Canal+: UBS Neutral on stock, with 240p TP
(CercleFinance.com) - The French audiovisual group has listed on the London Stock Exchange for the first time.
Following this start to trading, UBS says that has a Neutral rating on the stock, with a target price of 240p.
We see interesting levers to enable Canal+ to significantly increase its FCF, but the risk of value erosion linked to the MultiChoice transaction leads us to a Neutral rating and a target price of 240p, it says.
The group has confirmed that it has submitted to the MultiChoice Board of Directors a letter containing a non-binding indicative offer to acquire all the issued ordinary shares of MultiChoice that it does not already hold.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
Following this start to trading, UBS says that has a Neutral rating on the stock, with a target price of 240p.
We see interesting levers to enable Canal+ to significantly increase its FCF, but the risk of value erosion linked to the MultiChoice transaction leads us to a Neutral rating and a target price of 240p, it says.
The group has confirmed that it has submitted to the MultiChoice Board of Directors a letter containing a non-binding indicative offer to acquire all the issued ordinary shares of MultiChoice that it does not already hold.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.