Vivendi Meets Expectations; Canal+ Struggles Continue in France
Vivendi reported first-half 2016 results in line with our expectations. Canal+ continues to struggle in France, dragging down overall results. We maintain our no-moat rating and our fair value estimate of EUR 18. With Vivendi shares trading in the 3-star range, investors should wait for a pullback before investing.For the first half of 2016, Vivendi posted revenue of EUR 5.04 billion, down 1% from a year ago as Canal+ continues to decline as revenue fell 3.5%. Universal Music Group was flat as ...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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