ATVDY - Télévision Française 1 Société anonyme: A Cheap Entry Into Rapidly Changing French Media

• Shares of Télévision Française 1 Société anonyme, TF1 for short, are trading near multi-year lows.
• Similar to many other European broadcasters, downward pressure on advertising revenues is forcing the share price lower.
• Last October, a joint streaming initiative from TF1 and other French media companies, called Salto, was launched in France. Netflix has this month launched a new streaming initiative as well.
• TF1 has low debt, has posted a slight YoY growth in advertising revenue in Q3 2020, and normally pays an attractive dividend. It is very cheap at the moment.
• TF1 is actively participating in the streaming wars and keeping a handle on the operating expenses while innovating. Given these positives and the healthy fundamentals, a speculative long position in TF1 can pay off.

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