4. 2Segmentation & Audience share
Group M6
22.5 %
French Radio
18.3 %
RTL Deutschland
30.6 %
RTL Belgium
36.4 %
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RTL Netherland
33.5 %
Other
around 30 %FremantleMedia
8,500 hours
350 programs
62 countries
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5. 3
TV
RTL Group
ABC
MTV
Samsung
Sony
Philips
FremantleMedia
Ray William Johnson
Nigahiga
YouTube
App store
Facebook
Value chain
Content Aggregation Distribution Devices
MCNs
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BroadbandTV
Maker Studios
Fullscreen
Disney
Warner Bros.
FremantleMedia
Comcast
Sky
Freeview
Apple
Android
Windows phone
PC
7. Competitive position 4
Belgium
RTL – 36.3%
RTBF – 18.6%
Netherland
RTL – 32.3%
SBS Group – 20%
India
Main competitors – 75%
France
RTL – 22.9% / Radio – 13%
TF1 – 33.3% / NRJ – 12.6%
Germany
RTL – 33.7%
Pro7sat1 – 32.5%
Hungary
RTL – 37.3%
TV2 Group – 19%
Croatia
RTL – 27.5%
NOVA – 23.9%
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8. Key market trends 5
Broadcasting Content
Platforms
High potential for
broadcasters:
distribution fees from
platforms
Structural changes
Increasing importance
of the rights to the
content because of
structural changes in
the TV industry
Broadcasting Content Digital
Advertising
Tendency to growth on
demand for television
advertising
Reducing risk
Broadcasters may reduce
risk by filling air time with
content which has a track-
record.
Fragmentation
Increasing demand for
content because of
fragmentation of the
digital channels and
emerging platforms
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11. Revenue & margin analysis 7
24.10%
26.09%
19.56%
21.77%
16.10%
16.61%
12%
14%
16%
18%
20%
22%
24%
26%
28%
Level of margins, %
5765
5998
5889
6013
6140
6269
6401
6536
Revenue growth, €m
1,8%
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10%
2011 2012 2013 2014 2015 2016 2017 2018
EBITDA margin EBITA margin
Net margin
2011 2012 2013 2014 2015 2016 2017 2018
RTL Group revenue
TV advertising markets across Europe continued to show signs
of improvement. New TV channels strengthen RTL Group’s
family of channels
Average annual growth is equal to
1.8% and represents the good
tendency
FremantleMedia Nth-Am recently launched digital content
studio. RTL Group completed the acquisition of a 65% majority
stake in the video advertising platform SpotXchange.
After some deterioration in 2014
we expect the increasing in all kind
of margins
21. 16
MediumHigh
Regulatory risk
Market risk
Taxation
Financial risk
Changes in the intellectual
property
Currency fluctuations
PROOBABILITY
Risk matrix
Insignificant Moderate Severe
Low
Operational risk
Decrease of audience share
Reduction in barriers for
new competitors
Negative macroeconomic
conditions
Technological failuresIMPACT
PROOBABILITY
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22. 17
Legislative restrictions on
licenses and increase in the
tax expenses
Managed by developing
and exploiting new revenue
sources
Foreign currency fluctuations
Managed by using foreign
exchange forward contracts
Analyzed risks
Decrease in audience and
advertising market shares
Managed by expanding
new markets
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23. 18
digital programmatic advertising
distribution at global scale
17%
upside
Upside split
HD technical potential
Base price
€77
Current price
€84
Target price
€89,5
Drivers
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24. 19
250
300
350
400
450
Frequency
1 Std
Dev=59.3
Mean =
87.95
- 1 Std
Dev=80.6
Median =
87.89
Monte Carlo simulation
0
50
100
150
200
67.71 77.48 87.25 97.02 108.18
Frequency
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25. THANK YOU FOR ATTENTION!THANK YOU FOR ATTENTION!THANK YOU FOR ATTENTION!THANK YOU FOR ATTENTION!