Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.
  • TickerVIV
  • ISINFR0000127771
  • ExchangeEuronext Paris
  • SectorMedia
  • CountryFrance

Analysts

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/15/2020

Stocks are close to the last valuation peak in 2017 whereas the growth trend has only just started to improve. We think that the trigger to top the 14x mark for the fwd 12m P/E in 2017 will come from an improvement in margins. Adecco is best placed to deliver this. We have upgraded our rating on the stock to Buy (target price CHF 71 vs CHF 50) and are maintaining our Reduce rating on Randstad (target price € 53 vs € 42). - ...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/01/2020

Les titres sont proches du dernier pic de valorisation en 2017 alors que l’amélioration de la croissance est tout juste entamée. Nous pensons que le catalyseur pour dépasser le cap des 14x le PE 12m fwd de 2017 viendra de l’amélioration de la marge. Adecco est le plus à même d'y parvenir, nous passons à l’Achat (71 CHF vs 50 CHF) et conservons notre opinion Alléger sur Randstad (53 € vs 42 €). - Cf. étude publiée hier soir. - ...

Jerôme Bodin

Vivendi : Groupe Canal+: what EBITA in 2022 following the recent announcements?

>A return to growth for Groupe Canal+ but limited impact on Vivendi’s NAV - We update our estimates for Groupe Canal+ based on the recent acquisitions of sporting rights (Champions League, L1, Premier League and Europa League). These acquisitions, combined with the signing of several distribution agreements, (Disney, beIN Sports, etc.), add up to a smart strategy in our view and should enable Groupe Canal+ to propose a much more competitive offering than is currently ...

Jerôme Bodin

Vivendi : Groupe Canal+ : quel EBITA en 2022 suite aux annonces récentes ?

>Retour à la croissance pour Groupe Canal+ mais impact faible sur l'ANR de Vivendi - Nous mettons à jour nos estimations pour Groupe Canal+ suite aux récentes acquisitions de droits sportifs (Ligue des Champions, L1, Premier League et Europa League). Cette stratégie, conjuguée à la signature de multiples accords de distribution (Disney, beIN Sports etc.), nous semble très pertinente et devrait permettre à Groupe Canal+ de proposer une offre beaucoup plus compétitive. ...

Research Department

INFORME DIARIO 14 ENERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, LIBERBANK, MEDIASET, SACYR, TECNICAS REUNIDAS. EUROPA: VIVENDI El mercado continúa sin titulares A pesar de un nuevo ataque contra una base militar estadounidense en Irak, las bolsas cerraron la sesión con subidas. En el Euro STOXX Inmobiliario y Recursos Básicos dirigieron las ganancias mientras que Viajes y Ocio y Autos presentaron las mayores caídas. Por el lado macro, en España el gobierno subirá las pensiones un 0,9% en el Consejo de Ministros aunque con el objetivo a más largo plazo de vincularlas a la inflación, lo que según el BdE te...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 02/01/2020 - Secteur chimique européen

Secteur chimique européen: Des revenus stables attendus dans le secteur en 2020, après un recul de -1% en 2019 Automobile - France : Les immatriculations de voitures en hausse de +1,9% à 2,2m en 2019 Le Portugal pourrait bénéficier d’une hausse de son rating dès le 17 janvier Le volume des fusions & acquisitions ressort à plus de $3.850 mds en 2019 (-3,3%), la 4ème année la plus active, Goldman Sachs affiche environ 35% de part de marché Vivendi (Achat) : Finalise la cession de 10% d'UMG à Tencent pour €3 mds Ahold Delhaize (Achat) : Lance un progra...

Carole Braudeau

Morning Crédit 21/11/2016

D'après le site internet spécialisé ATW, Etihad (Fitch : A) - l'actionnaire de référence d'Air Berlin (CCC+ estimé) avec une participation de 29% - et TUI (Ba2/BB- pos) sont en négociations finales pour créer une compagnie aérienne européenne sur le segment loisirs, qui devrait exploiter 60 avions en point à point vers les principaux marchés touristiques. L'accord devrait être finalisé lors d'une réunion du conseil d'administration le 23 novembre.CMA CGM (B1/B neg) a publié des résultats encore très faibles au T3 16. Volkswagen (A3/BBB+) a annoncé un plan de renforcement de la rentabilité de l...

Carole Braudeau

Credit Morning 11/21/2016

According to the specialized website ATW, Etihad (Fitch: A) - the reference shareholder of Air Berlin (CCC+ estimated) with a 29% stake - and TUI (Ba2/BB- pos) are in final discussions to create a European leisure airline group which is expected to operate 60 aircraft on point-to-point services to key tourist markets. The deal is expected to be finalized at a board meeting on November 23.CMA CGM (B1/B neg) reported still very poor results in Q3 2016.Volkswagen announced a plan to boost the profitability of the VW brand aiming to save € 3.7bn by 2020. >

Carole Braudeau

Credit Morning 11/18/2016

OHL’s management held a conference call after Moody’s downgraded its rating from B3/negative to Caa1/negative to argue that this decision was disproportionate and disconnected from recent asset sales.>

Jerôme Bodin

Vivendi : Groupe Canal+: what EBITA in 2022 following the recent announcements?

>A return to growth for Groupe Canal+ but limited impact on Vivendi’s NAV - We update our estimates for Groupe Canal+ based on the recent acquisitions of sporting rights (Champions League, L1, Premier League and Europa League). These acquisitions, combined with the signing of several distribution agreements, (Disney, beIN Sports, etc.), add up to a smart strategy in our view and should enable Groupe Canal+ to propose a much more competitive offering than is currently ...

