olivLaw · European equity research
Métropole Télévision MMT.PA
France · Euronext Paris · ISIN FR0000053225 · Vertical: Listed companies from France
Métropole Télévision, the parent of the M6 group, is a multimedia group combining free-to-air television with production, film distribution, children's play parks and digital diversifications. Against a backdrop of declining TV audiences and dependence on advertising, diversification and in-house production are increasingly important, and the group was valued at 1.4 billion euros at end-2024.
At the close of 05 Nov 2026, Métropole Télévision (MMT.PA) stock was 11.66 EUR (+2.82% on the day), with market capitalisation 1.5 bn EUR, P/E 8.5 on diluted EPS of 1.36 EUR over the last 12 months, dividend yield 10.72%, beta 0.45, 52-week range 10.02–12.98 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 73.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 9.44 – 11.12
- above the upper band · %B 1.32 · band width 16.3%
- SMA 50 / 200
- 10.94 / 11.66
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.19
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.9% | −0.6% | +16.6 pp | — |
| 3 months | −3.3% | −4.2% | +0.9 pp | — |
| 6 months | +1.6% | +4.3% | −2.8 pp | — |
| Year to date | −4.3% | +7.5% | −11.8 pp | — |
| 1 year | −1.9% | +9.9% | −11.8 pp | −6.8% |
| 3 years | −3.5% | +49.8% | −53.3 pp | −15.9% |
| 5 years | −38.2% | +42.8% | −81.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.0, median 8.2, max 12.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | −3.0% | −0.3% |
| Net income | 161.5 m | 234.1 m | 172.8 m |
| Net income YoY | unavailable | +45.0% | −26.2% |
| Diluted EPS | 1.27 | 1.85 | 1.36 |
| Diluted EPS YoY | unavailable | +45.6% | −26.4% |
| net % | 11.9% | 17.8% | 13.2% |
| Free cash flow | 289.5 m | 300.7 m | 187.4 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 332.0 m EUR
- Financial debt
- 79.3 m EUR
- Net debt
- -252.7 m EUR
- Equity
- 1.4 bn EUR
- Total assets
- 2.1 bn EUR
- Debt / equity
- 0.06x
- Current ratio
- 2.10x
- ROE
- 12.8%
- ROA
- 8.4%
- FCF margin
- 14.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.3 bn | esef· 24 Sept 2025verified |
| Operating income | 312.0 m | 305.5 m | 232.5 m | esef· 24 Sept 2025verified |
| Pre-tax income | 241.2 m | 324.7 m | 238.6 m | esef· 24 Sept 2025verified |
| Income tax | 75.3 m | 87.6 m | 65.6 m | esef· 24 Sept 2025verified |
| Net income | 161.5 m | 234.1 m | 172.8 m | esef· 24 Sept 2025verified |
| Diluted EPS | 1.27 | 1.85 | 1.36 | esef· 24 Sept 2025verified |
| Dividend per share | 1.05 | 1.00 | 1.25 | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 374.8 m | 443.9 m | 332.0 m | esef· 24 Sept 2025verified |
| Current assets | 1.1 bn | 1.2 bn | 1.1 bn | esef· 24 Sept 2025verified |
| Goodwill | 299.3 m | 287.9 m | 304.6 m | esef· 24 Sept 2025verified |
| Total assets | 2.0 bn | 2.1 bn | 2.1 bn | esef· 24 Sept 2025verified |
| Long-term debt | 125.8 m | 75.2 m | 79.3 m | esef· 24 Sept 2025verified |
| Current liabilities | 535.0 m | 547.1 m | 534.1 m | esef· 24 Sept 2025verified |
| Equity | 1.2 bn | 1.3 bn | 1.4 bn | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 126.2 m | 125.9 m | 125.8 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 296.2 m | 306.7 m | 199.0 m | esef· 24 Sept 2025verified |
| Capex | 6.7 m | 6.0 m | 11.6 m | esef· 24 Sept 2025verified |
| Free cash flow | 289.5 m ≈ | 300.7 m ≈ | 187.4 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -80.6 m | -64.3 m | -81.4 m | esef· 24 Sept 2025verified |
| Financing cash flow | -190.0 m | -172.7 m | -229.4 m | esef· 24 Sept 2025verified |
| Dividends paid | 132.1 m | 132.5 m | 161.6 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.13 – 40.65 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E15.13 – 40.65 (Mid 23.37)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)17.00 – 23.18 (Mid 19.62)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.3% | 71 (vs peers) | 19% |
| Net margin · Quality | 13.2% | 95 (vs peers) | 11% |
| FCF conversion · Quality | 108.4% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 8.5x | 83 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.8% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 11.0% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 86.2% | 48 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality86/100 · 3/3 factors with a value
- Returns79/100 · 2/2 factors with a value
- Valuation90/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
METROPOLE TELEVISION (MMT.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.3 bn EUR in 2024; YoY growth -0.3%; net margin 13.2%; ROE 13.2%.
