Vivendi : H1 slightly better thanks to a one-off at UMG and a fairly cautious message on share buybacks
>EBITA a shade higher than our forecast - Vivendi's Q2 2020 results, reported yesterday evening, just beat expectations, with EBITA of € 735m, vs our forecast of € 699m. The main difference stems from UMG whose margin exceeded our forecast, thanks particularly to an exceptional gain in music publishing (royalties claim). This is very commonplace for the major players and cannot, in our view, be viewed as being a complete one-off. The rest of the group’s operations we...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.
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