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

Jerôme Bodin

ODDO : Acheter Bolloré plutôt que Vivendi

Nous dégradons Vivendi à Neutre vs Achat (OC inchangé de 26,2 €) et conseillons de se positionner sur Bolloré (Achat ; OC de 5 € vs 4.8 €). Le cours de Vivendi valorise implicitement UMG à plus de 23 Md€ offrant un potentiel limité de bonne surprise lors de la cession d’une partie du capital de cette filiale. Au contraire, le titre Bolloré nous semble recéler un potentiel plus important : 1/ les perspectives de Bolloré Transport & Logistics nous paraissent particulièrement porteu...

Jerôme Bodin

ODDO : Fresh international momentum for TF1 and Vivendi?

>International focus and regulatory situation - This note follows TF1’s acquisition of the Belgian production company De Mensen last week. This is a small deal but confirms the group’s clear strategic shift towards international markets, particularly in northern Europe (France, Belgium, Netherlands, Denmark and UK). The group has stepped up its acquisitions in these zones since Gilles Pélisson's arrival in 2016. The key point, however, is that this move is part of wha...

Jerôme Bodin

ODDO : Acheter Bolloré plutôt que Vivendi

Nous dégradons Vivendi à Neutre vs Achat (OC inchangé de 26,2 €) et conseillons de se positionner sur Bolloré (Achat ; OC de 5 € vs 4.8 €). Le cours de Vivendi valorise implicitement UMG à plus de 23 Md€ offrant un potentiel limité de bonne surprise lors de la cession d’une partie du capital de cette filiale. Au contraire, le titre Bolloré nous semble recéler un potentiel plus important : 1/ les perspectives de Bolloré Transport & Logistics nous paraissent particulièrement porteu...

Jerôme Bodin

ODDO : Fresh international momentum for TF1 and Vivendi?

>International focus and regulatory situation - This note follows TF1’s acquisition of the Belgian production company De Mensen last week. This is a small deal but confirms the group’s clear strategic shift towards international markets, particularly in northern Europe (France, Belgium, Netherlands, Denmark and UK). The group has stepped up its acquisitions in these zones since Gilles Pélisson's arrival in 2016. The key point, however, is that this move is part of wha...

Jerôme Bodin

ODDO : Une nouvelle dynamique internationale pour TF1 et Vivendi?

>International et évolution réglementaire - Nous rebondissons sur l’acquisition de la société de production belge « De Mensen » par TF1 la semaine passée. Cette opération est de petite taille mais confirme une orientation stratégique très claire du groupe vers l’international et particulièrement l’Europe du Nord (France, Belgique, Pays-Bas, Danemark et RU). Le groupe a multiplié les acquisitions dans ces zones depuis l’arrivée de Gilles Pélisson en 2016. Mais le poin...

Jerôme Bodin

Vivendi : KKR and Tencent interested in UMG at € 20bn?

>Interest from KKR and Tencent in UMG - According to Reuters, Tencent Music and KKR are considering making an offer to acquire a stake in UMG. The article also says that other funds are potentially interested. The price mentioned in € 20bn and would therefore be below our valuation (€ 22.6bn) and certain consensus estimates. If this was ultimately the price, upside for Vivendi would be very limited. The share buyback envisaged at around € 25 would therefore be carried...

Jerôme Bodin

Vivendi : Un intérêt de KKR et Tencent pour UMG à 20 Md€ ?

>Un intérêt de KKR et Tencent pour UMG - Selon Reuters, Tencent Music et KKR envisageraient de faire une offre pour acquérir une participation dans UMG. L’article évoque aussi d’autres fonds potentiellement intéressés. Le prix évoqué est de 20 Md€ et serait donc inférieur à notre valorisation (22.6 Md€) et à une partie de celle du consensus. Si ce prix était finalement le bon, le potentiel de hausse du cours de Vivendi serait alors très limité. L’opération de rachat d...

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...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2019

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Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/03/2019

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Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2019

...

Christophe Chaput ...
  • Emira Sagaama
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/02/2019

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Fehmi Ben Naamane ...
  • Jerôme Bodin
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/12/2019

The major upheavals in the Chinese cement sector could still change the face of a moribund sector, by pushing prices upwards. A trio of Chinese cement manufacturers are serious candidates for acquiring the vestiges of the fallen cement empire, in our view. Partnership projects between Chinese and European groups could lead to cross-shareholdings. We are revising up our cement price forecasts for southeast Asia. HeidelbergCement looks like the big winner from these changes and harbours...

Ng Adrian

Vivendi

Ng Adrian

Vivendi

Ng Adrian

Vivendi

Ng Adrian

Vivendi

Ng Adrian

Vivendi

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...

Charles Pinel

Proxy Report - 19/04/2018

Alors que le conseil de Vivendi était majoritairement composé de membres libres de conflits d'intérêts potentiels avant l'arrivée du Groupe Bolloré au capital de Vivendi, Vincent Bolloré a progressivement mis la main sur celui-ci. Par ailleurs, des mouvements récents témoignent d'une incohérence de la gouvernance puisque, habituellement dans les structures à Directoire et conseil de surveillance, l’actionnaire de référence nomme ses représentants au conseil de surveillance et les dirigeants de filiales siègent parfois au Directoire (dirigeant de business units). Chez Vivendi, c’est l’inverse. ...

Charles Pinel

Etude de l'AG du 25/04/2017

Whereas the board of Vivendi used to be composed in majority of independent members before Vincent Bolloré came to the capital, it appears that after this General Meeting of 2017, the independence rate will be only of 42%. It used to be 71% in 2014, thus Vincent Bolloré is taking control over the board of directors. Indeed, three members, free from conflicts of interest are not proposed to re-election (Pascal Cagni, Yseulys Costes and Alexandre de Juniac, who, “didn’t asked to be re-elected”) and shareholders are asked to ratify the cooptation of Yannick Bolloré, the son of Vincent Bolloré (re...

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 €.

Valérie GASTALDY

Analyse court terme - VIVENDI : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent toujours. Les objectifs suivants sont à 23,56 € et 24,35 €. La tendance serait invalidée sous le support à 21,20 €.

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