Report
Media: H1 results: Music plays better than TV
MediaH1 results: Music plays better than TV
In the TV business, outlook is cloudy, both in free to air and pay TV, as regulatory catalysts are taking time to materialize. However, the sky is blue in the music business, still supporting Vivendi’s performance. We lowered our TF1 Group and M6 Group fair values to EUR12 vs EUR14 and to EUR22 vs EUR23.5 respectively, and we are sticking to our Buy and Neutral recommendation. As far as Vivendi is concerned, we have increased our fair value to EUR22.5 vs EUR22, but we stick to our Neutral recommendation as we remain cautious on the impact of a potential sale of a UMG stake.
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Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Thomas Coudry
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