Vivendi : Q1 2021 in line, strong performance from UMG and slight acceleration of UMG’s IPO
>Outperform rating reiterated - Vivendi reported its Q1 2021 revenues yesterday evening, perfectly in line with our forecast. The group did not hold a conference call. Organic growth was once again strong for UMG (+9.4%), particularly for the recorded music division (+10.8%). The group provided no new information on UMG’s listing, but indicated that the AGM of 22 June would decide upon the distribution. This outlook enables the group to envisage a listing in the autum...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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