to $2.4 Billion Valuation

Jul -28

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ProSiebenSat.1 Media Takes Neutral Stance on PPF Takeover Bid

Jun -18

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Germany’s Jobless Numbers Tick Higher

May -28

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ProSiebenSat.1 Urges Shareholders to Reject MFE Takeover Bid

May -22

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PPF Group Launches Offer to Raise Stake in ProSiebenSat.1

May -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.69%)

6. Segments

Entertainment

Expected Growth: 3.5%

The Entertainment segment's growth is driven by increasing demand for premium content, expansion of digital platforms, and strategic partnerships. ProSiebenSat.1 Media SE's diverse portfolio of free TV channels, including ProSieben, Sat.1, and kabel eins, positions the company for growth in the European media market.

Commerce and Ventures

Expected Growth: 10.2%

The Commerce and Ventures segment is expected to grow driven by increasing e-commerce adoption, strategic investments in digital companies, and a strong venture capital portfolio, leveraging ProSiebenSat.1 Media SE's media reach and expertise.

Dating and Video

Expected Growth: 10.2%

Growing demand for online entertainment and social interaction, increasing adoption of video-on-demand services, and rising popularity of online dating platforms drive the segment's growth.

7. Detailed Products

Free TV

ProSiebenSat.1 Media SE operates several free-to-air TV channels, including ProSieben, Sat.1, kabel eins, sixx, and ProSieben MAXX, offering a range of entertainment, information, and sports programs.

Digital Entertainment

The company offers digital entertainment services, including maxdome, a video-on-demand platform, and Studio71, a multi-channel network for digital creators.

Content Production

ProSiebenSat.1 Media SE produces and distributes content through its subsidiaries, including Studio71, RedSeven Entertainment, and Constantin Film.

Advertising and Marketing

The company offers advertising and marketing solutions, including TV advertising, online advertising, and influencer marketing.

E-Commerce and Ventures

ProSiebenSat.1 Media SE invests in and partners with e-commerce companies, including Amorelie, a subscription-based online retailer.

8. ProSiebenSat.1 Media SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for ProSiebenSat.1 Media SE is moderate due to the presence of alternative media platforms and entertainment options.

Bargaining Power Of Customers

The bargaining power of customers is low for ProSiebenSat.1 Media SE, as the company has a diverse range of customers and a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for ProSiebenSat.1 Media SE, as the company relies on a few key suppliers for content and broadcasting services.

Threat Of New Entrants

The threat of new entrants is high for ProSiebenSat.1 Media SE, as the media industry is constantly evolving and new players can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry is high for ProSiebenSat.1 Media SE, as the company operates in a highly competitive media market with many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 65.03%
Debt Cost 5.13%
Equity Weight 34.97%
Equity Cost 11.28%
WACC 7.28%
Leverage 185.95%

11. Quality Control: ProSiebenSat.1 Media SE passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
M6

A-Score: 7.0/10

Value: 7.6

Growth: 2.3

Quality: 7.2

Yield: 10.0

Momentum: 5.5

Volatility: 9.0

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TF1

A-Score: 6.9/10

Value: 8.2

Growth: 3.6

Quality: 6.4

Yield: 9.4

Momentum: 6.0

Volatility: 8.0

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NRJ Group

A-Score: 6.9/10

Value: 7.8

Growth: 4.8

Quality: 5.6

Yield: 6.9

Momentum: 6.5

Volatility: 9.7

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Mediaforeurope

A-Score: 5.7/10

Value: 8.4

Growth: 2.9

Quality: 5.3

Yield: 9.4

Momentum: 5.0

Volatility: 3.0

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Borussia Dortmund

A-Score: 5.3/10

Value: 7.0

Growth: 6.6

Quality: 5.6

Yield: 1.2

Momentum: 5.0

Volatility: 6.7

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ProSiebenSat.1 Media

A-Score: 3.8/10

Value: 8.8

Growth: 1.8

Quality: 1.9

Yield: 3.8

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.98$

Current Price

4.98$

Potential

-0.00%

Expected Cash-Flows