beIN OUT - NEUTRE - OC 46,4€
La décision de l’autorité de la concurrence de refuser l’accord de distribution exclusif de beIN Sports par Canal+ n’est pas une surprise. S’il s’était fait, les exigences demandées auraient rendu cet accord peu attractif. Vivendi doit maintenant trouver une solution pour que la proposition de valeur de Canal+ justifie le prix payé par les abonnés. Sinon, l’érosion des abonnés va s’accélérer comme cela a été constaté au T1. Dans un environnement très concurrentiel nous ne croyons pas à un redressement rapide de la chaîne à péage, ce que nous avons déjà intégré dans nos prévisions. Notre objectif de cours reste inchangé à 16,4€. Opinion NEUTRE maintenue.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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