Vivendi Ends 2017 on a Mixed Note; France Pay-TV Market Appears to Be Stabilizing
Vivendi posted a mixed fourth quarter as revenue was in line with consensus, but EBIT came in slightly below the Street’s expectation. Canal+ continues to struggle in France, but the rate of decline has decreased. Management expects the improvement in France to continue as the 2018 EBITA guidance for Canal+ of EUR 450 million before restructuring implies strong growth of 23% over 2017. We maintain our no-moat rating and our fair value estimate of EUR 19. With Vivendi shares trading in the three-...
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