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Valued as a mature, profitable company: P/E comparison.
ACCE opinionRTL Group S.A. (RRTL.DE)
Fair value
Not available
ACCE price target
€30.20
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: €31.40 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
57
out of 100
P/E
51.5x
forward 10.7x
1-year return
-9.9%
Dividend yield
2.45%
RTL Group S.A. in four questions
Plain answers, details below
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Overview
ACCE thesis
RTL Group runs free-to-air and streaming television across Germany, France, the Benelux countries and Central and Eastern Europe, with RTL Deutschland, M6 in France and Fremantle, the production arm behind formats like Got Talent and Who Wants to Be a Millionaire. The Fremantle content library and the M6 and RTL Deutschland ad inventory give it a broadcast cash engine alongside a growing, exportable catalogue. Revenue grew 3.9%, but the 4.5% operating margin and 2.7% ROE show how thin the earnings base still is, and the trailing P/E of 51.4 versus a forward P/E of 10.7 says the market is pricing a sharp earnings recovery rather than the current print. The case for a closer look rests on whether that recovery shows up in the reported numbers, and on how much of the gap reflects one-off charges rather than structural margin erosion. A 54.7% gross margin suggests the content economics are intact; the open question is operating leverage from here.