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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Métropole Télévision    MMT   FR0000053225

MÉTROPOLE TÉLÉVISION

(MMT)
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M6 Métropole Télévision: Third Quarter 2020

10/27/2020 | 11:46am EST

Advertising revenue: €226.2 m (up 2.6%)
EBITA: €54.0 m (up 58.0%)
Operating margin: 18.1% (up 6.5 pps)

FIRST NINE MONTHS OF 2020

Advertising revenue: €626.8 m (down 17.5%)
EBITA: €138.3 m (down 24.2%)
Operating margin: 16.2% (down 1.9 pps)

Regulatory News:

M6 Métropole Télévision (Paris:MMT):

H1 Q3 9 months
 
(€ millions)

2020

2019

%

 

2020

2019

%

 

2020

2019

%

 

 

 

 

 

 

 

 

 

 

 

Multimedia advertising revenue

400.6

539.3

-25.7%

 

226.2

220.5

+2.6%

 

626.8

759.8

-17.5%

- of which TV advertising revenue

338.6

454.3

-25.5%

 

188.0

182.6

+3.0%

 

526.6

636.9

-17.3%

- of which other advertising revenue

62.0

85.0

-27.0%

 

38.2

37.9

+0.8%

 

100.2

122.9

-18.4%

Non advertising revenue

156.7

175.3

-10.6%

 

72.5

74.1

-2.1%

 

229.2

249.4

-8.1%

 

 

 

 

 

 

 

 

 

 

 

Consolidated revenue1

557.3

714.6

-22.0%

 

298.7

294.5

+1.4%

 

856.1

1 009.1

-15.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit from recurring operations (EBITA2)

84.4

148.3

-43.1%

 

54.0

34.2

+58.0%

 

138.3

182.4

-24.2%

Operating margin from recurring operations

15.1%

20.7%

-5.6 pps

 

18.1%

11.6%

+6.5 pps

 

16.2%

18.1%

-1.9 pps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit - Group share

162.3

88.4

+83.6%

 

33.6

20.2

+66.7%

 

195.9

108.6

+80.5%

A rapid recovery in consumer spending was seen during the summer period, following the end of lockdown. The Group’s advertising activities benefited and recorded growth of 2.6% during the third quarter, driven by Television (up 3.0%) which confirmed its leading role in the economic recovery.

Excluding the negative base effect of €9.2 million related to the deconsolidation of iGraal, non-advertising revenue rose by 12.0%, driven by the integration of the Youth TV division and the growth in film distribution revenue.

Over the 3rd quarter of 2020, M6 Group’s consolidated revenue was €298.7 million, an increase of 1.4%.

Moreover, during the third quarter the Group pursued its efforts to reduce costs, both in relation to its programme schedules and other operating expenses. Consolidated EBITA stood at €54.0 million, a significant increase of €19.8 million in comparison with the third quarter of 2019.

Over the first nine months of 2020, M6 Group generated revenue of €856.1 million, down €153.0 million or 15.2%, reflecting the acute impact of the lockdown measures on all its activities.

Consolidated EBITA for the 9 months to the end of September 2020 was €138.3 million, a year-on-year decline of €44.1 million (24.2%). The huge savings plan implemented helped to absorb 71% of the drop in revenue. This performance illustrates the Group’s agility and its swift response to the crisis.

Operating margin remained at a high level (16.2%), down 1.9 percentage points in relation to the first nine months of 2019.

Television

(€ millions)

2020

2019

%

 
TV advertising revenue
1st Quarter

202.9

221.8

-8.5%

2nd Quarter

135.7

232.5

-41.6%

3rd Quarter

188.0

182.6

+3.0%

Total 9 months

526.6

636.9

-17.3%

Other TV revenue
Total 9 months

71.2

58.3

+22.1%

 
Total TV segment revenue
Total 9 months

597.8

695.2

-14.0%

Following a summer of growth (5% in July and 11% in August), TV consumption maintained its solid momentum in September, during which it recorded daily viewing time of 3hrs 34mins3, a year-on-year increase of 17 minutes (up 9%).

Within this favourable climate, M6 Group’s free-to-air channels and their related services increased their power, attracting an average of 24.4 million viewers each day in September, an increase of 8%.

Over this period, the M6 channel stood out, leading the WRP<50 segment in the strategic access primetime slot (5.30-9.00pm)4, thanks to its dynamic programme line-up - Les Reines du Shopping / Tous en Cuisine / Le 19 45 / Scènes de ménages. It also enjoyed many primetime successes with, notably, the TV film Apprendre à t’aimer (4.4 million viewers), the France vs Sweden football match (5.0 million) and the return of both L’Amour est dans le pré (3.7 million) and Cauchemar en cuisine (3.2 million).

Indispensable for its power, TV advertising recovered in the third quarter due to the desire of advertisers to restart their activities after the lockdown, notably during the key back to school period. Thanks to its performance in the busiest day-time slots, M6 Group recorded a 3.0% (1.0% on a like-for-like basis) increase in TV advertising revenue in comparison with the third quarter of 2019.

