Kepler ups broadcaster MFE to 'buy', valuation discount 'unjustified' after FY

Mfe-mediaforeurope NV

28/04/2026 10:01

** Kepler Cheuvreux raises its rating for European broadcaster MediaForEurope (MFE) MFEB.MI to 'buy' from 'hold', fine-tuning its estimates after MFE published its FY results and disclosed its new business segments

** In its first quarter with the full contribution of recently acquired ProSiebenSat1 PSMGn.DE, MFE's revenues and net profit came in above expectations, flagging resilience in TV ad revenues in Italy compared to declines in Spain and Germany

** Kepler increases its PT by 4.5% to 4.65 euros per share, assuming the group realises 50% of its acquisition synergies

** In a scenario of 100% of synergies achieved, its PT would rise to 5.7 euros per share

** "Even accounting for uncertainties around MFE ... we believe the discount at which the stock is trading after the recent share price correction is unjustified," broker says

** Out of 10 analysts that cover MFE, seven rate the stock  "buy," ​one rates it "hold" and two​ maintain a "sell" rating - LSEG data

 (Enrico Sciacovelli)

 ((Enrico.sciacovelli@thomsonreuters.com))