Report
Vivendi: Canal+ gets a red card (SELL, Fair Value EUR21.5 vs. EUR21.8
Vivendi: (SELL, Fair Value EUR21.5 vs. EUR21.8 (-3%))Canal+ gets a red card
Yesterday evening the French Ligue de Football Professionnelle announced the results of the auctions for the 2020-2024 Ligue 1 football championship rights in France. Mediapro won the main matches, while Canal+ did not win any. We view it as bad news for Canal+, as we do not believe in a profitable fiction/cinema only alternative. But the football game is not over for C+, as Mediapro will need partnerships to get a return on its investment, given the 60% inflation on the rights. We adjust our fair value down to EUR21.5 vs EUR21.8.
Provider
Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Thomas Coudry
Other Reports from Bryan Garnier
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.