Canal+ S.A.

CAN.L

Broadcasting · Communication Services

Price

280.60 GBp

+5.20 (+1.89%)

Market Cap

£2.75B

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Data not available

Stability

Mixed

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Canal+ is a French pay-television company that sells TV subscriptions to households and businesses. It operates premium channels showing movies, sports, and original series, and it also distributes other broadcasters' channels as part of bundled packages. Canal+ is one of the largest pay-TV operators in Europe and Africa, with a particularly strong presence in French-speaking markets.

The company earns most of its revenue from monthly subscriber fees, with additional income from content licensing and distribution deals. Canal+ operates across France, Poland, and several African countries, serving roughly 26 million subscribers worldwide. Its main competitive advantage is exclusive sports rights and original French-language content, which makes it harder for subscribers to cancel. However, the rise of global streaming platforms like Netflix and Disney+ is a significant ongoing threat, as these services compete directly for the same viewers at lower price points.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+46.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

31.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€1.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Canal+ S.A. grew revenue 40% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 992.0M (2021) → 990.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

48.6%

Healthy — 48.6% gross margin

Profit after running costs

Operating Margin

8.5%

Modest — 8.5% operating margin

Return on the money invested

ROCE

2.7%

Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

0.85

Moderate — manageable debt (0.85)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

118.2x

Expensive — P/E 118.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+112.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (118.2 → 5.9)

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Dividends

Dividend

Dividend Yield

0.68%

Small dividend — 0.68% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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