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RTL Group S.A.

RRTL.DE
43
Broadcasting · Communication Services
Price
€31.45
+0.00 (+0.00%)
Market Cap
€4.87B
Exchange
Frankfurt Stock Exchange
Winston Score
43
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
Mixed
Stability
Exceptional
Valuation
Good
Dividends
Good

Winston Score History

The full picture

RTL Group is a European media company that owns television channels, streaming services, and radio stations. Its biggest brands include RTL Television in Germany, M6 in France, and the streaming platform RTL+. The company reaches everyday viewers across Western Europe, making it one of the largest commercial broadcasters on the continent.

RTL Group earns most of its money from selling advertising time on its TV channels and radio stations, with a growing portion coming from streaming subscriptions through RTL+. It operates mainly in Germany, France, the Netherlands, Belgium, and Hungary, and its scale gives it strong relationships with major advertisers. However, the company faces a serious long-term challenge: traditional TV advertising is shrinking as viewers shift to on-demand platforms like Netflix and YouTube, and RTL must grow its streaming business fast enough to replace that lost revenue.

Share count broadly stable

0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 154.7M (2021) → 154.0M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
55.9%
Premium pricing power — 55.9% gross margin
Profit after running costs
Operating Margin
3.0%
Thin — 3.0% operating margin
Return on the money invested
ROCE
4.6%
Weak — 4.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-0.6%
Shrinking sales (-0.6% YoY)
Profit growth
EPS YoY
-61.5%
Earnings shrinking (-61.5% YoY)

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

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
45%
Weak — only 45% of profit becomes cash
Spare cash per sale
FCF Margin
5.6%
Thin free cash flow (5.6%)

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
0.34
Conservative — low debt load (0.34)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
52.4x
Expensive — P/E 52.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+39.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (52.4 → 12.7)

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Dividends

Dividend
Dividend Yield
16.84%
Healthy income — 16.84% yield

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

Dividend record
Dividend Growth
-6.3%
Dividend cut (-6.3% YoY) — warning sign

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