NRJ Group S.A. (NRG.PA)

Industry: Broadcasting Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
FUBO	19	fuboTV Inc.	1,617	11.55	11.55	8.19	8.19	-	-
4072.SR	20	MBC Group Co.	1,353	24.04	24.04	16.68	16.68	77.26	33.07
600959.SS	21	Jiangsu Broadcasti	1,155	39.70	34.77	13.23	13.80	-	-
9413.T	22	TV TOKYO Holdings	1,041	14.12	11.45	5.14	4.37	6.26	6.28
TL5.MC	23	Mediaset España C	1,007	6.36	6.27	2.16	2.20	3.24	3.96
TV18BRDCST.BO	24	TV18 Broadcast Lim	982	-	-	143.11	187.32	-	-
EMTK.JK	25	PT Elang Mahkota T	938	5.36	5.36	0.99	0.22	-	6.23
NRG.PA	26	NRJ Group S.A.	893	3.33	2.76	-0.38	-0.37	-1.55	-0.75
ZEEL.BO	27	Zee Entertainment	881	18.86	18.86	9.39	7.41	28.04	12.92
037560.KS	28	LG HelloVision Cor	873	-	-	2.06	1.61	17.59	25.68
AZTECACPO.MX	29	TV Azteca, S.A.B.	838	12.60	12.60	4.41	4.72	13.20	8.00
0511.HK	30	Television Broadca	838	-	-	18.68	34.68	-	-
9412.T	31	SKY Perfect JSAT H	794	18.69	17.19	7.34	7.20	9.61	10.31
CMLS	32	Cumulus Media Inc.	772	-	-	13.95	14.26	-	-
053210.KS	33	KT Skylife Co., Lt	673	-	-	1.27	1.14	5.39	15.16
9405.T	34	Asahi Broadcasting	623	5.64	3.81	2.22	1.83	6.13	3.55

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.60	11.55	5.14	4.72	6.26	8.00
Full Range Median Multiple	13.36	12.08	7.34	7.20	9.61	9.15
Industry Multiple	15.69	14.59	16.59	20.38	18.52	12.51
Market Implied Multiple	3.49	2.89	-0.30	-0.29	-1.24	-0.60
Company (NRG.PA) Multiple	3.33	2.76	-0.38	-0.37	-1.55	-0.75
(*) Net Income / EBITDA / Revenue	90	108	195	199	47	98
Winsorized Enterprise Value	N/A	N/A	1,003	940	296	784
Full Range Median Enterprise Value	N/A	N/A	1,432	1,435	454	897
(-) Net Debt	-372	-372	-372	-372	-372	-372
Winsorized Equity Value	1,131	1,252	1,375	1,312	668	1,156
Full Range Median Equity Value	1,199	1,309	1,804	1,807	826	1,269
(/) Shares Outstanding	41	41	41	41	41	41
Winsorized Fair Value	$27.71	$30.68	$33.69	$32.16	$16.37	$28.32
Full Range Median Fair Value	$29.38	$32.07	$44.21	$44.29	$20.25	$31.10
Current Price	$7.68	$7.68	$7.68	$7.68	$7.68	$7.68
Upside / Downside	260.75%	299.45%	338.69%	318.79%	113.13%	268.77%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$19.39	$21.47	$23.58	$22.51	$11.46	$19.82
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY