Download PDF

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.

Show Full description

1.b. Last Insights on TFI

Decline in traditional advertising revenue poses a challenge, despite efforts to offset this through digital expansion and strategic partnerships. The most recent earnings release highlighted this downward trend, underscoring the need for continued adaptation to shifting market dynamics. According to the Full Year 2025 Earnings Call, this decline has been a notable headwind, testing the company's ability to navigate evolving viewer habits and advertising landscapes.

1.c. Company Highlights

2. TF1 Group's 2025 Earnings: A Resilient Performance Amidst a Declining Advertising Market

TF1 Group reported a consolidated revenue of EUR 2.3 billion in 2025, almost stable like-for-like and at constant currency. The group's COPA (Current Operating Profit After Amortization) amounted to EUR 252 million, in line with the company compiled consensus. The Media segment reported COPA of EUR 212 million, a year-on-year decrease of EUR 47 million mainly resulting from the decline in advertising revenue. The EPS came out at EUR 0.3651, beating estimates of EUR 0.19. The group's margin from activities stood at 11%, corresponding to the midpoint of the revised target range provided during their Q3 2025 results.

Publication Date: Mar -08

📋 Highlights
  • Stable Linear Audience Share:: TF1 maintained 18.7% audience share in 4+-target group, stable vs. prior year.
  • TF1+ Advertising Growth:: Streaming platform’s ad revenue surged 40% YoY to nearly EUR 200 million in 2025.
  • Nonlinear Consumption:: 20% of TF1’s viewing now comes from nonlinear channels for 25–49-year-olds.
  • Micro Payment Momentum:: 700,000 transactions recorded (Sept–Dec 2025), with 3 avg. monthly purchases per user.
  • Studio Revenue Growth:: Studio TF1 revenue rose 9% YoY to EUR 376 million, driven by JPG acquisition.

Revenue Streams and Advertising Performance

The group's advertising revenue decreased by 4% year-on-year to EUR 1.6 billion, while TF1+ maintained a strong growth momentum, with its advertising revenue rising by nearly 40% year-on-year to close to EUR 200 million. The group's content achieved unparalleled scale, reaching 60 million monthly viewers, equivalent to 94% of the French population. As Rodolphe Belmer, the CEO, noted, "the secular trend of viewers migrating to digital results in a 10% year-over-year decline in watching time among commercial targets."

Digital Growth and Micro Payments

TF1+ has established itself as the leading free streaming platform for French-speaking audiences, driving growth across all key metrics from brand awareness to monetization. The platform attracted 38 million streamers per month in 2025, a 15% increase from 2024. The group has also seen positive results from its micro payment feature, with 700,000 transactions recorded between September and December, and a penetration rate of between 1% and 2% of the total population that tried the service.

Valuation and Outlook

The stock is currently trading at a P/E Ratio of 9.91, a P/B Ratio of 0.74, and a Dividend Yield of 8.37%. The group's reiterated targets include achieving a strong double-digit revenue growth in digital in 2026 and maintaining a mid- to high single-digit margin from activities. Analysts estimate next year's revenue growth at 4.0%. With a solid financial position, including a net cash position of EUR 515 million, the group is well-positioned to continue its growth trajectory.

Strategy and Priorities

The group's priorities for 2026 include securing the business in France, expanding the customer mix through collaborations with streaming platforms, and expanding film production and distribution. The group aims to maintain its market share in the linear market and continue to deliver solid double-digit growth in digital. With a focus on enhancing media buying effectiveness and developing new forms of monetization, TF1 Group is poised to navigate the challenges of a declining advertising market.

3. NewsRoom

Card image cap

Television Francaise 1 SA (TVFCF) Full Year 2025 Earnings Call Highlights: Navigating ...

Feb -13

Source:

Card image cap

3 European Dividend Stocks To Consider

Jan -02

Source:

Card image cap

3 European Dividend Stocks Yielding Up To 9.8%

Sep -10

Source:

Card image cap

Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

Source:

Card image cap

Vaisala Corporation: Share Repurchase 9.9.2025

Sep -09

Source:

Card image cap

Assessing Acciona (BME:ANA)'s Valuation After Recent Subtle Moves

Sep -09

Source:

Card image cap

Deutsche Bank (XTRA:DBK): Assessing Valuation After a Period of Quiet Share Price Momentum

Sep -09

Source:

Card image cap

Is Vaisala (HLSE:VAIAS) Undervalued? A Fresh Look at Its Current Valuation

Sep -09

Source:

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: 8.8

Growth: 3.7

Quality: 6.3

Yield: 10.0

Momentum: 7.5

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Atresmedia

A-Score: 7.2/10

Value: 7.3

Growth: 3.8

Quality: 7.0

Yield: 10.0

Momentum: 7.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
M6

A-Score: 7.2/10

Value: 7.5

Growth: 2.2

Quality: 7.2

Yield: 10.0

Momentum: 7.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
TF1

A-Score: 7.1/10

Value: 8.3

Growth: 3.6

Quality: 6.4

Yield: 9.4

Momentum: 6.5

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
NRJ Group

A-Score: 7.0/10

Value: 7.9

Growth: 4.7

Quality: 5.6

Yield: 6.9

Momentum: 7.5

Volatility: 9.7

1-Year Total Return ->

View Full Report
Stock-Card
Mediaforeurope

A-Score: 6.0/10

Value: 9.0

Growth: 2.9

Quality: 5.9

Yield: 10.0

Momentum: 5.0

Volatility: 3.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.86$

Current Price

6.87$

Potential

-0.00%

Expected Cash-Flows