Canal+: The African Express – Buy, hiking PO to 500p

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Canal+: The African Express – Buy, hiking PO to 500p

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Canal+

The African Express – Buy, hiking PO to

500p

Reiterate Rating: BUY | PO: 500.00 GBp | Price: 258.00 GBp

Reiterate Buy, PO to 500p with 100% upside potential 04 June 2026

We reiterate our Buy rating on Canal+ and raise our price objective to 500p from 450p Equity

(100% upside potential) following a deep dive into the company’s African operations.

Our conviction is driven by Canal+’s transformation into a scaled, global video platform Adrien de Saint Hilaire >>

with a unique geographic footprint, now deriving ~40% of revenue and >50% of Research Analyst

MLI (UK)

earnings from Sub-Saharan Africa. We see the acquisition as strategically compelling: it +44 20 7995 7994

materially enhances scale and positions Canal+ as the clear leader in a structurally adrien.de_saint_hilaire@bofa.com

underpenetrated and fast-growing pay-TV market. Reflecting our higher confidence, we David Amira, CFA >>

Research Analyst

raise our 2028E EPS 7%. In line with our view on the London-listed entity, we initiate MLI (UK)

coverage on the JSE ticker with a Buy rating and PO of ZAR110. Lastly, we add the stock +44 20 7995 7559 david.amira@bofa.com

to the BofA SMID Cap Europe list of best ideas.

Compelling African opportunity

We expect Canal+ Africa EBITA to nearly double by 2030 as (1) Sub-Saharan Africa Stock Data

offers a rare combination of demographic growth, rising electrification, and limited Price (ENP / JNB) 258.00 GBp / 56.50 ZAR

competition from streaming platforms (2) Canal+ already has a proven playbook in Price Objective 500.00 GBp / 110.00 ZAR

French-speaking Africa, combining strong local execution, affordable pricing, and Date Established 4-Jun-2026 / 4-Jun-2026