olivLaw · European equity research
NRJ GROUP NRG.PA
France · Euronext Paris · ISIN FR0000121691 · Vertical: Listed companies from France
NRJ GROUP is a French media group operating national radio stations, digital radios, audio platforms and podcasts, with an international presence through the ENERGY brand. The group is adapting its model to growing digital audio consumption, in which radio remains an important pillar, according to its 2023 annual report.
At the close of 05 Nov 2026, NRJ GROUP (NRG.PA) stock was 6.00 EUR (+0.00% on the day), with dividend yield 4.33%, beta 0.16, 52-week range 5.56–8.12 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)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 5.47 – 6.07
- in the upper half of the band · %B 0.88 · band width 10.4%
- SMA 50 / 200
- 6.02 / 6.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.06
- 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 | +5.6% | −0.6% | +6.3 pp | — |
| 3 months | −8.5% | −4.2% | −4.4 pp | — |
| 6 months | −15.3% | +4.3% | −19.6 pp | — |
| Year to date | −25.7% | +7.5% | −33.3 pp | — |
| 1 year | −25.0% | +9.9% | −34.9 pp | −6.8% |
| 3 years | −11.0% | +49.8% | −60.8 pp | −15.9% |
| 5 years | +0.7% | +42.8% | −42.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 378.6 m | 398.1 m | 409.2 m |
| Revenue YoY | unavailable | +5.1% | +2.8% |
| Net income | 27.6 m | 34.7 m | 45.2 m |
| Net income YoY | unavailable | +25.7% | +30.2% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 7.3% | 8.7% | 11.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 337.0 m EUR
- Financial debt
- 20.0 k EUR
- Net debt
- -337.0 m EUR
- Equity
- 704.3 m EUR
- Total assets
- 910.5 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 3.30x
- ROE
- 6.5%
- ROA
- 5.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 378.6 m | 398.1 m | 409.2 m | esef· 02 Apr 2024verified |
| Operating income | 36.0 m | 45.1 m | 48.6 m | esef· 02 Apr 2024verified |
| Pre-tax income | 38.2 m | 47.7 m | 60.7 m | esef· 02 Apr 2024verified |
| Income tax | 10.6 m | 13.0 m | 15.4 m | esef· 02 Apr 2024verified |
| Net income | 27.6 m | 34.7 m | 45.2 m | esef· 02 Apr 2024verified |
| Dividend per share | 0.21 | — | 0.26 | esef· 02 Apr 2024verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 303.7 m | 326.0 m | 337.0 m | esef· 02 Apr 2024verified |
| Current assets | 480.4 m | 494.7 m | 507.6 m | esef· 02 Apr 2024verified |
| Property, plant & equipment, net | 98.2 m | 98.4 m | 107.4 m | esef· 02 Apr 2024verified |
| Goodwill | 132.0 m | 131.4 m | 134.2 m | esef· 02 Apr 2024verified |
| Intangibles (excl. goodwill) | 116.9 m | 112.1 m | 108.8 m | esef· 02 Apr 2024verified |
| Total assets | 880.9 m | 892.0 m | 910.5 m | esef· 02 Apr 2024verified |
| Short-term debt | 4.3 m | 3.1 m | 4.0 k | esef· 02 Apr 2024verified |
| Long-term debt | 3.2 m | 16.0 k | 16.0 k | esef· 02 Apr 2024verified |
| Current liabilities | 165.0 m | 155.9 m | 153.8 m | esef· 02 Apr 2024verified |
| Total liabilities | 880.9 m | 892.0 m | 910.5 m | esef· 02 Apr 2024verified |
| Equity | 658.5 m | 679.3 m | 704.3 m | esef· 02 Apr 2024verified |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 57.4 m | 68.1 m | 61.1 m | esef· 02 Apr 2024verified |
| Investing cash flow | -18.1 m | -16.6 m | -28.0 m | esef· 02 Apr 2024verified |
| Financing cash flow | -29.9 m | -29.1 m | -21.9 m | esef· 02 Apr 2024verified |
| Share repurchases | 55.0 k | 10.0 k | -367.0 k | esef· 02 Apr 2024verified |
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
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · 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: 3.54 – 4.82 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/Eunavailable · input data missing
- Dividend discount (DDM)3.54 – 4.82 (Mid 4.08)
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: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.0% | 67 (vs peers) | 50% |
| Net margin · Quality | 11.0% | 92 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | 3.3x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
- Quality76/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
NRJ GROUP (NRG.PA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 409.2 m EUR in 2023; YoY growth 2.8%; net margin 11.0%; ROE 6.5%.
The estimated value range is 3.54–4.82 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.08 EUR, the price of 6.00 EUR leaves a potential of -32.0% (value / price − 1) and a margin of safety of -47.1% (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 (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.0%
- Current ratio: 3.3x
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
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% |
| 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% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for NRG.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
Scenarios are not available. input data missing
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
NRJ GROUP is a French media group operating national radio stations, digital radios, audio platforms and podcasts, with an international presence through the ENERGY brand. The group is adapting its model to growing digital audio consumption, in which radio remains an important pillar, according to its 2023 annual report 1.