The estimated value range is 16.06–31.92 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 21.49 EUR, the price of 11.66 EUR leaves a potential of 84.3% (value / price − 1) and a margin of safety of 45.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.3%
- Net margin: 13.2%
- FCF conversion: 108.4%
- Current ratio: 2.1x
- P/E (TTM): 8.5x
- FCF yield: 12.8%
- Shareholder yield (distributions): 11.0%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| MMT.PAMetropole Television | 1.5 bn | 8.5 | 13.2% | 13.2% | −0.3% | −7% / −7% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for MMT.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.61 Total return -35% · Per year -35% | 11.71 Total return 11% · Per year 11% | 17.67 Total return 65% · Per year 65% |
| 3 years | 5.80 Total return -27% · Per year -10% | 11.63 Total return 32% · Per year 10% | 19.36 Total return 107% · Per year 27% |
| 5 years | 5.10 Total return -21% · Per year -4% | 11.55 Total return 53% · Per year 9% | 21.21 Total return 153% · Per year 20% |
- Exit P/E± 2.91
- Net margin± 2.03
- Annual revenue growth± 1.75
- Annual dilution± 0.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Métropole Télévision, the parent of the M6 group, is a multimedia group combining free-to-air television with production, film distribution, children's play parks and digital diversifications. Against a backdrop of declining TV audiences and dependence on advertising, diversification and in-house production are increasingly important, and the group was valued at 1.4 billion euros at end-2024 1.
SWOT
Strengths
- The group has a strong position in content production and distribution, with subsidiaries covering cinema, television and entertainment.
- Diversification into real estate, play parks and events partly reduces dependence on TV advertising.
- The film portfolio and co-production capacity give an advantage in relations with the French film industry.
Weaknesses
- The main channel has a declining audience, which limits advertising revenue.
- Revenue from diversifications remains small compared with television activity.
- The physical video market is in decline, and this segment brings in ever lower revenue.
Opportunities
- Growing demand for digital content could open new distribution channels for the group's catalogue.
- Expanding the La Boîte aux Enfants network and Gulli could strengthen its position in family entertainment.
- A recovery in French cinema audiences could support distribution and co-production revenue.
Threats
- Pressure from streaming platforms could keep reducing free-to-air television audiences.
- Regulatory changes could impose new obligations or commercial restrictions.
- Dependence on TV advertising exposes the group to economic cycles and to advertising budgets moving to digital.
Risks
- Decline of M6 channel audiencehigh
As linear audiences fall, advertising revenue could be affected, and the group could need to accelerate its diversification.
- Dependence on advertisinghigh
Major revenue comes from advertising, so a slowdown in the advertising market would have a direct impact on results.
- Audiovisual regulationmedium
Legislative changes on financing, advertising and pluralism could alter the group's obligations and revenue.
- Decline of physical video marketmedium
Falling DVD and Blu-ray sales reduce revenue from video publishing, and the transition to digital could be slow.
