Vivendi : Q1 sales in line with expectations, respectable performance from Canal+ in France with growth
>Outperform rating maintained - Vivendi this morning reported Q1 sales in line with our forecast. We note a good showing from Gameloft but also Canal+ in France in pay TV which benefited from recent price increases. The group is due to hold its AGM at 10am. This could provide indications on the group’s strategic direction. We maintain our Outperform rating on the stock with a target price of € 13.5 which is based on a NAV and without a speculative premium. The stock c...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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