Vivendi : A very solid 2021, 2022 set to be good and speculative equation unchanged, in our view
>Outperform recommendation reiterated - Yesterday evening, Vivendi published FY 2021 results that beat expectations with EBITA of € 690m, whilst we had forecast € 625m and the consensus € 584m. The performance was broadly in line for Groupe Canal+'s targets, but above for Havas and the other assets. For 2022, we still anticipate an improvement in EBITA at all assets and notably at Groupe Canal+ which should over the full year benefit from the reduction in the cost of ...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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