Vivendi’s Troubles in Italy Drag On; 3Q Revenue Meets Expectations
Vivendi’s misadventures in Italy slog onward as the firm’s legal issues with Mediaset will extend into 2019. While Vivendi's third-quarter trading report was relatively positive, with revenue in line with consensus, we remain concerned about the investments in Italy and the firm’s reluctance to back down. We are maintaining our no-moat rating and fair value estimate of EUR 19. With shares trading slightly above our fair value, we recommend waiting for a pullback before investing in this high-unc...
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