CANAL+ (LSE:CAN) remains a 'buy', according to analysts at Deutsche Bank where a price target of 350p was repeated after the group's Q1 trading update on Wednesday.
Deutsche Bank analyst Annabel Hames says the update was broadly in line, with content production stronger while Europe and Africa & Asia were slightly weaker, and that management's decision to reiterate FY26 guidance supports the bank's view that 2026 will be a transition year as CANAL+, the France‑based pay‑TV and media group, focuses on integrating and returning MultiChoice to growth.
Deutsche Bank flags group revenue of €2,169m (+41% year‑on‑year; -0.2% like‑for‑like) as broadly matching its EUR 2,190m estimate and notes that excluding MultiChoice (MCG) revenue was €1,567m, about +1.5% LFL, figures the bank says underpin its cautious transition thesis.
She highlights the planned secondary listing on the Johannesburg Stock Exchange on 3 June and says delivery of the MultiChoice synergies and subsequent trading updates will be the next proof points for the Buy call.