SWOT
Strengths
- Broad portfolio of radio brands with leading positions in several segments in France.
- Solid international presence through the ENERGY brand, with licences in several countries.
- In-house capacity to produce podcasts and music content.
Weaknesses
- Dependence on advertising as the main source of revenue.
- Audience declines in some international markets, such as ENERGY in Germany.
- Legal disputes that could weigh on investor confidence.
Opportunities
- Growth in podcasts and digital audio consumption.
- Expansion of DAB+ in Europe, where receiver adoption is rising.
- Development of voice apps and e-commerce through radio.
Threats
- Competition from streaming platforms and social networks.
- Regulatory changes affecting broadcasting.
- The risk that younger audiences' habits move away from radio.
Risks
- Unfair competition litigationhigh
The first-instance ruling in the group's favour could be challenged on appeal, and the final outcome is uncertain, according to the report 1.
- Audience dependencemedium
A decline in radio audiences could reduce advertising revenue.
- Digital competitionmedium
Streaming platforms and social networks could attract the younger public.
- Regulationlow
Changes to broadcasting regulation could affect costs and licences.
- Technology investmentlow
The need to invest in DAB+ and digital infrastructure could require significant resources.
Investment thesis
What would need to be true (bull case)
- If digital audiences and podcasts continue to grow, the group could capitalise on its leading position in digital radio.
- International presence through the ENERGY brand could generate additional revenue in markets with DAB+ growth.
- Diversification into content production and local advertising could reduce reliance on a single revenue source.
What would break the thesis
- If traditional radio audiences decline faster than digital ones, the group's revenue could be affected.
- The outcome of the unfair competition case could bring unexpected losses if the first-instance decision is overturned.
- Competition from global streaming platforms could limit the group's growth among younger listeners.
What to watch
- Outcome of the unfair competition appeal2024
- Trend in radio and digital audiences in France2024
- ENERGY brand performance in Germany and Switzerland2024
- Development of podcast production and digital advertising revenuenext annual report
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
NRJ GROUP combines traditional radio broadcasting with a digital ecosystem of websites, mobile apps, voice apps, podcasts and digital radios. According to the 2023 annual report, the group's average monthly digital audience was nearly 2.7 million unique visitors 1. The group sells advertising through its own sales houses, NRJ GLOBAL nationally and NRJ GLOBAL RÉGIONS locally 1.
The group also runs a music production activity, through its NRJ MUSIC label and its NRJ PUBLISHING publishing arm, whose catalogue included 2,178 works in 2023 1. Broadcasting activity has been extended through the towerCast subsidiary, which operates transmission sites in France 1.
International presence rests on the NRJ/ENERGY brand, which operates in several countries including Germany, Austria, Belgium and Switzerland, according to the annual report 1.
Segments
Radio and digital radio
Radio remains the largest component, with the NRJ brand leading French music radio on mobile and digital platforms 1. The group also has a digital radio portfolio, where it was the first private group in France in 2023 1.
Digital and audio
The digital segment covers websites, apps, voice apps and podcasts. Podcast production grew in 2023, with 250 native episodes produced in France 1.
International radio
The NRJ/ENERGY brand holds an international network of frequencies in several countries, including Germany, Austria, Belgium and Switzerland 1.
Market context
The annual report cites Médiamétrie data showing that 47.4 million French people connect to the internet every day and that radio accounts for 58% of total audio listening, against 21% for music streaming 1. Podcasts were listened to monthly by 19.9 million French people 1.
The digital audio market is competitive, and the group bases its position on radio audiences and digital diversification, according to the report 1.
Trends
- Growth in digital consumptiontailwind
Users spend more and more time on the internet, and the group's digital apps and platforms could benefit from this growth 1.
- Growth of podcaststailwind
Podcast audiences are growing rapidly in France, which could support the group's original content production 1.
- Legal disputesheadwind
Unfair competition claims, now on appeal before the Paris Court of Appeal, could affect financial results if the first-instance decision is changed 1.
- Shift to digital broadcastingmixed
Technologies such as DAB+ are expanding in Germany and Belgium, which could open new growth sources but also investment pressures 1.
Competitive position
The group competes with other private and public radio networks, as well as with streaming platforms and social networks that attract younger audiences. The annual report does not explicitly name competitors, so information on them is limited to the French and European context described in the document 1.
In international markets, competition depends on local audience shares, as shown by the Belgian and Swiss data in the report 1.
- French private radio networks
Competitors in the French radio market, implicitly referenced through the audience share comparisons in the report.
- Music streaming platforms
Competition for listener attention, given their share of audio volume cited in the report.
- Belgian radio networks
Competitors in the French-speaking and Flemish markets, where the group's market positions are measured in the report.
- German radio networks
Competitors in the DAB+ segment and German radio audience.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 Apr 2024
- Annual report 202204 Apr 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / NRJ GROUP · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.