Lagardere : Vivendi owns 10.6% of the capital. Watch out for a bursting of the bubble and operating momentum (Neutral vs Buy)
>Rating downgraded to Neutral vs Buy - Following the announcement of Vivendi’s acquisition of a 10.6% stake in Lagardère (see today’s comment) we downgrade Lagardère from Buy to Neutral with a new target price of € 17 (versus € 14 previously). This acquisition by Vivendi is a surprise with the press having previously mentioned Financière de l’Odet/Bolloré. Our analysis is unchanged, however; we do not think that Bolloré/Vivendi is building a controlling position or is...Lagardere Groupe is a holding company. Through its subsidiaries, Co. is engaged in the media industry (news, education, culture and entertainment businesses). Co.'s main activities in the media industry can be divided into four separate divisions. Lagardere Publishing includes Co.'s Book Publishing and e-Publishing businesses. Lagardere Active encompasses Co.'s Magazine Publishing, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage businesses. Lagardere Services encompasses the Travel Retail and Distribution businesses. Lagardere Unlimited specializes in sports and entertainment.
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.
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