Vivendi : Very good Q3 driven by Canal+ and Havas, increase in our forecasts
>Q3 revenues beat forecasts - Yesterday Vivendi reported Q3 revenues that beat forecasts at € 2,476m whereas we expected € 2,338m and the consensus € 2,331m. This was the first quarter without UMG, which is therefore henceforth deconsolidated. The performance was particularly good for Groupe Canal+ (+6.5% organic in Q3) and especially Havas which posted an exceptional quarter with organic growth of 18%. The group posted the best performance in the sector by far. We ra...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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