olivLaw · European equity research
Banijay Group N.V. BNJ.AS
Netherlands · Euronext Amsterdam · ISIN NL0015000X07 · Vertical: Listed companies from Netherlands
Banijay Group N.V. is an international media content production and distribution group that also includes the online betting and gaming unit Betclic, according to its annual report for fiscal 2025. Its relevance now lies in its debt reorganisation: the group refinanced notes and loans, extending maturities to 2029 and 2032.
At the close of 04 Nov 2026, Banijay Group N.V. (BNJ.AS) stock was 8.00 EUR (+0.76% on the day), with market capitalisation 3.4 bn EUR, P/E 13.8 on diluted EPS of 0.58 EUR over the last 12 months, dividend yield 4.38%, beta 0.23, 52-week range 7.86–10.30 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)
- 43.4
- weak (30–45)
- Bollinger (20, 2)
- 7.70 – 8.47
- in the lower half of the band · %B 0.39 · band width 9.4%
- SMA 50 / 200
- 8.34 / 8.54
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.14
- 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 | −2.4% | −1.5% | −0.9 pp | — |
| 3 months | −11.7% | −5.3% | −6.4 pp | — |
| 6 months | −4.1% | +4.7% | −8.8 pp | — |
| Year to date | −3.6% | +6.0% | −9.6 pp | — |
| 1 year | −19.6% | +8.2% | −27.8 pp | +2.6% |
| 3 years | −8.6% | +47.2% | −55.8 pp | +6.8% |
| 5 years | unavailable | +41.8% | unavailable | — |
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 0 percentile of its own 3-quarter history (min 14.3, median 25.0, max 84.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.3 bn | 4.8 bn | 4.9 bn |
| Revenue YoY | unavailable | +11.2% | +1.6% |
| Net income | 60.8 m | 146.1 m | 247.5 m |
| Net income YoY | unavailable | +140.3% | +69.4% |
| Diluted EPS | 0.10 | 0.34 | 0.58 |
| Diluted EPS YoY | unavailable | +240.0% | +70.6% |
| net % | 1.4% | 3.0% | 5.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 493.9 m EUR
- Financial debt
- 3.0 bn EUR
- Net debt
- 2.5 bn EUR
- Equity
- 144.2 m EUR
- Total assets
- 5.8 bn EUR
- Debt / equity
- 20.54x
- Current ratio
- 0.94x
- ROE
- 279.0%
- ROA
- 4.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.3 bn | 4.8 bn | 4.9 bn | esef· 21 Apr 2026verified |
| Operating income | 400.5 m | 510.7 m | 641.0 m | esef· 21 Apr 2026verified |
| Depreciation & amortisation | 134.3 m | 181.8 m | 167.8 m | esef· 21 Apr 2026verified |
| EBITDA | 534.8 m ≈ | 692.5 m ≈ | 808.8 m ≈ | esef· 21 Apr 2026derived |
| Pre-tax income | 151.8 m | 264.7 m | 407.2 m | esef· 21 Apr 2026verified |
| Income tax | 78.2 m | 110.1 m | 142.5 m | esef· 21 Apr 2026verified |
| Net income | 60.8 m | 146.1 m | 247.5 m | esef· 21 Apr 2026verified |
| Diluted EPS | 0.10 | 0.34 | 0.58 | esef· 21 Apr 2026verified |
| Dividend per share | — | 0.35 | 0.35 | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 464.2 m | 482.0 m | 493.9 m | esef· 21 Apr 2026verified |
| Current assets | 2.1 bn | 2.0 bn | 1.9 bn | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 70.6 m | 70.9 m | 78.5 m | esef· 21 Apr 2026verified |
| Goodwill | 2.8 bn | 2.8 bn | 2.8 bn | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | 204.7 m | 243.2 m | 250.9 m | esef· 21 Apr 2026verified |
| Total assets | 5.7 bn | 5.9 bn | 5.8 bn | esef· 21 Apr 2026verified |
| Long-term debt | 2.6 bn | 2.9 bn | 3.0 bn | esef· 21 Apr 2026verified |
| Current liabilities | 2.5 bn | 2.3 bn | 2.1 bn | esef· 21 Apr 2026verified |
| Equity | 52.3 m | 33.2 m | 144.2 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 608.0 m | 417.4 m | 426.7 m | esef· 21 Apr 2026derived |
Cash flow · EUR
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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 4.76 – 19.66 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/EBITDA13.77 – 19.66 (Mid 16.73)4 companies used · median multiple 11.9x · quartiles 10.3x – 13.4xARCAD.AS, BAMNB.AS, BRNL.AS, CMCOM.AS
- Peers: P/E5.84 – 13.24 (Mid 7.96)15 companies used · median multiple 13.7x · quartiles 10.1x – 22.8xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)4.76 – 6.49 (Mid 5.49)
