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1. Company Snapshot

1.a. Company Description

Télévision Française 1 Société anonyme engages in the broadcasting, studios and entertainment, and digital businesses in France and internationally.The company offers DTT channels, including TMC, TFX, and TF1 Séries Films; Theme channels, such as TV Breizh, Ushuaïa TV, and Histoire TV; e-TF1; websites; and advertising services, as well as TF1, which covers sports, French drama, news, entertainment, sports, and movies.It also operates studios, including Newen Studios; TF1 Studio; and entertainment channel comprising TF1 Entertainment.


In addition, the company operates Unify, a digital channel.Further, it offers digital market consulting, digital content management, theme channel.content/broadcasting internet and TV services, and TV news images agency services.


Télévision Française 1 Société anonyme was incorporated in 1982 and is based in Boulogne, France.

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1.b. Last Insights on TFI

Télévision Française 1 Société anonyme's recent performance was driven by a 3% increase in consolidated revenue, as reported in its full-year 2024 earnings call. The company outlined future growth strategies, positioning itself for success amidst market challenges. Additionally, the company's dividend payout has made it an attractive option for investors seeking steady income streams in volatile times. Furthermore, the European Central Bank's rate cut has supported investor sentiment, benefiting Télévision Française 1 Société anonyme's dividend stocks.

1.c. Company Highlights

2. TF1 Group's 9M 2025 Earnings: A Resilient Performance

TF1 Group reported a stable consolidated revenue of EUR 1.6 billion for the first nine months of 2025, despite a challenging advertising environment. The group's advertising revenue declined by 2% to EUR 1.1 billion, but this was offset by a strong performance from TF1+, which saw its advertising revenue rise by 41% to EUR 134 million. The group's net cash position remained robust, with EUR 465 million at the end of September, up EUR 101 million year-on-year. EPS came in at 0.3651, significantly beating estimates of 0.19.

Publication Date: Nov -26

📋 Highlights
  • Audience Share Growth:: TF1 increased audience share by 0.8 points (33.8% among women under 50) and 0.7 points (30.7% among 25-49 age group) YoY.
  • Advertising Revenue on TF1+:: Surged 41% to EUR 134 million, driven by 36 million average monthly streamers (peaking at 41 million in September).
  • Financial Position Strengthened:: Net cash rose EUR 101 million YoY to EUR 465 million, despite advertising revenue decline to EUR 1.1 billion (-2%).
  • Studio TF1 Performance:: Revenue up 11% to EUR 213 million, with COPA (Operating Cash Flow After) jumping EUR 13 million to EUR 20 million.
  • Strategic Expansion:: TF1+ to launch all 5 linear channels on Netflix from summer 2026, leveraging global reach and AI-driven recommendations.

Segment Performance

The TF1 channel maintained its leadership position, with an audience share of 18.8%, up 0.2 points year-on-year. TF1+ continued to drive growth, attracting 36 million streamers per month on average, with a new record of 41 million in September. Studio TF1's revenue grew by 11% to EUR 213 million, driven by a strong performance from COPA, which reached EUR 20 million.

Outlook and Valuation

The group confirmed its 2025 targets, including strong double-digit revenue growth in digital and a growing dividend policy. Analysts estimate next year's revenue growth at 0.8%. With a current P/E Ratio of 9.21 and a Dividend Yield of 7.34%, the stock appears to be reasonably valued. Additionally, the group's ROIC of 8.38% and ROE of 9.33% indicate a strong ability to generate returns on capital and equity.

Strategic Plan

The second phase of TF1's strategic plan involves expanding its distribution strategy, including the introduction of micro payments and the extension of TF1+ to French speakers worldwide. As Pierre-Alain Gerard, Executive VP of Finance, Strategy, and Procurement, noted, the group plans to show all 5 linear channels on Netflix starting in summer 2026, unlocking additional reach and benefiting from Netflix's expertise in content recommendation.

Conclusion of Financial Health

The group's net cash position and strong financial performance indicate a healthy financial position, further reinforced by a Free Cash Flow Yield of 11.13%. The EV/EBITDA ratio of 1.74 suggests that the group's enterprise value is reasonable relative to its earnings before interest, taxes, depreciation, and amortization.

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.14%)

6. Segments

Media

Expected Growth: 1.2%

Télévision Française 1 Société anonyme's 1.2% growth is driven by increasing advertising revenue, fueled by a rise in TV viewership and digital platform engagement. Additionally, the company's diversification into new media formats, such as streaming services, has expanded its reach and attracted new audiences.

Newen Studios

Expected Growth: 0.8%

Newen Studios' 0.8 growth driven by increasing demand for French content, strategic acquisitions, and expansion into international markets. Strong partnerships with Télévision Française 1 Société anonyme and other industry players also contribute to growth. Additionally, investments in digital content creation and production capabilities enhance competitiveness.

7. Detailed Products

TF1 News

A 24/7 news channel providing live coverage of national and international news, as well as in-depth analysis and debate.

TF1 Series

A range of popular TV series, including dramas, comedies, and documentaries, available on-demand and live.

TF1 Films

A selection of movies, including new releases and classic films, available for rent or purchase.

TF1 Sports

Live and on-demand coverage of sports events, including football, rugby, tennis, and more.

TF1 Entertainment

A range of entertainment programs, including game shows, reality TV, and variety shows.

TF1 Kids

A selection of children's programming, including cartoons, educational shows, and kids' movies.

TF1 Documentaries

A collection of documentaries covering a range of topics, from science and history to nature and culture.

8. Télévision Française 1 Société anonyme's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Télévision Française 1 Société anonyme is medium because while there are some substitutes available, they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Télévision Française 1 Société anonyme is low because customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Télévision Française 1 Société anonyme is medium because while suppliers have some bargaining power, the company has a strong negotiating position.

Threat Of New Entrants

The threat of new entrants for Télévision Française 1 Société anonyme is high because the industry is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for Télévision Française 1 Société anonyme is high because the industry is highly competitive and there are many 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 8.27%
Debt Cost 9.30%
Equity Weight 91.73%
Equity Cost 9.30%
WACC 9.30%
Leverage 9.01%

11. Quality Control: Télévision Française 1 Société anonyme passed 6 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

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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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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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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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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

8.23$

Current Price

8.23$

Potential

-0.00%

Expected Cash-Flows