An activist investor has urged Canal+ to become more transparent about its long-term strategy and business goals.
Selwood Asset Management blames the lack of communication from the streamer and production house for a share price that at 157.00p is significantly below the 236.80p achieved shortly after its London debut in December last year.
“They really stand out in terms of how little disclosure they’ve given,” Karim Moussalem, chief equities,” investment officer at the UK-based hedge fund, told The Times.
Moussalem says Canal’s chief executive Maxime Saada has been “impressive” during private meetings, but other management has been “quieter”.
Shareholders at French media giant Vivendi made plans to spin-off Canal+, Havas and Louis Hachette Group amid concern that the markets had “substantially” reduced its valuation since the spin-off of Universal Music Group in 2021.
Canal itself is currently involved in the acquisition of African streaming service MultiChoice, a process that has been extended by six months to October 8 to give regulators more time to clear the deal.
Canal has previously said it expects revenue to grow moderately in the medium term. It has not commented on Mr Moussalem’s views.
