Vivendi : UMG CMD ahead of listing, indications in line with expectations
>UMG CMD ahead of listing, Outperform rating unchanged on Vivendi - UMG (73%-owned by Vivendi) yesterday held its CMD ahead of the distribution of 60% of the capital by Vivendi and its listing on 23 September. The group gave a detailed overview of its different businesses and provided a number of small details but no major new information. The event does not alter our view on UMG which we still value at € 41bn based on a DCF model and using the multiple for WMG. The g...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.