FORVIA: Total number of voting rights and shares forming the share capital Nanterre, 7 April 2026 Total number of voting rights and shares forming the share capital (Article L. 233-8 II of the French Commercial Code andArticle 223-16 of the General Regulation of the French Financial Markets Authority)__________________ Trading place: Euronext Paris Compartment: A ISIN Code: FR0000121147 LEI Code: 969500F0VMZLK2IULV85 DateNumber of sharesTotal number of theoretical voting rights (1)Total number of exercisable voting rights (2)31 March 2026197,089,340231,813,560220,042,959 (1) In accorda...
FORVIA : Nombre total de droits de vote et d’actions composant le capital Nanterre, le 7 avril 2026 Nombre total de droits de vote et d’actions composant le capital(article L. 233-8 II du Code de commerce etarticle 223-16 du Règlement général de l’Autorité des marchés financiers)__________________ Place de cotation : Euronext Paris Compartiment : A Code ISIN : FR0000121147 Code LEI : 969500F0VMZLK2IULV85 DateNombre d’actionsNombre total de droits de vote théoriques (1)Nombre total de droits de vote exerçables (2)31 mars 2026197 089 340231 813 560220 042 959 (1) Conformément aux disposi...
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continues unabated. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. KBC macro-econimists have hiked the inflation expectation for 2026 from 1.9% to 3.3%. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We continue our defensive stance in our Benelux Dyna...
On 16 & 17 March, we organized our 7th TMT credit days with ten issuers in the telecoms, media and technology sectors: ams OSRAM, Atos, Canal+, Cellnex, Eutelsat, Nexi, Orange, Telecom Italia, Worldline and Zegona (Vodafone Spain). Over 100 credit investors registered to the event. This document summarizes the minutes of the virtual meetings by issuer. If you have participated to the meetings, we thank very much for filling in the questionnaires (links on page 2). Please don’t take this reminder...
On 16 & 17 March, we organized our 7th TMT credit days with ten issuers in the telecoms, media and technology sectors: ams OSRAM, Atos, Canal+, Cellnex, Eutelsat, Nexi, Orange, Telecom Italia, Worldline and Zegona (Vodafone Spain). Over 100 credit investors registered to the event. This document summarizes the minutes of the virtual meetings by issuer. If you have participated to the meetings, we thank very much for filling in the questionnaires (links on page 2). Please don’t take this reminder...
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...
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 réitér...
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