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World's largest independent TV production company, making unscripted and scripted content and licensing formats like Big Brother and MasterChef.
World's largest independent TV production company, making unscripted and scripted content and licensing formats like Big Brother and MasterChef.
Produces shows for broadcasters and streamers on commission and keeps rights to formats it owns, so format licensing and a back catalogue add money after each sale. Alongside production, the group owns the online betting brand Betclic and live entertainment. Lov Group, the investment vehicle of Stephane Courbit, is the controlling shareholder.
In one line: World's largest independent TV/content production company.
Moat: narrow (IP / patents, scale, brand). Owns a library of 100+ globally licensed TV formats such as Big Brother and MasterChef.
Headquarters: Amsterdam, Netherlands · Founded: 2008 · Employees: 11,148
Size Banijay (BNJ.AS) is a Netherlands Communication Services company (Movies/Entertainment) with a market value of $3.83B, the 35th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €7.98 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against +15.0% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +1.9%); the operating margin is 14.4% (peer median 7.3%).
Valuation It trades at 8.0× forward earnings against a peer median of 34.1× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €5.25B | €4.88B | €4.80B | €4.32B | €4.05B |
| Revenue growth | — | +2% | +11% | +7% | — |
| Gross profit | €762M | €1.67B | €1.51B | €1.03B | €411M |
| EBITDA | €962M | €686M | €648M | €437M | €543M |
| Net income | €208M | €248M | €146M | €60.8M | -€88.0M |
| Free cash flow | €463M | €320M | €147M | €237M | €259M |
| Capital expenditure | €146M | €151M | €131M | €84.9M | €68.1M |
| Total debt | €6.62B | €3.23B | €3.28B | €3.04B | €2.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Banijay BNJ.AS | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% |
| Itv ITV.L | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% |
| Warner Bros. Discovery WBD | n/a | +13% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BNJ.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.2% | +13.5% | lowest of 21 |
| 6-month return | -13.1% | +15.0% | 3rd lowest of 21 |
| Distance from 52-week high | -24.0% | -14.8% | 6th lowest of 21 |
| Revenue growth (TTM) | +6.8% | +1.9% | 6th highest of 21 |
| Operating margin | 14.4% | 7.3% | 8th highest of 21 |
| Forward P/E | 8.0× | 34.1× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -4.5% | 5.0% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +18.1% | +12.7% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | -22.6 pp | -12.2 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +2.2 pp | -1.2 pp | 7th highest of 21 |
| EV / EBITDA | 10.0× | 12.0× | 5th cheapest of 11 |
| Net debt / EBITDA | 6.1× | 2.8× | 3rd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| China Film 600977.SS | China | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% | +10.4% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 14.8× | 2.4% | +35.3% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| Benefit Systems BFT.WA | Poland | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% | +34.3% |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |
| Zhejiang Huace Film & TV 300133.SZ | China | $2.79B | +15% | +44% | 8% | 50.4× | n/a | n/a |
| Toei 9605.T | Japan | $2.77B | +5% | +3% | 20% | 23.5× | -3.3% | +11.5% |
| Beijing Enlight Media 300251.SZ | China | $5.49B | -16% | -71% | -57% | 179.5× | n/a | n/a |
| Genting Singapore G13.SI | Singapore | $5.76B | -10% | +2% | 15% | 19.1× | -5.0% | +18.2% |
| China Star Entertainment 0326.HK | Hong Kong | $2.54B | -10% | -69% | -157% | n/a | n/a | n/a |
| Shanghai Film 601595.SS | China | $2.40B | +47% | -18% | -2% | 264.9× | 57.0% | +24.4% |
| MSG Rangers MSGR | United States | $2.37B | +1,624% | +2% | -9% | n/a | n/a | n/a |
| Beijing Jetsen Technology 300182.SZ | China | $2.36B | +6% | -23% | 9% | 37.1× | n/a | n/a |
| Prime Focus PFOCUS.NS | India | $2.36B | -7% | +29% | 16% | n/a | 26.0% | +12.6% |