reports
- Neil Macker
Morningstar | Vivendi Starts 2019 With Stronger-Than-Expected Revenue;...
Vivendi posted first-quarter revenue that came in slightly ahead of consensus expectations as Universal Music Group benefited from continued growth in streaming usage. Despite the beat, Canal+ continues to struggle in France. Recall that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. We are maintaining our no-moat rating and EUR 20 fair value estimate. With shares trading in 2-star territory, investors should wait for a pullback before in...
- Neil Macker
Vivendi Starts 2019 With Stronger-Than-Expected Revenue; Universal Mus...
Vivendi posted first-quarter revenue that came in slightly ahead of consensus expectations as Universal Music Group benefited from continued growth in streaming usage. Despite the beat, Canal+ continues to struggle in France. Recall that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. We are maintaining our no-moat rating and EUR 20 fair value estimate. With shares trading in 2-star territory, investors should wait for a pullback before in...
- Neil Macker
Vivendi Starts 2019 With Stronger-Than-Expected Revenue; Universal Mus...
Vivendi posted first-quarter revenue that came in slightly ahead of consensus expectations as Universal Music Group benefited from continued growth in streaming usage. Despite the beat, Canal+ continues to struggle in France. Recall that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. We are maintaining our no-moat rating and EUR 20 fair value estimate. With shares trading in 2-star territory, investors should wait for a pullback before in...
- Neil Macker
Morningstar | Vivendi Ends 2018 on Strong Note; Music Streaming Contin...
Vivendi posted a strong fourth quarter as revenue and operating profit came in slightly above consensus. Universal Music continues to benefit from consumers’ preference for streaming music, driving subscription and streaming revenue up 42% organically year over year. We maintain our no-moat rating but are raising our fair value estimate to EUR 20 per share from EUR 19 to account for stronger streaming revenue growth. With the shares trading in the 2-star range on our updated fair value estimat...
- Neil Macker
Morningstar | Vivendi Ends 2018 on Strong Note; Music Streaming Contin...
Vivendi posted a strong fourth quarter as revenue and operating profit came in slightly above consensus. Universal Music continues to benefit from consumers’ preference for streaming music, driving subscription and streaming revenue up 42% organically year over year. We maintain our no-moat rating but are raising our fair value estimate to EUR 20 per share from EUR 19 to account for stronger streaming revenue growth. With the shares trading in the 2-star range on our updated fair value estimat...
- Neil Macker
Vivendi Ends 2018 on Strong Note; Music Streaming Continues to Drive G...
Vivendi posted a strong fourth quarter as revenue and operating profit came in slightly above consensus. Universal Music continues to benefit from consumers’ preference for streaming music, driving subscription and streaming revenue up 42% organically year over year. We maintain our no-moat rating but are raising our fair value estimate to EUR 20 per share from EUR 19 to account for stronger streaming revenue growth. With the shares trading in the 2-star range on our updated fair value estimat...
- Neil Macker
Morningstar | Vivendi’s Troubles in Italy Drag On; 3Q Revenue Meets ...
Vivendi’s misadventures in Italy slog onward as the firm’s legal issues with Mediaset will extend into 2019. While Vivendi's third-quarter trading report was relatively positive, with revenue in line with consensus, we remain concerned about the investments in Italy and the firm’s reluctance to back down. We are maintaining our no-moat rating and fair value estimate of EUR 19. With shares trading slightly above our fair value, we recommend waiting for a pullback before investing in this hi...
- Neil Macker
Vivendi’s Troubles in Italy Drag On; 3Q Revenue Meets Expectations
Vivendi’s misadventures in Italy slog onward as the firm’s legal issues with Mediaset will extend into 2019. While Vivendi's third-quarter trading report was relatively positive, with revenue in line with consensus, we remain concerned about the investments in Italy and the firm’s reluctance to back down. We are maintaining our no-moat rating and fair value estimate of EUR 19. With shares trading slightly above our fair value, we recommend waiting for a pullback before investing in this hi...
- Neil Macker
Morningstar | Vivendi is beginning to make acquisitions after selling ...
Vivendi's transformation into a pure-play media firm was complete. The firm’s primary business units were Canal+, the largest pay-TV company in France; Universal Music Group, the largest global music label; and Gameloft, a mobile game publisher. However, chairman Vincent Bollore may be dragging Vivendi back to its inglorious past as a conglomerate, exemplified by the recent purchase of Havas, the world’s sixth-largest ad agency holding company.While we believe in the value of content, we pre...
- Neil Macker
Vivendi is beginning to make acquisitions after selling telecom assets...
