INVEST SECURITIES - Vivendi : Un peu de patience - ACHAT, OC 25,3€
Le CA T3 est meilleur qu'attendu du fait d'une croissance de la musique qui s'accélère et de performances un peu meilleures qu'anticipé de Canal+ et Havas. Aucune guidance précise n'est donnée pour l'ensemble de l'exercice. Mais plus que ces chiffres, l'élément important est l'extériorisation de valeur via la cession d'une partie d'UMG qui va être finalisée au S1 2019. Liberty Media a déjà manifesté son intérêt pour le groupe de musique. Parallèlement, l'acquisition d'Editis sera réalisée fin 2018 ou début 2019 et conforte la stratégie de Vivendi d'être un groupe intégré dans les contenus, les médias et la communication. Opinion ACHAT maintenue avec un objectif de cours de 25,3€.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.