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.6% | 85 (vs peers) | 20% |
| Net margin · Quality | 5.1% | 67 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.1x | 0 (vs peers) | 20% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 11 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 13.8x | 62 (vs peers) | 20% |
| EV/EBITDA · Valuation | 7.3x | 80 (vs peers) | 20% |
| 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 sheet3/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation71/100 · 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
Banijay Group N.V. (BNJ.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.9 bn EUR in 2025; YoY growth 1.6%; net margin 5.1%; ROE 343.8%; net debt/EBITDA 3.1x.
The estimated value range is 5.84–13.24 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 7.96 EUR, the price of 8.00 EUR leaves a potential of -0.6% (value / price − 1) and a margin of safety of -0.6% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.6%
- EV/EBITDA: 7.3x
What contradicts it
- Net debt / EBITDA: 3.1x
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for BNJ.AS 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 | 4.59 Total return -39% · Per year -39% | 8.13 Total return 6% · Per year 6% | 12.26 Total return 59% · Per year 59% |
| 3 years | 4.20 Total return -38% · Per year -15% | 8.39 Total return 18% · Per year 6% | 13.93 Total return 91% · Per year 24% |
| 5 years | 3.84 Total return -37% · Per year -9% | 8.66 Total return 31% · Per year 6% | 15.84 Total return 129% · Per year 18% |
- Exit P/E± 2.10
- Net margin± 1.47
- Annual revenue growth± 1.24
- Annual dilution± 0.12
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
Banijay Group N.V. is an international media content production and distribution group that also includes the online betting and gaming unit Betclic, according to its annual report for fiscal 2025 1. Its relevance now lies in its debt reorganisation: the group refinanced notes and loans, extending maturities to 2029 and 2032 1.
SWOT
Strengths
- The group has a diversified portfolio of productions and formats and a presence in several countries, supported by local subsidiaries with operational experience.
- Financing facilities have been extended and maturities moved towards 2029 and 2032, giving a longer period to manage the debt 1.
- Large clients have their own climate objectives, and the group has built a decarbonisation plan that responds to these requirements 1.
Weaknesses
- The group depends on secured debt financing, and the notes are structurally subordinated to the debts of subsidiaries that do not guarantee them.
- The decarbonisation policy is still being rolled out, and some emissions monitoring tools are still in development 1.
- The gambling activity exposes the group to reputational and compliance risks linked to player protection.
Opportunities
- Client demand for content with sustainability criteria could support new contracts for producers able to show emissions reductions 1.
- Green production certifications and event management standards could become commercial advantages in tenders.
- If leverage falls, facility margins could be reduced, which would lower the cost of financing 1.
Threats
- Stricter gambling rules could raise compliance costs and limit Betclic's activity.
- Rising reference interest rates could increase the financial burden of floating-rate facilities 1.
- Loss of talent or volatility in broadcaster budgets could affect the volume of production orders.
Risks
- Leverage and refinancinghigh
The notes and bank facilities have maturities and prepayment clauses; a change of control may trigger a repurchase obligation, which could put pressure on financing 1.
- Gambling compliancehigh
Failure to comply with anti-money laundering or player-protection rules could lead to financial penalties and reputational damage 1.
