VIVENDI: Q3 revenues above expectations driven by strong UMG | NEUTRAL | EUR22.5
VIVENDI - NEUTRAL | EUR22.5(+5%)Q3 revenues above expectations driven by strong UMG
Improving revenue trend in Q3, beating estimates
Blue sky at UMG, until at least Q4
Clouds over Canal+, with questions on EBITA outlook
Improving trend at Havas, driven by France and the UK
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.
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.
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