Italie : retour vers le futur ? - NEUTRE - OC 17,8€ (vs 17,4€)
Vivendi et Mediaset ont annoncé vendredi soir avoir conclu un accord par lequel ils échangent 3,5% de leur capital et Vivendi reprend le bouquet de télévision payante Mediaset Premium. Cet accord est accompagné de projets de développements dans les contenus et la SVoD. Si ceux dans les contenus sont positifs, la concurrence de 2 bouquets en Italie pourrait perpétuer les pertes récurrentes de Mediaset Premium. Dans la SVoD, Netflix est un concurrent sérieux. Nos prévisions de BNA 2016-18e sont relevées (+10,4%/+20,3%/+22,9%) pour prendre en compte les mises en équivalence de Banijay Zodiak et Telecom Italia. Notre objectif de cours est relevé de 17,4€ à 17,8€ (baisse du taux sans risque et de la prime de risque). 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.
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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