Mysterious ways - NEUTRE - OC 17,2€ (vs 17,4€)
Si sur le T1, le CA de 2 663m€ (+3,4%) est supérieur aux attentes, l’EBITA de 149m€ (-34%) est en dessous, du fait d’une performance de Canal+ plus faible qu’attendue à 57m€ (-66,3%) qui n’est que partiellement compensée par les très bonnes performances de la musique. Le groupe confirme ses guidances sur l’année d’un ROP en croissance de 25%. Plus important que ces chiffres est l’annonce d’une offre faite au groupe Bolloré de reprendre sa participation de 59,7% dans Havas au prix de 9,25€/titre. Nous demeurons sceptiques sur les synergies d’une telle opération même si elle a un impact positif sur les résultats. Opinion NEUTRE maintenue avec un objectif de 17,2€ (vs (17,4€).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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