Is that all there is ? - NEUTRE - OC 17,2€
Comme nous l’anticipions (cf flash du 17/02/2017), les résultats 2016 de Vivendi sont décevants au niveau du CA mais surtout de l’EBITA. Les performances de la musique sur le T4 sont moins bonnes que sur les 3 premiers trimestres et Canal+ continue à être en-dessous des attentes. Le management considère 2016 comme une année de transition et se veut optimiste, anticipant un rebond de Canal+ dès 2017. Il donne des guidances 2017 d’une croissance du CA lfl de +5% et de l’EBITA de +25%. A ce stade et en l’absence de premiers chiffres concrets matérialisant le rebond de Canal+, nous préférons rester prudents et n’intégrons que partiellement ces guidances. 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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