Report
Canal+ : The current price offers MultiChoice (and the synergies) for less than nothing
Canal+'s current share price seems to us to reflect an excessively cautious scenario, de facto valuing MultiChoice and the related synergies at less than zero. We expect MultiChoice to pick up from H2 2026, driven by the commercial revival announced by Canal+. At the same time, the core business should continue to recover. We therefore expect EBITA to reach € 1,093m in 2028, compared with the guidance of >€ 850m. Our valuation based on NAV works out at 420p per share. We reiterate our Outperform rating on the stock.
Underlying
CANAL+
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Jerôme Bodin
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