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.
  • TickerVIV
  • ISINFR0000127771
  • ExchangeEuronext Paris
  • SectorMedia
  • CountryFrance

Analysts

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/11/2019

We have probably reached the bottom of the cycle in the semiconductors sector. The slope of the recovery in H2 remains uncertain. We prefer stocks with their own specific drivers for H2 like ASML, STMicroelectronics and ams. We are downgrading our recommendation for Aixtron to Neutral (vs Buy). - ...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/07/2019

Nous sommes probablement arrivés au point bas du cycle des semi-conducteurs. La pente de la reprise au S2 reste incertaine. Nous jouons les valeurs ayant des moteurs propres comme ASML, STM ou ams. Nous dégradons Aixtron à Neutre (vs Achat). - ...

Jerôme Bodin

Vivendi : What to expect from Q2 2019 earnings

>The momentum is still mixed between UMG and Canal+ - This note provides an update on our H1 2019 earnings forecasts for Vivendi. The group is due to report on 25 July 2019, followed by a conference call. We anticipate a good set of Q2 figures for UMG (+12.5% in organic terms for recorded music) but a more challenging quarter for Canal+ in France. The focal point of this release will be management’s update on the disposal of UMG. Press reports recently alluded to the ...

Jerôme Bodin

Vivendi : Que peut-on attendre du T2 2019?

>Une dynamique toujours contrastée entre UMG et Canal+ - Nous faisons un point sur nos prévisions de résultats S1 2019 pour Vivendi. Le groupe publiera le 25/07 et tiendra une conférence téléphonique dans la foulée. Nous tablons sur un bon T2 pour UMG (+12.5% en organique pour la musique enregistrée) mais un trimestre plus difficile pour Canal+ en France. Le point central de cette publication sera l’update fait par le management sur la cession d’UMG. La presse a récem...

Carole Braudeau

Morning Crédit 21/11/2016

D'après le site internet spécialisé ATW, Etihad (Fitch : A) - l'actionnaire de référence d'Air Berlin (CCC+ estimé) avec une participation de 29% - et TUI (Ba2/BB- pos) sont en négociations finales pour créer une compagnie aérienne européenne sur le segment loisirs, qui devrait exploiter 60 avions en point à point vers les principaux marchés touristiques. L'accord devrait être finalisé lors d'une réunion du conseil d'administration le 23 novembre.CMA CGM (B1/B neg) a publié des résultats encore très faibles au T3 16. Volkswagen (A3/BBB+) a annoncé un plan de renforcement de la rentabilité de l...

Carole Braudeau

Credit Morning 11/21/2016

According to the specialized website ATW, Etihad (Fitch: A) - the reference shareholder of Air Berlin (CCC+ estimated) with a 29% stake - and TUI (Ba2/BB- pos) are in final discussions to create a European leisure airline group which is expected to operate 60 aircraft on point-to-point services to key tourist markets. The deal is expected to be finalized at a board meeting on November 23.CMA CGM (B1/B neg) reported still very poor results in Q3 2016.Volkswagen announced a plan to boost the profitability of the VW brand aiming to save € 3.7bn by 2020. >

Carole Braudeau

Credit Morning 11/18/2016

OHL’s management held a conference call after Moody’s downgraded its rating from B3/negative to Caa1/negative to argue that this decision was disproportionate and disconnected from recent asset sales.>

Jerôme Bodin

Vivendi : What to expect from Q2 2019 earnings

>The momentum is still mixed between UMG and Canal+ - This note provides an update on our H1 2019 earnings forecasts for Vivendi. The group is due to report on 25 July 2019, followed by a conference call. We anticipate a good set of Q2 figures for UMG (+12.5% in organic terms for recorded music) but a more challenging quarter for Canal+ in France. The focal point of this release will be management’s update on the disposal of UMG. Press reports recently alluded to the ...

Jerôme Bodin

Vivendi : Que peut-on attendre du T2 2019?

>Une dynamique toujours contrastée entre UMG et Canal+ - Nous faisons un point sur nos prévisions de résultats S1 2019 pour Vivendi. Le groupe publiera le 25/07 et tiendra une conférence téléphonique dans la foulée. Nous tablons sur un bon T2 pour UMG (+12.5% en organique pour la musique enregistrée) mais un trimestre plus difficile pour Canal+ en France. Le point central de cette publication sera l’update fait par le management sur la cession d’UMG. La presse a récem...

Jerôme Bodin

Vivendi : TEST IT BE

>Title 1 Never delete this cell - Style texte paragraphe Never delete this cell- Never delete this cell- Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete this cell Never delete this cell- Never delete t...

