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Television Francaise 1 S.A. Feb 09
Standard & Poors, February 2009
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.
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Television Francaise 1 S.A.,Bouygues S.A.