Oddo BHF - CIRSA ENTERPRISES S.A. (CIRSA) ... Morning Crédit 24/03/2026

Report

Oddo BHF

Carole Braudeau

Morning Crédit 24/03/2026

Les immatriculations de véhicules en Europe ont légèrement rebondi en février|Ventes Retail France : rechute en février 2026|

24/03/2026 1 FR

Underlyings

CIRSA ENTERPRISES S.A.

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ES0105884011 Spain

Fnac Darty SA

Fnac Darty is engaged in the leisure and entertainment, technology, and household appliances retail market in France and a player on markets in other countries where it operates such as Spain, Portugal, Belgium, the Netherlands and Switzerland. Fnac Darty also has franchise operations in Morocco, Qatar and Ivory Coast.

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FR0011476928 Euronext Paris 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

Carole Braudeau

Other Reports on these Companies

Oddo BHF

Credit Morning 03/24/2026

Vehicle registrations in Europe rebounded slightly in February|French retail sales; further decline in February 2026|

3h / 34m 3h / 34m 1 EN

Oddo BHF

Credit Morning 03/11/2026

Avolta: good full-year results and solid cash generation.|Fnac Darty: information published on the takeover bid (equity financing by EP Group)|

March 11, 2026 March 11, 2026 1 EN

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.

3h / 10m 3h / 10m 1 EN

Jerôme Bodin

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.

3h / 16m 3h / 16m 1 FR

Carole Braudeau

Carole Braudeau

Credit Morning 03/24/2026

Vehicle registrations in Europe rebounded slightly in February|French retail sales; further decline in February 2026|

3h / 34m 3h / 34m 1 EN

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Morning Crédit 24/03/2026

Credit Morning 03/24/2026

Credit Morning 03/11/2026

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

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

Credit Morning 03/24/2026

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