Le prix de la Liberty - NEUTRE - OC 17,4€ (vs 17,9€)
Le litige avec Liberty Media a été réglé vendredi via un accord transactionnel de 700m€. Cela va avoir un impact positif sur les résultats 2016 du fait d’une reprise de provisions de 245m€ avant fiscalité. Par contre, le dépôt en numéraire de 974m€ réalisé par Vivendi étant intégré dans le calcul de la trésorerie nette de 6,4Mds€ à fin 2015 (mais pas dans la trésorerie brute au bilan), ceci va avoir un impact de -700m€ sur la trésorerie nette du groupe et donc sur le calcul de notre SOP qui passe de 17,9€ à 17,4€. Nous maintenons notre opinion NEUTRE.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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