Lagardere : Duality of activities, a key driver of resilience in an uncertain economic environment
We are reinitiating the coverage of Lagardère with a Buy recommendation. The Group presents a resilient profile and a solid financial structure, following a period of significant deleveraging. We recommend taking advantage of widening spreads observed in the market since the start of the conflict in the Middle East to position on the 2030 bond, which offers an attractive yield of 4.4%.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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