olivLaw · European equity research
CANAL+ CAN.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
CANAL+ is a premium television and streaming group active in Europe, Africa and Asia, which has grown larger after combining with MultiChoice. For 2025 the European segment generated 4.565 billion EUR in revenue, while Africa brought in over 1 billion EUR excluding MultiChoice.
At the close of 06 Nov 2026, CANAL+ (CAN.L) stock was 2.35 GBP (−0.85% on the day), with beta 0.81, 52-week range 1.91–3.27 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.7
- neutral
- Bollinger (20, 2)
- 2.13 – 2.52
- in the upper half of the band · %B 0.55 · band width 16.6%
- SMA 50 / 200
- 2.39 / 2.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.6% | −0.2% | +7.8 pp | — |
| 3 months | −12.3% | −5.4% | −6.9 pp | — |
| 6 months | +0.3% | +4.4% | −4.0 pp | — |
| Year to date | −12.0% | +6.5% | −18.5 pp | — |
| 1 year | +1.7% | +10.0% | −8.2 pp | +3.7% |
| 3 years | unavailable | +48.6% | unavailable | +24.5% |
| 5 years | unavailable | +41.4% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.2 bn | 6.4 bn | 6.9 bn |
| Revenue YoY | unavailable | +3.1% | +8.3% |
| Net income | -61.0 m | -147.0 m | -47.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.06 | -0.15 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.0% | -2.3% | -0.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 830.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.7 bn EUR
- Total assets
- 12.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.81x
- ROE
- -1.1%
- ROA
- -0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.2 bn | 6.4 bn | 6.9 bn | esef· 18 Mar 2026verified |
| Operating income | 426.0 m | 359.0 m | 236.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 102.0 m | 78.0 m | 153.0 m | esef· 18 Mar 2026verified |
| Income tax | 118.0 m | 156.0 m | 113.0 m | esef· 18 Mar 2026verified |
| Net income | -61.0 m | -147.0 m | -47.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | -0.06 | -0.15 | -0.05 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 334.0 m | 376.0 m | 830.0 m | esef· 18 Mar 2026verified |
| Receivables | 1.4 bn | 1.5 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Inventories | 89.0 m | 66.0 m | 85.0 m | esef· 18 Mar 2026verified |
| Current assets | 2.9 bn | 2.9 bn | 3.7 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 675.0 m | 609.0 m | 676.0 m | esef· 18 Mar 2026verified |
| Goodwill | 2.5 bn | 2.5 bn | 3.7 bn | esef· 18 Mar 2026verified |
| Total assets | 8.9 bn | 9.4 bn | 12.3 bn | esef· 18 Mar 2026verified |
| Current liabilities | 7.1 bn | 3.3 bn | 4.6 bn | esef· 18 Mar 2026verified |
| Total liabilities | 7.8 bn | 4.3 bn | 8.6 bn | esef· 18 Mar 2026verified |
| Equity | 1.1 bn | 5.0 bn | 3.7 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 1.0 bn | 980.0 m | 940.0 m | esef· 18 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.7% | 26 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 1 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial1/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CANAL+ (CAN.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.9 bn EUR in 2025; YoY growth 8.3%; net margin -0.7%; ROE -1.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -0.7%
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +4% / +111% |
1- and 3-year price returns: for CAN.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CANAL+ is a premium television and streaming group active in Europe, Africa and Asia, which has grown larger after combining with MultiChoice. For 2025 the European segment generated 4.565 billion EUR in revenue 1, while Africa brought in over 1 billion EUR excluding MultiChoice 1.
SWOT
Strengths
- The group holds leading positions in several European markets and a proprietary content library expanded through STUDIOCANAL 1.
- The MultiChoice integration gives continental scale and a broad distribution network in Africa 1.
- Its own hardware combined with a streaming app supports the relationship with subscribers 1.
Weaknesses
Opportunities
Risks
- Competition and disintermediationhigh
Direct-to-consumer platforms could reduce the subscriber base and growth capacity 1.
- Content access and costshigh
Difficulty accessing films and sports or rising rights costs could weigh on margins 1.
- Piracyhigh
Piracy of content remains a significant risk for subscriptions and revenue 1.
- Macro-economic and geopolitical conditionsmedium
A weaker economy or regional tensions could reduce demand and disrupt supply chains 1.
- Foreign exchangemedium
Currency fluctuations could affect reported revenue from outside the euro area 1.
Investment thesis
What would need to be true (bull case)
- If the MultiChoice integration delivers synergies, the group could benefit from continental scale and stronger bargaining power for rights 1.
- The STUDIOCANAL library and franchises such as Paddington could generate extra revenue through licensing 1.
- Wider internet access in Africa could support subscriber growth and fibre services 1.
What to watch
- Progress of the MultiChoice integration and realised synergies2027
- Outcome of sports rights tenders in key European markets2027
- French Council of State ruling on distribution windows2027
- Possible control of UGC after 20282028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CANAL+ business model combines local and global content delivered through its own hardware and its streaming app, available on a wide range of partner devices 1. The business is organised into three segments: Europe, Africa and Asia, and Content Production, Distribution and Other 1. The group aims to grow profitably and remain cash generative while the MultiChoice integration extends its footprint across the continent 1.
Segments
Europe
The European segment covers subscription and advertising-supported television and OTT businesses, with its largest base in France and a strong position in Poland 1. Revenue reached 4.565 billion EUR in 2025 from over 18 million customers 1.
Africa and Asia
After the MultiChoice combination, the group is the largest media and entertainment provider in Africa, with 23 million subscribers across more than 40 countries 1. Revenue excluding MultiChoice exceeded 1 billion EUR in 2025, and the retail network includes over 32,000 points of sale 1.
Market context
The European pay-TV market is mature, while Africa remains a growth area as internet access improves 1. Competition comes from global OTT operators and direct-to-consumer platforms that attract subscribers and sports rights 1. The group defends mature markets through local content and aggregation, and emerging markets through investment in production 1.
Trends
- Media market consolidationmixed
Industry concentration, including the sale process of Warner Bros. Discovery, could change competitive dynamics and affect group activities 1.
- Disintermediation and OTT platformsheadwind
The growth of direct-to-consumer and OTT platforms could make it harder to maintain the subscriber base 1.
- Content rights costsheadwind
High prices for films and sports rights could raise costs, especially as US studios reserve windows for their own platforms 1.
- Fibre network expansiontailwind
If GVA FTTH services grow across nine African countries, they could offset competitive pressure from mobile internet and satellite 1.
Competitive position
In Europe CANAL+ competes with global OTT platforms and local TV operators, while in Africa it faces satellite and mobile internet operators 1. In Asia its Myanmar presence and the Viu stake bring competition from regional streaming services 1.
- NetflixNFLX
Global SVOD platform that could bid for sports rights and contests French distribution windows 1.
- Paramount+PARA
Platform that obtained live Champions League rights in the United Kingdom and Germany for the 2027-2031 cycle 1.
- Internet service providers with TV offers
Operators that dominate French TV and can influence the group's access to subscribers 1.
- Mobile internet and satellite operators
Competitors of GVA in Africa offering alternative connectivity technologies 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2026-12-31 (ESEF) · SEC / CANAL+ · 31 Dec 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.