Report
Jerôme Bodin

ODDO : Nouveaux ANR pour Bolloré et Vivendi – point sur notre scenario de simplification post UMG

>Remise à jour de nos SOP Vivendi et Bolloré suite à l’IPO d’UMG - Suite à la cotation d’UMG hier nous mettons à jour nos modèles et valorisations pour Vivendi et Bolloré. Nous initions par ailleurs UMG aujourd’hui avec une recommandation Neutre (voir notre étude publiée ce jour) au regard d’une valorisation qui est à peu près conforme à celle que nous attendions (45,7 Md€ de capitalisation en clôture vs 47,3 Md€ attendu soit un potentiel de hausse de 3,9%). Nous réit...
Underlyings
Bollore SA

Bollore is a holding company. Through its subsidiaries, Co. conducts business in international logistics, transportation and logistics in Africa (port management, stevedoring, logistics), fuel distribution, batteries and supercapacitors, electric vehicles, plastic films for capacitors and packaging, dedicated terminals and systems, plantations, communicationa and the media (television and free press, advertising and market research) and the management of portfolio shareholdings. Co.'s activities can be divided into four segments: Transportation and logistics, Industry, Fuel distribution, and Other activities.

Vivendi SE

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Jerôme Bodin

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