Vivendi : Back to holding company status. Downgrade from Outperform to Neutral
We have downgraded our rating on Vivendi to Neutral (vs Outperform) following the spin-off of Canal+, Havas and Louis Hachette Group. Our target price is € 2.5 based on a discount of 25% to our NAV analysis. The group could sell some of its stakes (including Telecom Italia) but we do not think that the holding in UMG (70% of the total assets) is likely to be divested quickly. A public offering from Bolloré for the minorities could emerge but there is considerable uncertainty over the timing and premium.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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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