Toujours trop tôt - NEUTRE - OC 17,2€ (vs 16,8€)
Les résultats 2016 seront publiés le 23 février après bourse. Après un T3 satisfaisant, la performance du T4 devrait être en demi-teinte. Les marges de la musique seront pénalisées par des frais de marketing liés à des sorties d’albums plus nombreuses et à des frais de A&R décalés au T4. Canal+ va continuer à être pénalisé par la baisse continue de ses abonnés (-362 000 sur 9 mois 2016 en France). Nous ajustons nos prévisions pour tenir compte de ces éléments. Notre SOP est néanmoins relevée à 17,2€ (vs 16,8€) avec la revalorisation d’UMG. 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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