- Variable interest ratesmedium
Most facilities are linked to EURIBOR or SOFR, so a rise in rates could reduce net profitability 1.
- Climate and decarbonisationmedium
The emissions reduction plan depends on implementation across all operating countries, and delays could affect contracts with clients that hold climate targets 1.
- Talent retentionlow
High staff turnover and loss of know-how could reduce productivity and the quality of productions 1.
Investment thesis
What would need to be true (bull case)
- Extending maturities to 2029 and 2032 could give the group more time to manage its debt without immediate refinancing pressure 1.
- Clients that commit to climate targets may favour producers that already have a decarbonisation plan, which could support demand for the group's services 1.
- Diversification between content production and gambling may reduce dependence on a single business segment.
What would break the thesis
- The large volume of secured debt and control clauses could limit financial flexibility if revenues slow 1.
- Exposure to gambling regulation brings sanction and reputational risks that could affect the results of the Betclic division.
- If reference rates rise, the cost of floating-rate facilities could reduce the group's net margin 1.
What to watch
- Trend in credit facility margins as senior secured leverage ratio changes2026
- Rollout of the global decarbonisation plan and emissions monitoring platform2026
- Evolution of gambling regulation and Betclic resultsnext 10-K
- How the group manages the 2029 note maturities2027
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
In fiscal 2025 the company expanded its financing with new credit tranches, including a €400 million B4 term loan maturing in 2032 1. The report also describes a decarbonisation plan applied to productions and offices, with targets for 2030 and 2050 1.
Banijay Group is a Dutch holding company, and its growth and financing plans depend on the ability of its subsidiaries to generate enough revenue and consolidated EBITDA to support the debt 1.
Segments
Content production and distribution (Banijay Entertainment)
This division creates and sells television formats, unscripted productions and content for platforms, with a presence in many countries 1. The report links the decarbonisation policy to contracts with broadcasters and platforms, since clients set their own climate targets 1.
Online gambling (Betclic)
Betclic operates in online betting and gaming and is subject to rules on anti-money laundering and player protection, with the risk of sanctions if these are not met 1. The report also mentions a decarbonisation plan being developed for its subsidiaries 1.
Event services (Balich Wonder Studio)
The entity organises live shows and events and holds ISO 20121 certification for sustainable event management, maintained in 2025 1.
Market context
The market for television content and formats depends on the budgets of broadcasters and streaming platforms, and the source shows these clients pass their decarbonisation objectives on to producers 1. The online gambling market is strictly regulated, so anti-money laundering obligations directly affect Betclic's operations 1.
Group financing also depends on capital market conditions: the notes and loans are linked to EURIBOR and SOFR rates, and margins could fall if the senior secured leverage ratio declines 1.
Trends
- Decarbonisation demanded by clientstailwind
A large number of clients have set targets aligned with the Paris Agreement, which could turn emissions reduction into a contracting criterion 1.
- Gambling regulationheadwind
Player identification and protection requirements could raise compliance costs and the risk of sanctions 1.
- Cost of floating-rate financingmixed
Bank facilities carry interest linked to EURIBOR and SOFR, so rate movements could change the financial burden if not hedged 1.
- Protection of intellectual propertytailwind
Policies protecting formats and productions could support market position and talent attraction if applied consistently 1.
Competitive position
The source does not explicitly name the group's competitors. From context, direct competition comes from other content production companies and online gambling operators, though their names do not appear in the document analysed 1.
In content, the competitive edge lies in the format portfolio and relationships with broadcasters, which are influenced by their climate objectives and sustainability reputation 1.
- Other international television content producers
Production and format companies in the same space, not named in the analysed source, competing for broadcaster and platform commissions.
- Betting and online gambling operators
Competitors of Betclic, subject to the same player-protection and anti-money laundering regulation.
- Streaming platforms and broadcasters
Clients and, at the same time, potential competitors through in-house content production.
- Independent production studios
Smaller players competing for production contracts with the same clients.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Banijay Group N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.