Radio

(€ millions)

2020

2019

%

 
Radio revenue
1st Quarter

31.5

35.5

-11.2%

2nd Quarter

28.4

46.8

-39.2%

3rd Quarter

37.2

36.2

+2.8%

Total 9 months

97.1

118.5

-18.0%

Against the backdrop of the post-lockdown economic recovery, Radio advertising particularly benefited from its ability to promote in-store traffic (drive-to-store). Over the third quarter, the Radio advertising market thus bounced back strongly from the lows seen in spring, resulting in M6 Group’s Radio division recording growth of 2.8%.

Production and audiovisual rights

(€ millions)

2020

2019

%

 
Production and audiovisual rights revenue
1st Quarter

15.9

19.7

-19.5%

2nd Quarter

13.4

20.4

-34.2%

3rd Quarter

16.9

12.0

+40.0%

Total 9 months

46.1

52.1

-11.5%

Revenue from the Production and Audiovisual Rights division stood at €16.9 million in the 3rd quarter of 2020, an increase of 40.0% year on year.

Within an environment that continued to be impacted by the pandemic, SND made the strong decision to support cinema operators by continuing to release films.

6 films were released during the third quarter, generating 2.3 million admissions, compared with 1.3 million in 2019. The success of Les Blagues de Toto should in particular be highlighted, with the French family comedy achieving more than 1.0 million admissions since its release on 5 August 2020.

Diversification

(€ millions)

2020

2019

%

 
Diversification revenue
1st Quarter

44.9

51.9

-13.5%

2nd Quarter

36.3

50.7

-28.4%

3rd Quarter

33.3

40.5

-18.0%

Total 9 months

114.4

143.1

-20.0%

Diversification revenue totalled €33.3 million for the 3rd quarter of 2020, a year-on-year decrease of €7.3 million. This decline was primarily due to the deconsolidation of iGraal (€9.2 million in revenue in the third quarter of 2019), partially offset by the growth in revenue generated by Best of TV.

Financial position

At 30 September 2020, the Group had shareholders’ equity of €987.9 million, compared with €772.9 million at 31 December 2019, an increase of €215.0 million that essentially reflects the net profit for the first nine months (including in particular the capital gains related to the sales of iGraal and Bedrock), and the fact that no dividend was paid out in 2020 for 2019.

Group share of net profit for the first nine months was €195.9 million.

In September, the Group also paid back in full the €180 million in bank credit facilities taken out in March to manage its liquidity risk during the Covid-19 crisis.

As such, the Group recorded net debt of €11.1 million5 at 30 September 2020, compared with €98.7 million at 31 December 2019, and had €99.0 million in cash and cash equivalents, retaining the ability to draw down its credit facilities at any moment.

Outlook

Within an uncertain TV advertising market with reduced visibility since the introduction of further curfew measures, M6 Group will seek to consolidate the strength of its audience figures during strategic timeslots, notably thanks to its strong brands. It will also remain particularly attentive to cost control.

A new milestone in the development of the Group’s on-demand operations was passed on 20 October, with the launch of Salto. Alongside its partners, it will provide an ambitious response to the new expectations of the viewing public, with a high quality, innovative and easy to access service offering a wide range of unrivalled content.

Salto is expected to have a negative impact of €9 million on the Group’s 2020 net profit.

Lastly, the fourth quarter will be marked by the deconsolidation of the home shopping activity, following the sale of Home Shopping Service on 1 October 2020.

Next release: 2020 full-year financial information on 16 February 2021 after close of trading
M6 Métropole Télévision is listed on Euronext Paris, Compartment A
Ticker: MMT, ISIN Code: FR0000053225

1 The information provided is intended to highlight the breakdown of consolidated revenue between advertising and non-advertising revenue. Group advertising revenue includes TV advertising revenue (advertising revenue of free-to-air channels M6, W9, 6ter and Gulli, and the platforms 6play and Gulli Replay, as well as the share of advertising revenue from pay channels), the advertising revenue of radio stations RTL, RTL2 and Fun, and the share of advertising revenue generated by diversification activities (mainly Internet).
2 Profit from recurring operations (EBITA) is defined as operating profit (EBIT) before amortisation and impairment of intangible assets (excluding audiovisual rights) related to acquisitions and capital gains and losses on the disposal of financial assets and subsidiaries.
3 Source: Médiamétrie Médiamat
4 Monday-Friday
5 The net cash position does not take into account lease liabilities resulting from the application of IFRS 16 – Leases from 1 January 2019.


© Business Wire 2020
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Financials
Sales 2020 1 255 M 1 525 M 1 525 M
Net income 2020 146 M 178 M 178 M
Net Debt 2020 5,17 M 6,28 M 6,28 M
P/E ratio 2020 12,1x
Yield 2020 5,02%
Capitalization 1 664 M 2 022 M 2 022 M
EV / Sales 2020 1,33x
EV / Sales 2021 1,22x
Nbr of Employees 1 812
Free-Float 43,7%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 12,73 €
Last Close Price 13,24 €
Spread / Highest target 31,4%
Spread / Average Target -3,88%
Spread / Lowest Target -44,9%
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Managers
NameTitle
Nicolas Abel Bellet de Tavernost Chairman-Executive Board
Elmar Heggen Chairman-Supervisory Board
Jérôme Lefébure Chief Financial & Administrative Officer
Mathias Bejanin Chief Technical Officer
Valéry Gerfaud Chief Technology & Digital innovation Officer
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