Vivendi : Lagardère factored into our model – several changes but no major impact on our net income forecast
>Consolidation with no impact on our SOTP analysis with lower valuations for some minority stakes - Vivendi announced the finalisation of the acquisition of Lagardère on 20 November and now owns ~60% of the group’s assets. Lagardère had up to now been equity accounted at the operating level and will therefore be fully consolidated in the group’s earnings. We have now baked Lagardère into our forecasts. Our adjusted EPS sequence is broadly unchanged as EBIT is inflated...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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