Banijay combines global content scale with leading European gaming brands, and its strong cash conversion and prospective deleveraging could unlock substantial upside from a debt-discounted €8.06 share price.
Overview
Banijay Group, formerly FL Entertainment and rebranded in May 2024, combines the world’s largest independent audio-visual production platform with regulated European online betting and gaming. Entertainment monetizes a catalogue exceeding 180,000 hours through production, licensing, and format rights; Gaming operates brands including Betclic, Tipico, and Admiral. Pro forma for recent transactions, the group has approximately €6.4 billion of annual revenue and €1.4 billion of adjusted EBITDA. H1 2026 revenue reached €2,583.3 million, up 16.9% reported and 4.5% constant-currency pro forma; adjusted EBITDA was €502.9 million, with a 19.5% margin and €411.0 million of adjusted free cash flow. Management reaffirmed mid-single-digit 2026 EBITDA growth, approximately 80% cash conversion, and year-end leverage near 3.4x. **The core concern is approximately €5.8 billion of post-closing net debt at 3.6x leverage**, although cash conversion and targeted synergies offer a route to deleveraging. At €8.06, shares trade at about 9.6x 2026E P/E and 6.5x pro forma EV/EBITDA, with a reported trailing FCF yield above 14.8%. Near-term catalysts are Tipico and All3Media integration, synergy delivery, and debt reduction; the report’s five-year probability-weighted target is €15.68.