Canal+ France has issued a prospectus in view of the April flotation of Lagardère’s 20% stake, which could still reach an agreement to sell with majority owner Vivendi
The prospectus provides a unique insight on the performance of Canal+, which has increased ARPU and profitability in the past three years, despite erosion of its subscriber base due to competitive pressures and the recession
Management’s revenue and profit targets for 2013 appear within reach, and we also see potential upsides
French ISPs are about to enter a disruptive four month window of penalty-free broadband subscriber churn, triggered by the VAT rise on IPTV
SFR has followed Iliad’s Free by offering unmetered fixed-to-mobile calls at the risk of ARPU decline
We expect Free’s market share to stabilise, whilst those of SFR and Bouygues should rise to the detriment of Orange
Under regulatory pressure, France Télécom introduced in July 2006 a wholesale ‘naked’ DSL offer, under which broadband alone is supplied to the customer, as the lower frequency portion of the line used for PSTN telephony is deactivated
Orange’s new ‘free broadband’ offer brings savings of up to 60% for Orange UK customers who pay for broadband, and may appeal to a great many of them