TF1 slips as Kepler Chevreux cuts rating on declining market outlook

Television Francaise 1 SA

21/07/2025 08:32

** Shares in France's broadcaster TF1 TFFP.PA slump 5.4% after Kepler Cheuvreux cut the stock to "hold" from "buy", citing mounting risk of revenue declines

** Kepler says "risks skew negative" due to a weakening ad market and tough comparisons

** The brokerage cuts its PT by 5% to EUR 9.50

** It lowers its forecast for 2025 advertising revenue decline to -2.1% from a prior -0.5%, which results in current operating profit margin forecast cut to 11.3% from 11.8%

** The broker highlights an uncertain future, noting that rival M6 MMTP.PA will hold the 2026 FIFA World Cup rights, the first time the major sporting event will not be broadcast by TF1

** Out of seven analysts covering TF1, four rate it "strong buy" or "buy", while three "hold"

 (Reporting by Mateusz Rabiega)

 ((Mateusz.rabiega@thomsonreuters.com;))