Vivendi | VENTE 21.8EUR | De la musique et des fausses notes
Nous initions aujourd’hui la couverture de Vivendi à la vente, avec une fair value de 21.8€. Nous pensons que la performance du titre ces derniers mois a été tirée par la musique, avec aujourd’hui plus de risques que d’opportunités. Le marché ayant par ailleurs déjà capturé l’essentiel du redressement de Canal+, nous ne voyons pas de nouveau catalyseur et ne nous attendons pas à une mobilisation significative des investisseurs sur le titre à court terme.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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