Oddo BHF - CANAL+ (CAN) Canal+ : Le cours actuel offre MultiChoice (et les synergies) pour moins que zéro

Report

Oddo BHF

Jerôme Bodin

Canal+ : Le cours actuel offre MultiChoice (et les synergies) pour moins que zéro

Le cours actuel de Canal+ nous semble intégrer un scénario excessivement prudent, revenant de facto à valoriser MultiChoice et les synergies associées à moins de zéro. Nous attendons une inflexion de MultiChoice dès le S2 2026, portée par la relance commerciale annoncée par Canal+. Parallèlement, le core business devrait poursuivre son redressement. Ainsi, nous tablons sur un EBITA de 1 093 M€ en 2028 vs >850 M€ pour la guidance. Notre valorisation par ANR ressort à 420 p / action et nous réitérons notre opinion Surperformance.

23/03/2026 1 FR

Underlying

CANAL+

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FR001400T0D6 London Stock Exchange France

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.

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Analysts

Jerôme Bodin

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Oddo BHF

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.

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Canal+ : Le cours actuel offre MultiChoice (et les synergies) pour moins que zéro

Canal+ : The current price offers MultiChoice (and the synergies) for less than nothing

Credit Morning 03/17/2026

Canal+ : The current price offers MultiChoice (and the synergies) for less than nothing

ODDO : Champagne in Cannes, Spreads on the Screen: Post-MIPIM Views on AI, Iran and balance-sheet risk

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