Corrected: BUZZ-Berenberg starts Banijay with 'buy' on growth potential

Banijay NV

30/09/2025 10:32

Corrects spelling of Berenberg in headline, no change to text

**  Berenberg initiates coverage on the French media group Banijay BNJ.AS  with a "buy" rating, as structural trends benefit the company in both of its divisions

** The media group's shares rise 2.2%

** The broker sees its entertainment arm, which produces "Peaky Blinders" and "MasterChef", positioned for a steady growth thanks to increasing local content and rising exposure to global streamers

** It also highlights the company's gaming division, anchored by sports betting platform Betclic, as it profits from the ongoing shift of betting from offline to online and a growing average revenue per user

** Berenberg expects Banijay's gaming division to outperform peers, with a 12.5% revenue and 12.0% EBITDA CAGR over 2025-2028, compared to the expectation for listed peers of respectively 6% and 9% on median

 (Reporting by Jérôme Terroy)

 ((jerome.terroy@thomsonreuters.com))