Vivendi : Un retour au statut de holding. Opinion Neutre vs Surperformance
Nous dégradons notre recommandation à Neutre (vs Surperformance) suite à la scission de Canal+, Havas et Louis Hachette Group. Notre objectif de cours ressort à 2,5 € sur la base d’une décote de 25% sur notre ANR. Le groupe pourrait céder certaines participations (dont Telecom Italia) mais nous estimons peu probable que celle dans UMG (70% du total des actifs) le soit rapidement. Une offre publique de Bolloré sur les minoritaires est possible mais le timing et la prime nous semblent très incertains.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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