European media: Barclays sees Middle East potential conflict risk, cuts TF1 to 'underweight'

Jcdecaux SE

05/03/2026 09:22

** Barclays assesses the European media sector's exposure to the Middle East conflict, noting heightened geopolitical and macro uncertainty is bad for cyclical names

** The brokerage finds direct exposure limited among European media companies, maintaining its "neutral" rating on the sector

** It adds the main exceptions are online game platform Stillfront SFRG.ST, exhibitions group Informa INF.L, and outdoor advertiser JCDecaux JCDX.PA, though keeping its "Overweight" rating on the three stocks

** In its recession scenario analysis, the broker notes that cyclical stocks that have not de-rated recently, such as broadcasters, "screen the worst" for potential downside

** As a result, Barclays downgrades French broadcaster Television Francaise 1 TFFP.PA to "underweight" from "equal weight" as a "relative call" within the sector, cutting its PT by 22% to EUR 7.00

** Barclays states "TF1 continues to be under cyclical and structural pressure and we see better value elsewhere", also citing poor trends in French television advertising for the downgrade

(Reporting by Clement Martinot)

((Clement.Martinot@thomsonreuters.com;))