Vivendi : T3 un peu inférieur chez Havas mais nos attentes annuelles sont inchangées
>Opinion Surperformance réitérée - Vivendi a publié son CA du T3 ressorti supérieur aux attentes en absolu mais avec une performance plutôt décevante d’Havas. Nos attentes sont globalement inchangées mais revues un peu en baisse chez Groupe Canal+. Nous réitérons notre opinion Surperformance sur le titre. La décote reste actuellement très importante (~50%) sur la base de notre valorisation sans décote de holding. Nous restons convaincus que Vivendi devrait faire l’obj...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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