Vivendi : A good H1, on course for new capital structure at UMG and acquisition of Editis
>A good H1 and two major strategic changes - Vivendi yesterday evening posted slightly better-than-expected H1 results (EBITA of € 542m vs € 522m for Oddo and € 520m for consensus), mainly because of an excellent operating performance at UMG. Leverage came in a little higher than we had expected, which prompts us to upgrade our margin expectations for this asset for the year (14.4% vs 14% previously). The group has also announced two major strategic changes: 1/ the di...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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