BeIn or not BeIn ? - NEUTRE - OC 17,9€ (vs 19,4€)
Depuis la publication de notre étude du 14 décembre, le cash détenu par le groupe a évolué. Nous l’estimons à 5,6Mds€ après distribution du dividende détaché ce jour, ce qui laisse une marge de manœuvre limitée au groupe pour des opérations de croissance externe après paiement des 2 dividendes de 1€ prévus après les AG de 2016 et 2017 et la poursuite des achats de titres. En outre, les discussions semblent avancer avec BeIn Sports et pourraient se traduire soit par un accord de distribution exclusif, soit par un rachat de la partie française du groupe qatari. Cet accord nécessaire pèsera sur la profitabilité à court terme de Canal+. Le titre se traite avec une prime de 6% sur l’ANR. Nous maintenons notre opinion NEUTRE avec un objectif de 17,9€ basé sur notre SOP après détachement du dividende de ce jour.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.
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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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