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1. Company Snapshot

1.a. Company Description

Métropole Télévision S.A. provides a range of programs, products, and services on various media.It operates through four segments: Television, Radio, Production and Audiovisual Rights, and Diversification.The company operates free-to-air channels, including M6, W9, 6TER, and Gulli; pay channels, such as Paris Première, Téva, sérieclub, Canal J, Tiji, M6 Music, MCM, MCM Top, and RFM TV; on-demand televisions comprising 6play, Gulli Max, and Gulli Replay; and advertising agency, as well as produces news magazines comprising Capital, Zone Interdite, Enquête Exclusive, 66 Minutes, and Enquêtes criminelles for W9.


It also operates radio stations that include RTL, RTL2, and Fun Radio; distributes audiovisual film rights; and produces and co-produces films.In addition, the company engages in the TV channel broadcasting business; production, co-production, or co-distribution of short and long-playing formats, which comprise singles and albums, as well as compilations on physical and digital formats; and events and shows, including concerts, stand-up comedians, music shows, exhibitions, etc.Further, it engages in the program production, digital production and publishing, merchandising rights exploitation, estate agency, animated feature films production, Internet content and access provision, print publications, and teleshopping program activities.


It also provides training and wholesale trade services; sells house; and develops cinematographic works.Métropole Télévision S.A. was incorporated in 1986 and is headquartered in Neuilly-sur-Seine, France.

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1.b. Last Insights on MMT

Métropole Télévision S.A.'s recent performance was negatively impacted by a decline in advertising revenue, as evident from its Q1 2025 earnings release. The company's advertising sales decreased, partly due to a challenging macroeconomic environment. Additionally, the absence of significant new product launches or strategic acquisitions in the quarter further contributed to the negative sentiment. The company's focus on ramping up investments in streaming, as mentioned in its 2024 results, may not have yet translated into significant short-term gains.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.78%)

6. Segments

Television

Expected Growth: 1.8%

Métropole Télévision S.A.'s 1.8% growth in Television segment is driven by increasing demand for premium content, expansion into new markets, and strategic partnerships. Additionally, investments in digital platforms and targeted advertising have contributed to the growth. Furthermore, the company's focus on producing high-quality, engaging content has attracted a loyal viewer base, resulting in increased viewership and revenue.

Radio

Expected Growth: 1.5%

Radio Métropole Télévision S.A.'s 1.5% growth is driven by increasing advertising revenue, fueled by a growing audience and improved ad targeting. Additionally, the company's expansion into digital radio and podcasting has attracted new listeners, while strategic partnerships and content diversification have enhanced its offerings.

Production and Audiovisual Rights

Expected Growth: 2.5%

Strong demand for French content, increasing popularity of Métropole Télévision's productions, and strategic partnerships driving licensing revenue growth. Additionally, expansion into new markets, such as streaming platforms, and diversification of content offerings contribute to the 2.5% growth in Production and Audiovisual Rights.

Diversifications

Expected Growth: 1.2%

Métropole Télévision S.A.'s 1.2% growth driven by diversification into digital media, expansion into new markets, and strategic acquisitions. Increased focus on content creation, subscription-based models, and advertising revenue growth also contribute to growth. Additionally, cost optimization and operational efficiencies support profitability.

Eliminations and Unallocated Items

Expected Growth: 0.5%

Métropole Télévision S.A.'s 0.5% growth in Eliminations and Unallocated Items is driven by moderate revenue synergies from recent acquisitions, offset by increased operational costs and investments in digital transformation. Additionally, the company's efforts to optimize its cost structure and improve operational efficiency have contributed to this growth.

7. Detailed Products

M6

A French television service that offers a wide range of programs including news, sports, fiction, and entertainment

W9

A French television channel that focuses on documentaries, magazines, and entertainment programs

6ter

A French television channel that targets a younger audience with a focus on entertainment, music, and lifestyle

Telematin

A French morning news program that covers current events, news, and weather

Capital

A French business and economic news channel

Story

A French television channel that focuses on documentaries, investigations, and reality TV

Gulli

A French television channel that targets children and families with a focus on animation, cartoons, and educational programs

Gulli Africa

A French-language television channel that targets African audiences with a focus on entertainment, news, and sports

M6 Boutique & Co

An e-commerce platform that offers a range of products, including fashion, beauty, and home goods

8. Métropole Télévision S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Métropole Télévision S.A. faces moderate threat from substitutes, as there are limited alternatives to television broadcasting in France. However, the rise of online streaming services and social media platforms poses a moderate threat to the company's market share.

Bargaining Power Of Customers

Métropole Télévision S.A. has a diverse customer base, including advertisers, viewers, and content providers. However, the bargaining power of customers is relatively low due to the company's strong brand reputation and limited alternatives.

Bargaining Power Of Suppliers

Métropole Télévision S.A. relies on a diverse range of suppliers, including content providers, equipment manufacturers, and service providers. The bargaining power of suppliers is moderate, as the company has some flexibility in choosing its suppliers.

Threat Of New Entrants

The threat of new entrants in the French television broadcasting market is relatively low due to high barriers to entry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The French television broadcasting market is highly competitive, with several major players competing for market share. Métropole Télévision S.A. faces intense rivalry from other broadcasters, including TF1, France Télévisions, and Canal+.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.15%
Debt Cost 3.95%
Equity Weight 90.85%
Equity Cost 9.67%
WACC 9.14%
Leverage 10.07%

11. Quality Control: Métropole Télévision S.A. passed 8 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
RCS MediaGroup

A-Score: 7.5/10

Value: 8.5

Growth: 3.7

Quality: 6.9

Yield: 9.4

Momentum: 8.5

Volatility: 8.0

1-Year Total Return ->

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Atresmedia

A-Score: 7.1/10

Value: 7.0

Growth: 3.9

Quality: 7.0

Yield: 10.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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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

1-Year Total Return ->

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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

1-Year Total Return ->

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Stock-Card
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

1-Year Total Return ->

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Stock-Card
Mediaforeurope

A-Score: 5.7/10

Value: 8.4

Growth: 2.9

Quality: 5.3

Yield: 9.4

Momentum: 5.0

Volatility: 3.0

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

12.54$

Current Price

12.54$

Potential

-0.00%

Expected Cash-Flows