Television Francaise 1 S.A. Feb 09
Standard & Poors, February 2009
Abstract
Leading position in French free-to-air TV market Good free cash flow generation and conservative financial policy Favorably competitive and regulated TV market Track record of moderate programming cost increases outside high-profile sports events Early diversification strategy including a sizable portfolio of in-house thematic channels Lack of business diversification with high exposure to cyclical advertising market Steady erosion of TF1 channel's audience share in a context of increasing multi-channel penetration Weak discretionary cash flow generation, affected by high dividend payments Low profitability of diversification activities The ratings continue to be supported by TF1's superior position in free-to-air TV in the regulated French TV market, good free cash flow generation, and a moderate financial profile. The company's financial profile is in particular...
Companies mentioned in this report are: Television Francaise 1 S.A.,Bouygues S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Television Francaise 1 S.A.,Bouygues S.A.
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW4
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
