We hosted our 28th ODDO BHF Forum in Lyon on 9 and 10 January 2025. In total, 210 companies made presentations over the two days. In addition to day 1 feedback (Link to the feedback of the first day), in the following note, we provide some initial feedback from the companies for the second day. The full final feedback, including sector conclusions, will be published later this week. As was the case for the first day, analysts judged that a majority of the companies had a rather neutral tone. Ou...
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 38...
Canal+ est dorénavant coté à la Bourse de Londres. Le groupe est détenu à 31,04% par Bolloré qui pourrait se renforcer selon nous. Nous tablons sur une progression solide de l’EBITA d’ici 2027 et encore plus du FCF. Le groupe devrait poursuivre ses acquisitions ciblées en cash et nous n’excluons pas une opération de taille en titres. Le point d’interrogation reste la politique de dividende qui n’est pas précisée et sera probablement dépendante du momentum d’investissement. Notre objectif de cour...
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