Vivendi posted a mixed first half of 2018 as revenue beat consensus expectations and EPS came in slightly below Street projections. Note that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. While UMG remains the largest contributor to operating income (generating over 70% in 2017), the management board recommended that Vivendi sell up to 50% of the music unit to one or more strategic partners. The board ruled out an IPO of UMG due to the p...
- Neil Macker
Morningstar | VIVHY Updated Star Rating from 31 Jul 2018
Vivendi posted a mixed first half of 2018 as revenue beat consensus expectations and EPS came in slightly below Street projections. Note that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. While UMG remains the largest contributor to operating income (generating over 70% in 2017), the management board recommended that Vivendi sell up to 50% of the music unit to one or more strategic partners. The board ruled out an IPO of UMG due to the p...
- Neil Macker
Morningstar | Vivendi Reports a Mixed 1H; Looking to Sell Up to 50% of...
Vivendi posted a mixed first half of 2018 as revenue beat consensus expectations and EPS came in slightly below Street projections. Note that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. While UMG remains the largest contributor to operating income (generating over 70% in 2017), the management board recommended that Vivendi sell up to 50% of the music unit to one or more strategic partners. The board ruled out an IPO of UMG due to the p...
- Neil Macker
Vivendi Reports a Mixed 1H; Looking to Sell Up to 50% of Universal Mus...
Vivendi posted a mixed first half of 2018 as revenue beat consensus expectations and EPS came in slightly below Street projections. Note that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. While UMG remains the largest contributor to operating income (generating over 70% in 2017), the management board recommended that Vivendi sell up to 50% of the music unit to one or more strategic partners. The board ruled out an IPO of UMG due to the p...
- Neil Macker
Vivendi Reports Weaker-Than-Expected First-Quarter Revenue; Exploring ...
Vivendi posted first-quarter revenue that came in slightly below consensus expectations as the company dealt with currency headwinds that hit Universal Music Group the hardest. Note that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. While UMG remains the largest contributor to operating income (generating over 70% in 2017), the supervisory board at Vivendi authorized the management board to explore the possibility of either selling the u...
- Neil Macker
Vivendi Reports in Line 3Q; Ubisoft Decision Pushed Out Again
Vivendi posted an in line quarter with revenue slightly ahead of consensus and EBIT in line with expectations. Canal+ continues to struggle in France, dragging down overall results, but management continues to expect a bounce back in the fourth quarter. The firm also announced that it does not plan to file a public tender offer for Ubisoft over the next six months. We maintain our no-moat rating and our fair value estimate of EUR 19. With Vivendi shares trading in the 3-star range, investors sho...
- Neil Macker
Vivendi is beginning to make acquisitions after selling telecom assets...
Vivendi reported first-half 2017 results in line with our expectations as Canal+ decreased the pace of its decline yet continues to weigh on overall results. We maintain our no-moat rating and our fair value estimate of EUR 18. With Vivendi shares trading in the three-star range, investors should wait for a pullback before investing. For the first half of 2017, Vivendi posted revenue of EUR 5.44 billion, up 5% from a year ago on constant currency basis as Canal+ continued to decline with a 2.4% ...
- Neil Macker
Vivendi Posts in Line 1H; UMG Continues to Prop Up Canal+
Vivendi reported first-half 2017 results in line with our expectations as Canal+ decreased the pace of its decline yet continues to weigh on overall results. We maintain our no-moat rating and our fair value estimate of EUR 18. With Vivendi shares trading in the three-star range, investors should wait for a pullback before investing. For the first half of 2017, Vivendi posted revenue of EUR 5.44 billion, up 5% from a year ago on constant currency basis as Canal+ continued to decline with a 2.4% ...
- Paul McCann
Vivendi (VIVHY) Could IPO Universal Music Group
Vivendi SA (OTC: VIVHY, $21.80, Market Capitalization: $28.1 billion), a global content and media group company, might fl oat a minority stake of its Universal Media Group segment, however Mr. Arnaud de Puyfontaine, CEO of Vivendi, said that the company has no near plans to carry out the IPO. Company DescriptionVivendi SA (VIVHY), Parent engages in the content and media businesses primarily in France and rest of Europe, the United States, and internationally. The company operates through Univer...
- Neil Macker
Vivendi is beginning to make acquisitions after selling telecom assets...
Vivendi posted a mixed start to 2017 with first-quarter revenue slightly ahead of consensus and EBITDA below. Canal+ continues to struggle in France, dragging down overall results, but management continues to expect a bounce back in the second half of the year. The firm also announced an all-cash bid to buy the 59.7% stake in Havas owned by Groupe Bollore for EUR 9.25 per share, representing a 9% premium to the closing price on May 11. Havas is the sixth-largest ad agency holding company in the ...
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