"Here comes the sun" - ACHAT - OC 22,5€ (vs 21,4€)
La stratégie de Vivendi lors de son changement de management était de créer un groupe industriel intégré dans les contenus et les médias. Elle a été étendue pour intégrer la distribution et la communication. Nous pensons que cette stratégie est opportuniste, les synergies entre les métiers restant marginales. Elle est essentiellement patrimoniale avec la volonté d’optimiser la valeur de chaque actif comme cela a été fait au sein du groupe Bolloré dont la performance boursière sur 10 ans illustre une importante création de valeur. Notre objectif de cours ajusté à 22,5€ (vs 21,4€) n’intègre pas de synergies entre les différents actifs du groupe et doit être considéré comme un plancher. Opinion ACHAT 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.
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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