Late last week MFE reported its H1 numbers. Like in the Q1, the Q2 operating profit was clearly disappointing. We have to admit that, despite MFE’s stock being down by 60% ytd and looking deeply discounted, it’s difficult to interest investors in buying the TV of tomorrow when linear TV still has not found the right model. The years go by and revenues (in particular TV advertising) continue to decline yoy while operating costs are slightly increasing.