# Television Francaise 1 (TFI.PA)

Canonical: https://gigainvestors.com/s/TFI.PA

Analysis as of: 2026-10-16T07:42:40.161Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 5.88 per share; close as of 2026-10-15.

Estimated value: low EUR 15.21 per share, central EUR 16.95 per share, high EUR 19.27 per share. Buy at or below the central value EUR 16.95 per share. Valuation as of 2026-10-16T07:42:40.161Z; scenarios are not confidence intervals.

Expected annual return: 35.6% at the stated quote. About 35.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.11×

- FY2020: 0.06×

- FY2021: 0.14×

- FY2022: 0.12×

- FY2023: 0.11×

- FY2024: 0.11×

- FY2025: 0.08×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 42.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.2%

- ROIC, second-lowest year: 8.3%

- Typical minus recent gross margin: 42.2 pp

- Typical gross margin (annual median): 61.4%

- Recent gross margin (lower of latest and 3-year median): 19.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.8%

- ROIC including acquisitions, ten-year median: 13.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.3%

- FY2017: 15.9%

- FY2018: 16.1%

- FY2019: 17.9%

- FY2020: 8.3%

- FY2021: 31.2%

- FY2022: 29.1%

- FY2023: 28.1%

- FY2024: 25.1%

- FY2025: 16.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.40×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.3B

- Net income, five-year total: EUR 952M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -8.0 pp

- Working capital / revenue, final three-year average: 36.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.20×

- FY2022: 1.79×

- FY2023: 1.29×

- FY2024: 1.44×

- FY2025: 1.35×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.9% vs 25.1%

- Per-share earnings: 0.46 to 0.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR -253M

- Cumulative retained earnings: EUR 1.4B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.8%

- Per-share value change: EUR 0.45

- Per-share value, starting three-year median: EUR 0.46

- Per-share value, ending three-year median: EUR 0.91

- Buybacks concentrated in cheaper years (correlation): 0.47

- Average buyback yield: 0.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 763M

- Cumulative net income, 10 years: EUR 1.5B

- ROIC, first three-year median: 15.9%

- ROIC, last three-year median: 25.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.19

- FY2017: EUR 0.63

- FY2018: EUR 0.59

- FY2019: EUR 0.72

- FY2020: EUR 0.26

- FY2021: EUR 1.05

- FY2022: EUR 0.83

- FY2023: EUR 0.91

- FY2024: EUR 0.97

- FY2025: EUR 0.72

### accounting: pass

- Sloan accruals: -8.1%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.55×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -3.9%

- FY2018: -7.5%

- FY2019: -7.0%

- FY2020: -12.6%

- FY2021: -11.2%

- FY2022: -7.9%

- FY2023: -11.9%

- FY2024: -6.9%

- FY2025: -8.1%

## Holders

## Price story

Down 37% since Oct 2021 · sales -2.5%

Story as of 2026-10-16T10:00:12.422Z; price observation 2026-10-15.

