Deutsche Bank announced on Friday that it had raised its target price for Canal+ shares from 240 to 270 pence, while maintaining its "buy" recommendation on them.
In a note released this morning, the analyst said he expects the audiovisual group to report a 3% decline in H1 revenue to €3.1bn on 29 July.
The analyst explained that he anticipates a temporary impact from the group's strategic initiatives, particularly in Europe, where Canal+ has withdrawn from contracts deemed unprofitable in the medium term.
In Europe, revenue is expected to decline by 4.5% to €2.3bn, while revenue in Africa and Asia is expected to amount to €522m, down slightly (-0.9% y-o-y, but marking an improvement compared to the first quarter, thanks to a more favourable comparison basis, he added.
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CANAL+ SA, formerly known as Groupe Canal+ is a France-based media company. The principal activity of the company is to act as the ultimate holding company of the Group. It offers television channels and services. The Company provides subscription TV in France, handle distribution for other channels, and invest in film production through their subsidiary, StudioCanal. The Company operates approximately in 52 countries across Europe, Africa, Asia, United States and others. The Company’s various businesses include: subscription-TV (live and on-demand, mostly through Canal+ premium offers, including its Canal+ OTT platform, but also its stakes in MultiChoice in Africa, Viaplay in Europe, and Viu in Asia); advertising-supported television (through FTA channels) and video streaming (through Dailymotion and Viu); content production and distribution (mostly through Studiocanal, its in-house studio) and telecommunication services (through GVA and Canal+ Telecom in the Overseas Territories).
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