Vivendi : CMD d’UMG avant la cotation, indications conformes aux attentes
>CMD d’UMG avant sa cotation, opinion Surperformance inchangée pour Vivendi - UMG (73% Vivendi) a tenu hier son CMD dans la perspective de la distribution de 60% du capital par Vivendi et sa cotation le 23/09. Le groupe a détaillé largement ses différents métiers et a apporté de nombreux petits détails mais pas d’information nouvelle majeure. L’événement ne modifie donc pas notre vue sur UMG que nous valorisons toujours à 41 Md€ via un DCF et sur la base du multiple d...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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