| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 25.87 | 1337 |
| Intrinsic value (DCF) | 1.65 | -8 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Eagle Football Group SA (EFG.PA) is a France-based entertainment and media company primarily focused on football operations. Formerly known as Olympique Lyonnais Groupe SA, the company rebranded in April 2024 and operates as a subsidiary of Eagle Football LLC. Its core business revolves around managing Olympique Lyonnais, a top-tier French football club, and operating the Groupama Stadium. The company engages in diverse revenue streams including ticketing, sponsorship, media rights, player trading, and merchandise retail under the Olympique Lyonnais brand. Additionally, EFG produces television content and organizes non-football events like concerts and corporate seminars at its stadium. Operating in the consumer cyclical sector, the company faces the inherent volatility of sports entertainment revenues but benefits from the global popularity of football. With its headquarters in Décines-Charpieu, EFG plays a significant role in France's sports economy while competing in the highly competitive European football landscape.
Eagle Football Group presents a high-risk, potentially high-reward investment proposition in the specialized football club ownership space. The company operates with negative net income (-€25.2M) and operating cash flow (-€98.1M) in its latest reporting period, reflecting the capital-intensive nature of football operations. However, its €264M revenue base demonstrates significant commercial potential, particularly if Olympique Lyonnais achieves sporting success that enhances media rights values and sponsorship opportunities. Investors should note the company's substantial debt load (€610M) against €129M in cash, creating financial leverage risks. The zero dividend policy suggests all cash is being reinvested in operations. The low beta (0.078) indicates relative insulation from broader market movements, but the investment thesis hinges entirely on football performance and the ability to monetize the club's brand effectively in an increasingly competitive European football market.
Eagle Football Group competes in the challenging ecosystem of European football club ownership, where competitive advantage stems from sporting performance, brand equity, and commercial execution. The company's primary asset - Olympique Lyonnais - operates in France's Ligue 1, which ranks below the English Premier League and Spanish La Liga in revenue generation but benefits from UEFA Champions League participation. EFG's vertically integrated model combining stadium operations, media production, and merchandising provides revenue diversification absent in many peer clubs. However, the company faces structural disadvantages compared to state-backed clubs (like PSG) or those with superior global branding. Its competitive position depends heavily on youth academy output (historically strong) and ability to qualify for European competitions. The 2024 rebranding to Eagle Football Group suggests ambitions beyond Lyon, potentially positioning the company as a multi-club ownership group - a model gaining traction in global football. Media rights concentration (with Ligue 1's centralized sale) limits upside compared to clubs with independent broadcasting strategies. The company's €291M market cap reflects its status as a mid-tier operator in the global football landscape.