FL Entertainment N.V. (FLE.AS) | Investment Case

1. Company Snapshot

1.a. Company Description

FL Entertainment N.V. engages in the content production and distribution, and online sports betting and gaming businesses in Europe.It produces scripted and non-scripted content across various genres, including reality shows, entertainment and talk shows, game shows, factual entertainment, documentary, drama, animation, and comedy; and operates online sports betting platforms.The company was founded in 1994 and is based in Paris, France.

Show Full description

1.b. Last Insights on FLE

FL Entertainment N.V. experienced a 2.0% performance over the past three months, driven by a series of share transactions and a strong start to 2024. The company's Q1 2024 results showed a 10.6% revenue increase and an 11.2% adjusted EBITDA growth. The rebranding to Banijay Group and the successful AGM further boosted investor confidence, contributing to the stock's performance.

1.c. Company Highlights

Last Price	9.45
Change Percentage	0.53%
Open	9.4
Previous Close	9.4
Market Cap ( Millions)	4000
Volume	31
Year High	11.8
Year Low	7.9
M A 50	9.25
M A 200	8.84

FCF Yield	10.80%
Dividend Yield	0.00%
ROE	272.04%
Debt / Equity	9361.21%
Net Debt / EBIDTA	489.28%
Price To Book	119.53
Price Earnings Ratio	64.88
Price To FCF	9.26
Price To sales	0.93
EV / EBITDA	12.35

2. Transcript Summary

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3. NewsRoom

FL Entertainment: Weekly share transactions

Jun -10

Source:

FL Entertainment: Weekly share transactions

Jun -03

Source:

Banijay Group announces results of its 2024 annual general meeting of shareholders

May -23

Source:

FL Entertainment: Weekly share transactions

May -21

Source:

Banijay Group: Q1 2024 results

May -15

Source:

FL Entertainment Becomes Banijay Group

May -15

Source:

FL Entertainment: Weekly share transactions

May -14

Source:

FL Entertainment: Weekly share transactions

May -07

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.24%)

6. Segments

Content Production & Distribution

Expected Growth: 10.2%

Growing demand for engaging content, increasing adoption of digital media, and expansion of FL Entertainment N.V.'s content offerings across TV, film, and digital platforms drive growth in Content Production & Distribution segment.

Online Sports Betting & Gaming

Expected Growth: 10.4%

Growing demand for online entertainment, increasing adoption of digital platforms, and rising popularity of sports betting and gaming activities drive the growth of FL Entertainment N.V.'s online sports betting and gaming segment.

7. Detailed Products

Lottery Games

FL Entertainment N.V. offers a range of lottery games, including Eurojackpot, EuroMillions, and other national lotteries, providing players with a chance to win life-changing prizes.

Sports Betting

FL Entertainment N.V. provides sports betting services, allowing customers to place bets on various sports events, including football, tennis, basketball, and more.

Casino Games

The company offers a diverse portfolio of casino games, including slots, table games, and live dealer games, providing an immersive gaming experience.

Poker

FL Entertainment N.V. operates online poker rooms, offering a variety of poker games, including Texas Hold'em, Omaha, and more.

Bingo

The company provides online bingo services, featuring a range of bingo games, including 75-ball, 90-ball, and themed bingo rooms.

8. FL Entertainment N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

FL Entertainment N.V. operates in a highly competitive industry, and there are many substitutes available to customers. However, the company's strong brand recognition and customer loyalty help to mitigate the threat of substitutes.

Bargaining Power Of Customers

FL Entertainment N.V. has a large customer base, but individual customers do not have significant bargaining power. However, the company's customers are highly price-sensitive, which gives them some bargaining power.

Bargaining Power Of Suppliers

FL Entertainment N.V. has a diverse supplier base, and no single supplier has significant bargaining power. The company's large scale of operations also gives it bargaining power over its suppliers.

Threat Of New Entrants

The entertainment industry has high barriers to entry, including significant capital requirements and regulatory hurdles. However, new entrants can still disrupt the market with innovative products and services.

Intensity Of Rivalry

The entertainment industry is highly competitive, with many established players and new entrants vying for market share. FL Entertainment N.V. faces intense competition from other entertainment companies, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	98.94%
Debt Cost	3.95%
Equity Weight	1.06%
Equity Cost	2.02%
WACC	3.93%
Leverage	9361.21%

11. Quality Control: FL Entertainment N.V. passed 1 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Telekom Austria

A-Score: 6.8/10

Value: 8.1

Growth: 4.7

Quality: 6.5

Yield: 6.9

Momentum: 6.5

Volatility: 8.3

1-Year Total Return ->

Ströer

A-Score: 5.4/10

Value: 6.2

Growth: 5.6

Quality: 5.8

Yield: 8.1

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

Bolloré

A-Score: 5.1/10

Value: 10.0

Growth: 2.4

Quality: 4.8

Yield: 1.9

Momentum: 1.5

Volatility: 10.0

1-Year Total Return ->

CTS Eventim

A-Score: 4.5/10

Value: 2.2

Growth: 7.9

Quality: 6.8

Yield: 2.5

Momentum: 2.5

Volatility: 5.0

1-Year Total Return ->

FL Entertainment

A-Score: 3.4/10

Value: 3.8

Growth: 5.1

Quality: 4.3

Yield: 0.0

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

Vivendi

A-Score: 2.7/10

Value: 4.8

Growth: 1.7

Quality: 3.3

Yield: 4.4

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-7.47%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

3.93%

FL Entertainment N.V. - NL0015000X07

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FLE

1.c. Company Highlights

Less Volatile

Expensive

Average Quality

Stable Momentum

Medium Volatility

Fairly Valued

More Volatile

Lower Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.24%)

6. Segments

Content Production & Distribution

Expected Growth: 10.2%

Online Sports Betting & Gaming

Expected Growth: 10.4%

7. Detailed Products

Lottery Games

Sports Betting

Casino Games

Poker

Bingo

8. FL Entertainment N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: FL Entertainment N.V. 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.45$

Current Price

9.45$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA