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Television Francaise 1 S.A. Feb 08
Standard & Poors, February 2008
Superior position in French free-to-air TV market Increasing TV consumption in a favorably competitive and deregulating TV market Early diversification strategy including in-house thematic channels Track record of moderate programming cost increases outside high-profile sports events Solid cash generation and conservative financial policy Exposure to cyclical advertising revenues Lack of geographic and moderate business diversification TF1 channel's audience share likely to decrease and exposure to new entertainment technologies Modest discretionary cash flow generation Position as potential industry consolidator The ratings on leading French TV broadcaster T-l-vision Fran-aise 1 S.A. (TF1) reflect its superior position in free-to-air TV in the deregulating French market, good free cash flow generation, and conservative financial profile. These factors are partially offset by the group's high...
Companies mentioned in this report are: Television Francaise 1 S.A.,Bouygues S.A.
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Television Francaise 1 S.A.,Bouygues S.A.