Price needs cash profits to shrink 18.2% a year for ten years

### Sales · FY2024–2025

sales -2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.9B 

- FY2017: EUR 1.9B 

- FY2018: EUR 2.3B 

- FY2019: EUR 2.3B 

- FY2020: EUR 2.1B 

- FY2021: EUR 2.4B 

- FY2022: EUR 2.5B 

- FY2023: EUR 2.3B 

- FY2024: EUR 2.4B 

- FY2025: EUR 2.3B 

### Gross margin · FY2025

gross margin 19.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 54.2% 

- FY2017: 56.4% 

- FY2018: 60.1% 

- FY2019: 62.8% 

- FY2020: 66.8% 

- FY2021: 70.5% 

- FY2022: 71.1% 

- FY2023: 42.4% 

- FY2024: 63.3% 

- FY2025: 19.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in broadcasting; annual sales are EUR 2.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2025: revenue 2296900000; grossProfit 443000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19.3% to 63.3% during 2023–25; it earns 17.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2023: grossProfit / revenue = 42.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2024: grossProfit / revenue = 63.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2025: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); 10-year return on capital observations [[2016,0.0525836820083682],[2017,0.15934942701048613],[2018,0.16080886453840879],[2019,0.17940279712700066],[2020,0.08290669326241135],[2021,0.31222981685835743],[2022,0.29105834045608053],[2023,0.2809936916563228],[2024,0.25110621993681875],[2025,0.16551449072885838]]; median 0.17245864392792953. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2016: growth capex 0; upkeep 205400000; owner earnings 82900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2017: growth capex 0; upkeep 189700000; owner earnings 192700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2018: growth capex 0; upkeep 212400000; owner earnings 145600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2019: growth capex 0; upkeep 246300000; owner earnings 190600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2020: growth capex 0; upkeep 284600000; owner earnings 107920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2021: growth capex 0; upkeep 332100000; owner earnings 270160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2022: growth capex 0; upkeep 312600000; owner earnings 315040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2023: growth capex 0; upkeep 299400000; owner earnings 246900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2024: growth capex 0; upkeep 321300000; owner earnings 295360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2025: growth capex 0; upkeep 358400000; owner earnings 206960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); Dividend observations: [[2016,167300000],[2017,58600000],[2018,73500000],[2019,84000000],[2020,94700000],[2021,94700000],[2022,94700000],[2023,105200000],[2024,116100000],[2025,126600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); FY2025: cash repurchases 7000000 EUR.

### Are managers owners

Insiders own 57.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TFI.PA SharesStats.PercentInsiders = 57.471000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 18.2% yearly over ten years; actual growth was 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:40.161Z); Ten-year compound average after fade. Initial solved rate -0.2636751331752062. Price 5.88; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.43627906976744185 → FY2025 0.969226950653535. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 8.40 per share

