Barclays initiates Canal+ at 'overweight', says 2026 will be turning point
** Barclays initiates newly-listed Canal+ CAN.L at "overweight" and with a PT of 280p after its split from Vivendi VIV.PA
** It views Canal+ as undervalued but says patience is needed as 2026 should be the first notably positive year
** "Will investors agree that the lack of growth in 2025 is one-off in nature?" - Barclays
** The French broadcaster faces uncertainties on back taxes, net content investment and its MultiChoice MCGJ.J acquisition, the broker says
** However, it sees potential value for the stock even when considering worst-case scenarios
** "Management has successfully stabilized Canal+'s core European business through the aggregation of third-party streaming platforms," it says
** With presence in 21 countries and with 14 more to come if it successfully buys MultiChoice, Barclays sees Africa as Canal+'s growth engine despite currency and political risks
Reporting by Leo Marchandon
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