Canal+ : Aiming to be the world’s leading alternative to US platforms
Canal+ is now listed on the London Stock Exchange. Bolloré will own 31.04% of the group and we believe this stake could be increased. We expect strong EBITA growth and even stronger FCF growth until 2027. The group is likely to continue making bolt-on acquisitions paid for in cash, and we are not ruling out a major deal paid for in shares. The question mark remains the dividend policy, which has not been specified and is likely to depend on investment momentum. Our SOP-derived target price is 380p factoring in a discount of 30%. While momentum is likely to be lacklustre in the short term, but the particularly low valuation justifies our Outperform recommendation.
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.
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