- 2016-11: EUR 8.65 per share

- 2016-12: EUR 9.45 per share

- 2017-01: EUR 10.19 per share

- 2017-02: EUR 10.71 per share

- 2017-03: EUR 11.20 per share

- 2017-04: EUR 11.26 per share

- 2017-05: EUR 11.42 per share

- 2017-06: EUR 12.26 per share

- 2017-07: EUR 12.39 per share

- 2017-08: EUR 11.29 per share

- 2017-09: EUR 12.37 per share

- 2017-10: EUR 12.21 per share

- 2017-11: EUR 13.38 per share

- 2017-12: EUR 12.29 per share

- 2018-01: EUR 12.08 per share

- 2018-02: EUR 11.63 per share

- 2018-03: EUR 11.03 per share

- 2018-04: EUR 10.35 per share

- 2018-05: EUR 9.32 per share

- 2018-06: EUR 9.03 per share

- 2018-07: EUR 9.29 per share

- 2018-08: EUR 8.55 per share

- 2018-09: EUR 9.09 per share

- 2018-10: EUR 9.00 per share

- 2018-11: EUR 8.46 per share

- 2018-12: EUR 7.08 per share

- 2019-01: EUR 7.08 per share

- 2019-02: EUR 8.30 per share

- 2019-03: EUR 8.21 per share

- 2019-04: EUR 9.74 per share

- 2019-05: EUR 8.54 per share

- 2019-06: EUR 9.26 per share

- 2019-07: EUR 9.05 per share

- 2019-08: EUR 8.27 per share

- 2019-09: EUR 8.06 per share

- 2019-10: EUR 7.52 per share

- 2019-11: EUR 7.34 per share

- 2019-12: EUR 7.40 per share

- 2020-01: EUR 6.82 per share

- 2020-02: EUR 6.93 per share

- 2020-03: EUR 4.98 per share

- 2020-04: EUR 4.47 per share

- 2020-05: EUR 5.06 per share

- 2020-06: EUR 4.81 per share

- 2020-07: EUR 4.87 per share

- 2020-08: EUR 5.12 per share

- 2020-09: EUR 5.24 per share

- 2020-10: EUR 5.04 per share

- 2020-11: EUR 6.48 per share

- 2020-12: EUR 6.59 per share

- 2021-01: EUR 7.16 per share

- 2021-02: EUR 7.23 per share

- 2021-03: EUR 7.77 per share

- 2021-04: EUR 8.21 per share

- 2021-05: EUR 8.55 per share

- 2021-06: EUR 8.53 per share

- 2021-07: EUR 8.06 per share

- 2021-08: EUR 8.50 per share

- 2021-09: EUR 8.51 per share

- 2021-10: EUR 9.26 per share

- 2021-11: EUR 8.50 per share

- 2021-12: EUR 8.73 per share

- 2022-01: EUR 8.44 per share

- 2022-02: EUR 8.85 per share

- 2022-03: EUR 8.81 per share

- 2022-04: EUR 8.09 per share

- 2022-05: EUR 7.72 per share

- 2022-06: EUR 6.76 per share

- 2022-07: EUR 6.72 per share

- 2022-08: EUR 6.33 per share

- 2022-09: EUR 5.90 per share

- 2022-10: EUR 6.42 per share

- 2022-11: EUR 7.18 per share

- 2022-12: EUR 7.16 per share

- 2023-01: EUR 7.35 per share

- 2023-02: EUR 7.56 per share

- 2023-03: EUR 8.14 per share

- 2023-04: EUR 7.31 per share

- 2023-05: EUR 6.49 per share

- 2023-06: EUR 6.30 per share

- 2023-07: EUR 7.44 per share

- 2023-08: EUR 7.49 per share

- 2023-09: EUR 7.25 per share

- 2023-10: EUR 6.66 per share

- 2023-11: EUR 7.08 per share

- 2023-12: EUR 7.14 per share

- 2024-01: EUR 8.16 per share

- 2024-02: EUR 8.47 per share

- 2024-03: EUR 8.47 per share

- 2024-04: EUR 8.58 per share

- 2024-05: EUR 9.03 per share

- 2024-06: EUR 7.29 per share

- 2024-07: EUR 8.14 per share

- 2024-08: EUR 8.07 per share

- 2024-09: EUR 7.98 per share

- 2024-10: EUR 7.60 per share

- 2024-11: EUR 7.24 per share

- 2024-12: EUR 7.32 per share

- 2025-01: EUR 7.61 per share

- 2025-02: EUR 8.03 per share

- 2025-03: EUR 8.97 per share

- 2025-04: EUR 8.40 per share

- 2025-05: EUR 8.52 per share

- 2025-06: EUR 8.82 per share

- 2025-07: EUR 8.39 per share

- 2025-08: EUR 8.44 per share

- 2025-09: EUR 8.66 per share

- 2025-10: EUR 7.93 per share

- 2025-11: EUR 8.32 per share

- 2025-12: EUR 8.33 per share

- 2026-01: EUR 8.16 per share

- 2026-02: EUR 7.27 per share

- 2026-03: EUR 6.94 per share

- 2026-04: EUR 6.76 per share

- 2026-05: EUR 6.86 per share

- 2026-06: EUR 6.66 per share

- 2026-07: EUR 7.10 per share

- 2026-08: EUR 6.83 per share

- 2026-09: EUR 6.13 per share

- 2026-10: EUR 5.76 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 9.32 per share, central EUR 10.36 per share, high EUR 11.74 per share

- FY2017: low EUR 9.87 per share, central EUR 10.94 per share, high EUR 12.36 per share

- FY2018: low EUR 7.74 per share, central EUR 8.76 per share, high EUR 10.12 per share

- FY2019: low EUR 7.83 per share, central EUR 8.88 per share, high EUR 10.26 per share

- FY2020: low EUR 7.37 per share, central EUR 8.30 per share, high EUR 9.54 per share

- FY2021: low EUR 11.65 per share, central EUR 13.04 per share, high EUR 14.90 per share

- FY2022: low EUR 12.51 per share, central EUR 13.96 per share, high EUR 15.88 per share

- FY2023: low EUR 15.75 per share, central EUR 17.51 per share, high EUR 19.86 per share

- FY2024: low EUR 16.59 per share, central EUR 18.45 per share, high EUR 20.93 per share

- FY2025: low EUR 16.07 per share, central EUR 17.88 per share, high EUR 20.28 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:48:31.060Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.