The Spanish production company relies on the French bank to explore potential acquisitions and boost stock liquidity
Secuoya Content, one of Spain’s leading audiovisual production companies, has enlisted Société Générale to assess possible corporate transactions. The company’s top shareholders Raúl Berdonés and Pablo Gimeno alongside Gala Capital, which holds a 20% stake, have already held meetings with the advisory team led by Donato González to explore acquisition opportunities. They are also evaluating a potential listing on Spain’s main stock exchange, particularly at a time when Netflix, one of Secuoya’s key clients, is experiencing historic market growth.
According to sources close to the process, Société Générale has started to scout the European market for companies that could merge with or be acquired by Secuoya. With Berdonés as CEO and Gimeno as Managing Director, the company has both liquidity and financing available through Pricoa, the investment arm of PGIM. This is crucial in a market where the surging demand for content driven by the streaming boom now exceeds Secuoya’s current production capacity.
Sources report that Secuoya Content’s EBITDA has more than doubled compared to the €31.9 million recorded in 2023. While the company has not confirmed these figures given its listing on the BME Growth market, insiders suggest that operating profit could reach approximately €60 million. In 2022, the company reported EBITDA of €21 million, meaning the figure could nearly triple in just two years.
The partnership with Société Générale is also aimed at improving the stock’s liquidity. Despite being listed on the BME Growth exchange for expanding companies, Secuoya’s trading volume remains low. Currently, Berdonés and Gimeno jointly control 75% of the company, while Gala Capital owns another 20%, concentrating nearly all the company’s equity.
In the summer of 2023, Berdonés launched a public takeover bid (OPA) for the 56% stake held by Alantra. This move increased his and Gimeno’s combined stake to 75%, while Gala Capital raised its share from 14% to the current 20%. The remaining 4% is held by small investors, many of whom are company executives or close associates of the founders.
Back then, Secuoya Content was valued at €127 million, with an EBITDA of just €16 million. If current forecasts hold, EBITDA could now be approaching €60 million. Yet, its current market capitalization is just over €150 million, far below its estimated true value. Based on internal projections, Secuoya’s market cap could exceed €600 million.
Investor interest in the sector is underscored by the stock performance of major streaming platforms. Netflix, which leases Secuoya’s Roots studios in Spain to produce original series, has seen its stock price soar more than 85% in the past year and nearly 180% since 2020. The platform ended 2024 with record highs in subscribers, revenue, and profit. For the first time, Netflix surpassed 300 million subscribers in a single quarter, closing the year with 301.6 million. It also posted over $10 billion in quarterly revenue for the first time. In 2024, the company reported $39.001 billion in revenue (+16%) and $8.712 billion in profit (+61%), cementing its strong market position.
Netflix’s strategy of combining in-house productions with third-party content benefits production firms like Secuoya Content. With Société Générale’s backing, Secuoya now aims to scale its business and secure a listing on Spain’s continuous market reserved for larger, more mature companies.