- Risks from diversificationslow
Investments in real estate, parks and minority stakes could generate returns below expectations if their markets deteriorate.
Investment thesis
What would need to be true (bull case)
- If diversifications grow quickly, the group could reduce its sensitivity to TV advertising and sustain revenue over the long term.
- The success of French films in cinemas could strengthen the group's distribution and co-production activities.
- Its catalogue and in-house production could generate revenue across several digital platforms, if these partnerships expand.
What would break the thesis
- If the M6 channel's audience keeps falling, advertising revenue could weaken faster than the group expects.
- Diversifications could fall short of expectations if they fail to offset the decline of traditional activities.
- A shrinking physical video market and shifting regulation could add pressure on margins.
What to watch
- Trend in the M6 channel audience and advertising share2025
- Results of SND distribution and M6 Films co-productions2025
- Expansion of the La Boîte aux Enfants network after acquisition2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The M6 group structures its activity around free-to-air television, to which are added the channels W9, 6ter and Gulli, plus a series of content and diversification subsidiaries. According to the 2024 annual report, the M6 channel represented only 7.8 % of average annual calendar audience at 31 December 2024, which also changed the legal regime applicable to the company 1. The group is trying to reduce its dependence on advertising by developing activities outside audiovisual, as well as through investment in production and distribution 1.
Production activity is carried out by C. Productions, which makes information and entertainment programmes for M6, W9 and 6ter, and by Studio 89 Productions, which produces reality TV and fiction for the group's channels 1. M6 Studios produces feature films and animated series, while M6 Films co-produces French and European films 1.
Diversifications include the Stéphane Plaza Immobilier franchise network, the indoor play parks La Boîte aux Enfants, acquired in July 2024, and M6 Interactions, active in music, events and publishing 1. The group also holds minority stakes in Atolls, Miliboo, Academee and Quicksign, accounted for either under the equity method or not controlled 1.
Segments
Free-to-air television
The core segment comprises the channels M6, W9, 6ter and Gulli, mainly financed by advertising. The M6 channel reached 7.8 % of average annual audience at 31 December 2024, which shows the competitive pressure from new platforms and thematic channels 1.
Cinema and distribution
The subsidiary SND is a major French distributor, with 13 films and over 9.3 million admissions in 2024, and holds a 4.9 % share of the TVOD-EST market 1. M6 Films, through co-productions and pre-purchases, generated 25 million cinema admissions in 2024, or 30 % of the French total, confirming the group's role in the film industry 1.
Market context
The TV advertising market and the digitalisation of consumption remain decisive for the group, and audiovisual regulation, including cinema financing obligations and new Arcom rules, directly shapes its commercial strategy 1.
Trends
- Digitalisation of consumptionmixed
The shift to digital platforms and SVOD is changing viewing habits and reducing linear audiences; the group responds with content distributed across several platforms.
- Revival of French cinematailwind
The high market share of French films and the large number of admissions in 2024 support the group's distribution and co-production activities.
- Decline of physical video marketheadwind
Falling DVD and Blu-ray sales reduce revenue from video publishing, although the digital TVOD-EST market is growing.
- Audiovisual regulationmixed
New rules on cinema advertising, services of general interest and pluralism affect the group's commercial model and investment obligations.
Competitive position
The M6 group competes for audiences and advertising with other French free-to-air channels, as well as with streaming platforms that attract viewers and advertising budgets. In film distribution, SND competes with other major French distributors 1.
In diversifications, each activity has its own competitors: real estate agencies, indoor play park operators and digital marketing companies. The sources provided do not identify US-listed companies as direct competitors.
- Other French free-to-air channels
Compete for audiences and advertising in free-to-air television, not listed on a US exchange.
- Streaming platforms
Attract viewing time and advertising budgets, changing the classic free-to-air television model.
- Other French film distributors
Compete for titles, cinema screens and admissions in film distribution.
- Indoor children's play park operators
Compete for families choosing indoor entertainment activities.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Métropole Télévision · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.