Vivendi : 2023 results in line, not much detail on the demerger plan but reassuring message on taxation
>Outperform rating maintained given the prospect of demerger plan - Vivendi’s full-year 2023 results, reported yesterday, fell slightly short of expectations with EBITA of € 934m while we forecast € 953m and the consensus € 967m. Most of the assets were in line with our expectations, the difference stemming from the contribution from UMG and Lagardère which are still tough to estimate in view of the restatements. After this, the group held its conference call in which...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.
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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