Jerôme Bodin

Vivendi : Acquisition of European pay-TV group M7 for € 1,000m

>Acquisition in Europe for Canal+ - Yesterday, Vivendi announced the acquisition of Luxembourg pay-TV group M7 for € 1,000m from investment fund Astorg. This fund had acquired it in 2014 from investment fund Providence which had owned it since 2007. We estimate a multiple of 8.3x EBITDA, i.e. a shade lower than the multiple indicated by our DCF valuation of Groupe Canal+ (€ 6.7bn, i.e. 10x EBITDA). This operation will strengthen its exposure to the European market wit...

Jerôme Bodin

Vivendi : Acquisition du groupe de TV payante européen M7 pour 1 000 M€

>Une acquisition en Europe pour Canal+ - Vivendi a annoncé hier l’acquisition du groupe luxembourgeois de TV payante M7 pour 1 000 M€ auprès du fonds Astorg. Ce dernier l’avait acquis en 2014 auprès du fonds Providence qui le détenait depuis 2007. Nous estimons un multiple de 8,3x l’EBITDA soit un peu en dessous du multiple qui ressort de notre valorisation de Groupe Canal+ par DCF (6,7 Md€ soit 10x l’EBITDA). Cette opération va lui permettre de renforcer son expositi...

1 director bought

A director at Vivendi bought 2,162,366 shares at 21.116EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/11/2019

We have probably reached the bottom of the cycle in the semiconductors sector. The slope of the recovery in H2 remains uncertain. We prefer stocks with their own specific drivers for H2 like ASML, STMicroelectronics and ams. We are downgrading our recommendation for Aixtron to Neutral (vs Buy). - ...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/07/2019

Nous sommes probablement arrivés au point bas du cycle des semi-conducteurs. La pente de la reprise au S2 reste incertaine. Nous jouons les valeurs ayant des moteurs propres comme ASML, STM ou ams. Nous dégradons Aixtron à Neutre (vs Achat). - ...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Michael Foundoukidis

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/28/2019

...

François Maury ...
  • Georges Dieng
  • Jerôme Bodin
  • Michael Foundoukidis

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/05/2019

...

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/24/2019

...

Ng Adrian

Vivendi

Ng Adrian

Vivendi

Ng Adrian

Vivendi

Ng Adrian

Vivendi

Ng Adrian

Vivendi

Expert Corporate Governance Service (ECGS)

Vivendi April 15th, 2019

The Supervisory Board was mostly made up of independent members before the arrival of the Bolloré Group. Vincent Bolloré gradually took over and now the governance fails to comply with market practices: there is no separation of powers. Normally, the reference shareholder appoints its representatives for the Supervisory Board and the managers of subsidiaries will occasionally sit on the Executive Board (executive officer of business units). However, the opposite occurs in Vivendi. Yannick Bolloré, CEO of Havas, which is one of Vivendi’s subsidiaries, chairs the Supervisory Board. He is respons...

Charles Pinel

Vivendi, 15 Avril 2019

UNE GOUVERNANCE INCOHERENTELa gouvernance de Vivendi s'est fortement détériorée depuis l'arrivée du Groupe Bolloré au capital. Alors que le conseil de Vivendi était majoritairement composé de membres libres de conflits d'intérêts, Vincent Bolloré a progressivement mis la main sur celui-ci et les mouvements intervenus ont mené à une incohérence de la gouvernance qui ne respecte pas la logique de séparation des pouvoirs dont les actionnaires sont en droit d'attendre d'une société à Conseil de surveillance et Directoire. En effet, dans les structures à Directoire et conseil de surveillance, l’act...

Vivendi - Assemblée générale des actionnaires du 15 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Vivendi – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Charles Pinel

Proxy Report - 19/04/2018

While Vivendi's board was mostly composed of independent members before the arrival of the Bolloré Group to Vivendi's capital, Vincent Bolloré gradually took control of it. In addition, recent movements reveal an inconsistency in governance since, usually in the structures of the Management Board and the Supervisory Board, the reference shareholder appoints his representatives to the Supervisory Board and the managers of subsidiaries sometimes sit on the Management Board (executive officer of business units). At Vivendi, it's the opposite. The CEO of Havas sits on the supervisory board (Yannni...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, STOXX Europe 50, and the TOPIX indexes are analyzed from both a price and RS perspective... see page 2...

Valérie GASTALDY

Short term view - VIVENDI : The trend is bearish.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €21.20. The background trend would be questioned should prices rise above €22.67.

Valérie GASTALDY

Analyse court terme - VIVENDI : La tendance est baissière.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 21,20 €. La tendance de fond serait remise en cause en cas de franchissement de 22,67 €.

Valérie GASTALDY

Short term view - VIVENDI : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €21.20. The background trend would be questioned should prices rise above €22.67.

Valérie GASTALDY

Analyse court terme - VIVENDI : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 21,20 €. La tendance de fond serait remise en cause en cas de franchissement de 22,67 €.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch