« All we need is just a little patience » - NEUTRE - OC 19,4€
Entre 1996 et 2014, deux stratégies distinctes ont changé la physionomie de Vivendi. Elles ont conduit à des cessions d’actifs rapides pour faire face à un endettement excessif. La nouvelle stratégie mise en place vise à créer un groupe industriel intégré dans les médias et les contenus. Dans un premier temps, des investissements élevés vont être nécessaires pour adapter UMG et Canal+ aux changements de leur univers concurrentiel. Ils vont affecter les résultats 2016 et 2017 mais ne remettent en cause ni le bien-fondé de la nouvelle stratégie, ni son succès sur le long terme conforté par le bon track record de Vincent Bolloré. Avec une décote de seulement 2% par rapport à son ANR, ce succès est déjà largement intégré. Nous initions la couverture avec une opinion NEUTRE et un objectif de cours de 19,4€.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 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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