Canal+ (Pay TV)
AlphaValue
Different by nature : because we have neither investment banking nor execution, our research is totally unconflicted.
Note: This is a daily stock update and the information stands true as of 20/12/24, 09:00 CET.
Company Update: Canal+ has become an aggregator of content with top positions in Europe (France, Poland Slovakia and Czech Republic) and in French speaking sub Saharian African countries. The group is developing in other territories.
This model results in decreased average revenue per subscriber and increased content costs, exerting pressure on margins. EBIT growth prospects are not promising. However, due to the specific conditions of its stock market listing following Vivendi’s split, the valuation is attractive. We have a buy rating with a 100% upside.
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AlphaValue, founded in 2007 by Pierre-Yves Gauthier and André Le Grand, has become the leading provider of independent European equity and credit risk research. We offer agnostic analysis of business models and valuations, helping clients assess their investment risks and opportunities.