Vivendi : S1 un peu meilleur grâce à un « one-off » chez UMG et message plutôt prudent sur les rachats d’actions
>EBITA un peu supérieur à notre attente - Vivendi a publié hier soir ses résultats du T2 ressortis un peu supérieur aux attentes avec un EBITA de 735 M€ alors que nous tablions sur 699 M€. La principale différence provient d’UMG dont la marge est supérieure à notre attente, notamment grâce à un gain exceptionnel dans l’édition musicale (réclamation de royalties). Ce qui est très courant chez les majors et ne peut, selon nous, être parfaitement considéré comme non réc...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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