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Stock Analysis & ValuationGaumont S.A. (GAM.PA)

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Previous Close
101.00
Sector Valuation Confidence Level
High
Valuation methodValue, Upside, %
Artificial intelligence (AI)138.2837
Intrinsic value (DCF)48.53-52
Graham-Dodd Method42.93-57
Graham Formula10.12-90

Strategic Investment Analysis

Company Overview

Gaumont SA is a historic French film production and distribution company, founded in 1895 and headquartered in Neuilly-sur-Seine. As one of the oldest film studios globally, Gaumont operates across three key segments: French Movie Production and Distribution, Audiovisual Production and Distribution, and Real Estate and Holding Businesses. The company specializes in animated films, cartoon series, and drama productions, distributing content through television broadcasting rights, video-on-demand platforms, and theatrical releases. Gaumont also manages real estate assets related to its entertainment operations. With a strong legacy in the European film industry, Gaumont competes in the global entertainment sector, leveraging its extensive catalog and production expertise. Despite challenges in profitability, the company maintains a niche presence in French and international markets, supported by its subsidiary, Ciné Par SAS. Gaumont's diversified revenue streams and historical brand recognition position it as a key player in the Communication Services sector.

Investment Summary

Gaumont SA presents a mixed investment profile. The company benefits from a storied brand and diversified operations in film production, distribution, and real estate. However, its financials reveal challenges, including a net loss of €7.67 million in the latest fiscal year and negative diluted EPS (-€2.46). While operating cash flow remains positive (€97.49 million), weak profitability and no dividend payout may deter income-focused investors. The low beta (0.067) suggests minimal correlation with broader market movements, offering defensive characteristics but limited growth upside. Investors should weigh Gaumont's industry legacy against its financial underperformance and competitive pressures in the evolving entertainment landscape.

Competitive Analysis

Gaumont SA operates in a highly competitive global entertainment industry dominated by major studios and streaming platforms. Its competitive advantage lies in its historical brand strength, particularly in French and European cinema, and its diversified production capabilities in animation and drama. However, Gaumont faces intense competition from larger studios with greater financial resources and global distribution networks. Unlike Hollywood giants, Gaumont's market reach is more regional, limiting its ability to scale blockbuster productions. The company's real estate segment provides ancillary revenue but does not significantly differentiate it from peers. In the audiovisual space, Gaumont competes with both traditional studios and digital-native content creators, where its smaller scale may hinder investment in high-budget series. The lack of a direct-to-consumer streaming platform further weakens its positioning against vertically integrated competitors. While Gaumont's niche in animation (e.g., 'The Triplets of Belleville') offers some differentiation, its overall market share remains modest compared to global leaders.

Major Competitors

  • Vivendi SE (VIV.PA): Vivendi is a multimedia conglomerate with strong positions in music (Universal Music Group), TV (Canal+ Group), and publishing. Its diversified portfolio and larger scale give it superior resources for content production and distribution compared to Gaumont. However, Vivendi's complexity may dilute focus on pure film production, where Gaumont retains niche expertise.
  • The Walt Disney Company (DIS): Disney dominates global entertainment with unmatched IP libraries (Marvel, Star Wars), theme parks, and streaming services (Disney+). Its financial scale and vertical integration far exceed Gaumont's capabilities. Gaumont cannot compete in blockbuster production but maintains an edge in French-language and arthouse cinema where Disney is less active.
  • TF1 Group (TFI.PA): TF1 is a leading French broadcaster with in-house production capabilities. While stronger in TV content than feature films, TF1's advertising-based model and market reach pressure Gaumont's distribution channels. Gaumont's film expertise provides differentiation, but TF1's audience scale is superior.
  • Nexity SA (NEX.PA): Nexity is primarily a real estate developer but competes indirectly with Gaumont's property segment. Nexity's larger real estate portfolio and development expertise overshadow Gaumont's modest holdings, though Gaumont's properties are specialized in entertainment infrastructure.
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