Vivendi : Q3 preview and focus on cash use: continued share buybacks and investment in listed structures
>Q3 set to be decent with a rebound vs Q2 - This is an update on our Q3 forecasts. We predict slight growth for the quarter (around +1%) buoyed by an improvement for UMG and Groupe Canal+, as well as a good quarter for Editis. Havas should report a decline that is still significant (-11% organic) but improving after a very difficult Q2. Some activities such as Vivendi Village are likely to continue to struggle. All in all, the quarter should be generally decent with ...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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