canal+尼斯会议-内部机遇（欧洲成本）与外部机遇（multichoice）

F25E10.112.8 BERNSTEIN TICKER TABLETickerRecommandationCAN.LNOEDMO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedCAN.LN Price Target currency is in GBPSource: Bloomberg, Bernstein estimates and analysis.INVESTMENT IMPLICATIONS(Suite de la page 1)Commentaires analysteCanal+ est probablement le titre le plus complexe de notre univers de couverture compte tenu du large éventail de marges/dynamiques concurrentielles sur ses différents marchés, combiné à l'acquisition transformante que constitue MultiChoice. Unemeilleure visibilité sur les synergies avec MultiChoice pourrait être un catalyseur significatif susceptible d’attirer l'attention desinvestisseurs et de corriger ce que nous considérons comme une sous-valorisation significative.Argumentaire d’investissementNous avons une recommandation Surperformance sur Canal+ avec un objectif de cours de 355p.En cas de divergence entre la version anglaise et la version française, la version anglaise prévaut.EUROPEAN MEDIA 2 I. REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KKOn April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates.VALUATION METHODOLOGYCanal+ SAOur SOP approach lead to an Equity Value range of €5.34-6.75bn, implying a €6.05bn midpoint. We apply a 30% discount toreflect the company complexity, leading to a 355p price target.RISKSCanal+ SAExecution risk on MultiChoice integration in 2025. Dispute with the French tax authorities could lead to a higher effective rate onpart of French pay TV revenues. Ability to renew aggregation contract with third party OTT apps.RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTIONBernstein brandThe Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified.The Bernstein brand has three categories of ratings:•Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 ppCoverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon.Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company to update investorson events and developments.Not Covered (NC) denotes companies that are not under coverage.Autonomous brandEUROPEAN MEDIA Sanford C. Bernstein (Canada) Limited, Sanford(サンフォード・C・バーンスタイン株式会社).3 The Autonomous brand rates stocks as indicated below. As our benchmarks we use the Bloomberg Europe 500 Banks AndFinancial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR (EDMFI)index for developed European banks and Payments, the Bloomberg Europe 500 Insurance Index (BEINSUR) for Europeaninsurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P InsuranceSelect Industry (SPSIINS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large, Mid andSmall Cap Price Return Index (EMLSF) for emerging market banks and insurers and Payments. Ratings are