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Métropole Télévision S.A.

MMT.PA
49
Broadcasting · Communication Services
Exchange
Euronext Paris
Winston Score
49
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Exceptional
Valuation
Strong
Dividends
Strong

Winston Score History

The full picture

Métropole Télévision, known as M6 Group, is a French media company that runs television and radio channels. Its flagship channel, M6, is one of the most-watched private TV channels in France, and the group also owns W9, 6ter, and radio stations including RTL. The company serves everyday French consumers and sells advertising space to businesses that want to reach those audiences.

M6 Group makes most of its money by selling advertising time on its TV and radio channels, with some additional revenue from content production and streaming. It operates almost entirely in France, making it heavily tied to the health of the French advertising market. The company has a strong brand and loyal viewership built over decades, but it faces real pressure from streaming platforms like Netflix and YouTube, which are pulling younger viewers away from traditional television. Adapting its digital and streaming strategy is the key challenge ahead.

Score breakdown

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Quality

Profit per sale
Gross Margin
8.7%
Thin — 8.7% gross margin
Profit after running costs
Operating Margin
7.1%
Modest — 7.1% operating margin
Return on the money invested
ROCE
11.0%
Below par — 11.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-0.5%
Shrinking sales (-0.5% YoY)
Profit growth
EPS YoY
-33.3%
Earnings shrinking (-33.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
124%
Turns 124% of profit into real cash
Spare cash per sale
FCF Margin
9.1%
Modest free cash flow (9.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.08
Conservative — low debt load (0.08)
Covers its interest
Interest Cover
86.56x
Comfortably covers interest (86.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.9x
no trend
Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
10.47%
no trend
Healthy income — 10.47% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+6.7%
no trend
Dividend growing modestly (6.7% YoY)

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