Vivendi : 2022 results buoyed by Canal+ and unchanged strategic outlook in our view
>Outperform rating maintained - Vivendi’s full-year 2022 results, reported yesterday evening, beat expectations, with EBITA of € 868m vs our forecast of € 821m and a consensus at € 830m (though this may have still included estimates for Editis – since deconsolidated). The main difference with our expectations stems from Groupe Canal+. For Lagardère, it confirmed the timeframe, with a decision from the European Commission expected by May. We think that 2023 is set to s...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.
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