And of course there's Havas, clearly attractively valued on the Amsterdam stock exchange - see Havas N.V.: Single-digit valuation multiple. But also Canal Plus, which is off to a shaky start on the London Stock Exchange.
The group's market capitalization is £2.2 billion, or EUR2.6 billion. Add to this EUR600 million in net debt and EUR500 million in off-balance-sheet commitments - mainly production budgets - and the enterprise value climbs to EUR3.7 billion.
Against this, the value of the shareholdings in Multichoice, Viu and Viaplay is estimated at EUR1.5 billion. The former is listed, the latter two correspond to the total invested by the French group in each of them.
After deducting these holdings, the enterprise value of Canal Plus and its twenty-seven million subscribers falls to EUR2.2 billion. Over the last two years, Canal Plus has generated an operating profit of EUR426 million.
The valuation of Canal Plus - excluding its shareholdings - would therefore be around five times its operating profit. This is slightly better than TF1, but considerably less than Mediaset or RTL.
