Vivendi : H1 results in line excluding Lagardère - the spin-off project continues
>Outperform rating with the outlook of the split - Yesterday evening, Vivendi published H1 2024 results above our initial expectations with EBITA of € 577m vs our forecast of € 523m (excluding the contribution from UMG). However, this is due mainly to the strong performance at Lagardère which had already reported its results. The group held a conference call immediately after, during which it indicated that the tax rate on the split should be below 15%. Our annual exp...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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