Vivendi : An excellent Q2, especially at UMG
>Outperformance recommendation - Vivendi has reported higher than expected H1 earnings with EBITA of € 1.066bn, whereas we were forecasting € 932m (or a difference of 14%). UMG, Havas, Editis and Groupe Canal+ posted higher than expected profitability. The main point was the UMG margin, which widened by 330bp pointing to especially high leverage. This growth was driven especially by an excellent performance in streaming (helped slightly by a one-off effect), but als...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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