Vivendi : Q3 slightly lower at Havas but our full-year forecasts are unchanged
>Outperform rating reiterated - Vivendi’s Q3 revenues came out higher than expected in absolute terms, but Havas delivered a rather disappointing performance. Our full-year forecasts remain broadly unchanged but we have trimmed them a little for Canal+ Group. We remain at Outperform on the stock, which is still trading at a very steep discount (~50%) based on our valuation without any holding discount. We are still convinced that Vivendi’s structure will be simplified...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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