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
Thomas Coudry

Media Top picks Q3: let the music play

Media Top picks Q3: let the music play A look back at Q2 2020 What do we see for Q3 2020 Headline (heading 1) Our top pick for Q3: Vivendi, FV raised to EUR25.5

With a more favourable environment, VIVENDI improves to Positive

VIVENDI (FR), a company active in the Broadcasting & Entertainment industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date June 30, 2020, the closing price was EUR 22.84 and its potential was estimated at EUR 24.62.

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.

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)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

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...

Valérie GASTALDY

Short term view - VIVENDI : The trend is bearish.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €21.20. The background trend would be questioned should prices rise above €22.67.

Valérie GASTALDY

Analyse court terme - VIVENDI : La tendance est baissière.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 21,20 €. La tendance de fond serait remise en cause en cas de franchissement de 22,67 €.

Valérie GASTALDY

Short term view - VIVENDI : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €21.20. The background trend would be questioned should prices rise above €22.67.

Valérie GASTALDY

Analyse court terme - VIVENDI : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 21,20 €. La tendance de fond serait remise en cause en cas de franchissement de 22,67 €.

Thomas Coudry

Media Top picks Q3: let the music play

Media Top picks Q3: let the music play A look back at Q2 2020 What do we see for Q3 2020 Headline (heading 1) Our top pick for Q3: Vivendi, FV raised to EUR25.5

Jerôme Bodin

Vivendi : Révision en baisse de nos attentes sous l’effet d’un scénario un peu plus prudent pour Canal+ et Havas

>Mise à jour de nos estimations - Nous faisons un point sur nos attentes pour Vivendi dans le cadre de la sortie d’une étude sur Bolloré ce jour. Nos attentes d’EBITA 2020/21e sont révisées en baisse de 5% en moyenne principalement sous l’effet d’un scénario plus prudent pour Groupe Canal+, Havas et les autres activités (dont Vivendi Village). Notre valorisation et objectifs de cours sont toutefois inchangés en raison de la hausse des cours de Bourse de Spotify et Te...

Jerôme Bodin

Vivendi : Downward revision to our forecasts prompted by a slightly more cautious scenario for Canal+ and Havas

>Update to our estimates as part of our Bolloré report - We have updated our forecasts for Vivendi with the publication of our report on Bolloré later today. We have lowered our forecasts for 2020-2021e EBITA by an average of 5%, primarily due to our more cautious scenario for Groupe Canal+, Havas and the group’s other activities (including Vivendi Village). However, our valuation and target prices our unchanged due to the increase in Spotify's and Tencent Music’s sha...

Jerôme Bodin

Vivendi : IPO for Warner Music, read across for Vivendi

>First IPO in the music sector - Warner Music Group (WMG) was floated on the market yesterday. We would highlight the following details: 1/ 77m shares were offered at a price of $ 25 (vs an initial range of $ 23-26). Shareholders have an option to acquire 11,55 million additional shares over the next 30 days; 2/ assuming that all of the shares are sold, the free float will come to 17% (Access Industries still owns 83% of the capital, but 99% of the voting rights, wit...

Jerôme Bodin

Vivendi : IPO de Warner Music, quel read across pour Vivendi?

>Une première IPO dans le secteur de la musique - Warner Music Group (WMG) a procédé hier à son introduction en Bourse. Nous retenons les détails suivants : 1/ 77 M d’actions ont été cédées à un prix de 25 $ (fourchette initiale de 23 à 26 $). Les actionnaires disposent d’une option pour acquérir 11,550 M d’actions supplémentaires ces 30 prochains jours ; 2/ en supposant que la totalité des actions soient cédée, le flottant sera donc de 17% (Access Industries détient...

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.>

Alain William ...
  • Alexandre Iatrides
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/16/2020

We reiterate our Buy recommendation on Bolloré, with a revised target price of € 3.8, reflecting upside of 38%. Despite poor visibility, we expect EBITA for Bolloré Transport & Logistics' EBITA to grow solidly as a result of robust growth in the ports business and also tight control of costs (fall in investments). A simplification operation, to increase the stake in Vivendi in the coming quarters, still seems plausible, in our view. - Cf. company report published today. - ...

Alain William ...
  • Alexandre Iatrides
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/06/2020

Nous réitérons notre opinion Achat sur Bolloré avec un nouvel objectif de cours de 3.8 € faisant ressortir un potentiel de 38%. Malgré une faible visibilité, nous tablons sur une progression solide de l’EBITA de Bolloré Transport & Logistics sous l’effet d’une croissance solide de l’activité portuaire et aussi d’un strict contrôle des coûts (baisse des investissements). Une opération de simplification, pour accroitre la participation dans Vivendi, nous semble toujours crédible ces pro...

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/04/2020

...

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/06/2020

...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/22/2020

The rise in share prices from the low points raises questions. The arguments in favour, an unprecedented response from states and central banks, the probable reaching of the pandemic peak and the beginning of the lifting of lockdown measures, are known. But a slew of unknown elements (the profits mass post-normalisation, possible epidemic rebound) persist and the macro low point has not yet been reached. A modelling of the time to reach the trough carried out on the last 5 bear marke...

With a more favourable environment, VIVENDI improves to Positive

VIVENDI (FR), a company active in the Broadcasting & Entertainment industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date June 30, 2020, the closing price was EUR 22.84 and its potential was estimated at EUR 24.62.

Systematic Ideas - Reiterate Long Vivendi Universal - 17 Nov

Deydun Markets' QuantLab team use systematic models with fundamental and quantitative inputs to generate signals on stocks, ETFs, indices, forex pairs and commodities for both investors and traders. We use a rigorous set of strategies to isolate the model that generates the profit curve that shows the most promise. A combination of systematic derivative, fundamental and technical analysis across varying time frames and approaches helps sift out the highest conviction, actionable signals which we publish. Our unique treatment of risk as a predictive input is one of the reasons why we are able ...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Vivendi – AGM 20 April 2020

Incoherent Governance : 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 Supervi...

Vivendi - Assemblée Générale des actionnaires du 20 avril 2020

UNE GOUVERNANCE QUI DEMEURE INCOHERENTEDénoncée par Proxinvest à de nombreuses reprises, la gouvernance de Vivendi s'est fortement détériorée depuis l'arrivée du Groupe Bolloré au capital au-delà des transactions avec cette partie liée. 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 Conse...

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...

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.

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