T3 sans relief mais guidances maintenues - NEUTRE vs ACHAT - OC 22,5€
Le T3 est légèrement inférieur aux attentes à la fois au niveau du CA et de l’EBITA malgré des chiffres de Canal+ confirmant le redressement de la télévision à péage en France et un streaming (+41%) portant la croissance de la musique. Les guidances d’une croissance de +5% du CA et de +25% de l’EBITA (hors Havas) sont confirmées. Notre opinion passe d’ACHAT à NEUTRE avec un objectif inchangé à 22,5€. Le potentiel est dorénavant limité (+4%) alors que nous avons des interrogations sur le modèle économique d’Havas, que les incertitudes demeurent en Italie et que la génération de CF reste limitée.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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