Vivendi : Very good H1 2019 for UMG and opening up of the capital still under way
>Neutral recommendation reiterated - Vivendi yesterday reported its H1 2019 results (a shade above expectations) followed by a conference call. Momentum is once again excellent at UMG with organic growth of 14.9% for the recorded music division in Q2. The performance of Canal+ and Havas slightly undershot our expectations. The group also announced the appointment of its advising banks for the sale of a minority stake (up to 50%) in UMG. The process is confirmed but t...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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