Jerôme Bodin

Vivendi : Groupe Canal+ : quel EBITA en 2022 suite aux annonces récentes ?

>Retour à la croissance pour Groupe Canal+ mais impact faible sur l'ANR de Vivendi - Nous mettons à jour nos estimations pour Groupe Canal+ suite aux récentes acquisitions de droits sportifs (Ligue des Champions, L1, Premier League et Europa League). Cette stratégie, conjuguée à la signature de multiples accords de distribution (Disney, beIN Sports etc.), nous semble très pertinente et devrait permettre à Groupe Canal+ de proposer une offre beaucoup plus compétitive. ...

Research Department

INFORME DIARIO 14 ENERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, LIBERBANK, MEDIASET, SACYR, TECNICAS REUNIDAS. EUROPA: VIVENDI El mercado continúa sin titulares A pesar de un nuevo ataque contra una base militar estadounidense en Irak, las bolsas cerraron la sesión con subidas. En el Euro STOXX Inmobiliario y Recursos Básicos dirigieron las ganancias mientras que Viajes y Ocio y Autos presentaron las mayores caídas. Por el lado macro, en España el gobierno subirá las pensiones un 0,9% en el Consejo de Ministros aunque con el objetivo a más largo plazo de vincularlas a la inflación, lo que según el BdE te...

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 01 AL 08 ENERO 2020 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sin cambios esta semana. Cartera High Yield Europa Airbus, Air Liquide, AXA, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Bajamos Inditex, subimos Grifols y entra Técnicas Reunidas. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Almirall, Applus, CAF, Dominion, Ence, Indra, Logista, Másmóvil, Sacyr y Unicaja Sin cambios esta semana.

Research Department

CAMBIO DE CARTERAS BANCO SABADELL CIERRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sin cambios esta semana. Cartera High Yield Europa Airbus, Air Liquide, AXA, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Almirall, Applus, CAF, Dominion, Ence, Indra, Logista, Másmóvil, Sacyr y Unicaja Sin cambios esta semana.

1 director bought

A director at Vivendi bought 2,162,366 shares at 21.116EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/15/2020

Stocks are close to the last valuation peak in 2017 whereas the growth trend has only just started to improve. We think that the trigger to top the 14x mark for the fwd 12m P/E in 2017 will come from an improvement in margins. Adecco is best placed to deliver this. We have upgraded our rating on the stock to Buy (target price CHF 71 vs CHF 50) and are maintaining our Reduce rating on Randstad (target price € 53 vs € 42). - ...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/01/2020

Les titres sont proches du dernier pic de valorisation en 2017 alors que l’amélioration de la croissance est tout juste entamée. Nous pensons que le catalyseur pour dépasser le cap des 14x le PE 12m fwd de 2017 viendra de l’amélioration de la marge. Adecco est le plus à même d'y parvenir, nous passons à l’Achat (71 CHF vs 50 CHF) et conservons notre opinion Alléger sur Randstad (53 € vs 42 €). - Cf. étude publiée hier soir. - ...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/10/2019

...

Alain William ...
  • Alfred Glaser
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/12/2019

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Stephane Houri
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/02/2019

...

Ng Adrian

A double requalification allows VIVENDI to improve to Slightly Positive

VIVENDI (FR), a company active in the Broadcasting & Entertainment industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 4 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date July 26, 2019, the closing price was EUR 26.19 and its potential was estimated at EUR 27.50.

Ng Adrian
Ng Adrian
Ng Adrian
Expert Corporate Governance Service (ECGS)

Vivendi April 15th, 2019

The Supervisory Board was mostly made up of independent members before the arrival of the Bolloré Group. Vincent Bolloré gradually took over and now the governance fails to comply with market practices: there is no separation of powers. Normally, the reference shareholder appoints its representatives for the Supervisory Board and the managers of subsidiaries will occasionally sit on the Executive Board (executive officer of business units). However, the opposite occurs in Vivendi. Yannick Bolloré, CEO of Havas, which is one of Vivendi’s subsidiaries, chairs the Supervisory Board. He is respons...

Charles Pinel

Vivendi, 15 Avril 2019

UNE GOUVERNANCE INCOHERENTELa gouvernance de Vivendi s'est fortement détériorée depuis l'arrivée du Groupe Bolloré au capital. Alors que le conseil de Vivendi était majoritairement composé de membres libres de conflits d'intérêts, Vincent Bolloré a progressivement mis la main sur celui-ci et les mouvements intervenus ont mené à une incohérence de la gouvernance qui ne respecte pas la logique de séparation des pouvoirs dont les actionnaires sont en droit d'attendre d'une société à Conseil de surveillance et Directoire. En effet, dans les structures à Directoire et conseil de surveillance, l’act...

Vivendi - Assemblée générale des actionnaires du 15 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Vivendi – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Charles Pinel

Proxy Report - 19/04/2018

While Vivendi's board was mostly composed of independent members before the arrival of the Bolloré Group to Vivendi's capital, Vincent Bolloré gradually took control of it. In addition, recent movements reveal an inconsistency in governance since, usually in the structures of the Management Board and the Supervisory Board, the reference shareholder appoints his representatives to the Supervisory Board and the managers of subsidiaries sometimes sit on the Management Board (executive officer of business units). At Vivendi, it's the opposite. The CEO of Havas sits on the supervisory board (Yannni...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, STOXX Europe 50, and the TOPIX indexes are analyzed from both a price and RS perspective... see page 2...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

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