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

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 30 OCTUBRE A 06 NOVIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sale Danone y entra Kering. Subimos peso en Bayer y BNP Paribas. Cartera High Yield Europa Air Liquide, Allianz, Daimler, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Research Department

INFORME DIARIO 06 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA. ALMIRALL, IBERPAPEL, INDRA, MEDIASET ESPAÑA, RESULTADOS ESPAÑA 3T’19. EUROPA. AHOLD, BMW, REPSOL, SOCIÉTÉ GÉNÉRALE, VIVENDI Mercados en fase de consolidación Las buenas previsiones comerciales empeoraron después de que se filtrase en la prensa china que el Gobierno exige la retirada de los aranceles para firmar la Fase I. Con todo en el Euro STOXX los mejores sectores terminaron siendo Bancos (ante la subida de TIR de los últimos días) y Energía (por el rebote del precio del petróleo) frente a Utilities y Construcción que terminaron con descensos...

Jerôme Bodin

Vivendi : UMG sale taking shape but watch out for the holding company discount

We reiterate our Neutral rating on Vivendi with an unchanged target price of € 26. Even though the sale of 10% of UMG’s capital is taking shape (based on an attractive valuation), we believe that this deal is also likely to increase the holding company discount and remain cautious on the price of a potential public share buyback offer. - >Rapid completion of a sale of 10% of UMG to Tencent and what risks? - We expect the sale of 10% of UMG’s capital to Tencent (and the...

Jerôme Bodin

Vivendi : La cession d’UMG se profile mais attention à la décote de holding

Nous réitérons notre opinion Neutre sur Vivendi avec un objectif de cours inchangé de 26 €. Même si la cession de 10% du capital d’UMG se précise (sur la base d'une valorisation attractive) nous pensons que cette opération devrait aussi entretenir la décote de holding et restons prudents sur le prix d’une potentielle OPRA. - >Une finalisation rapide de la cession de 10% d’UMG et quels risques ? - Nous tablons sur une finalisation de la cession de 10% du capital d'UMG à...

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.>

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 30 OCTUBRE A 06 NOVIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sale Danone y entra Kering. Subimos peso en Bayer y BNP Paribas. Cartera High Yield Europa Air Liquide, Allianz, Daimler, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Research Department

INFORME DIARIO 06 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA. ALMIRALL, IBERPAPEL, INDRA, MEDIASET ESPAÑA, RESULTADOS ESPAÑA 3T’19. EUROPA. AHOLD, BMW, REPSOL, SOCIÉTÉ GÉNÉRALE, VIVENDI Mercados en fase de consolidación Las buenas previsiones comerciales empeoraron después de que se filtrase en la prensa china que el Gobierno exige la retirada de los aranceles para firmar la Fase I. Con todo en el Euro STOXX los mejores sectores terminaron siendo Bancos (ante la subida de TIR de los últimos días) y Energía (por el rebote del precio del petróleo) frente a Utilities y Construcción que terminaron con descensos...

Jerôme Bodin

Vivendi : UMG sale taking shape but watch out for the holding company discount

We reiterate our Neutral rating on Vivendi with an unchanged target price of € 26. Even though the sale of 10% of UMG’s capital is taking shape (based on an attractive valuation), we believe that this deal is also likely to increase the holding company discount and remain cautious on the price of a potential public share buyback offer. - >Rapid completion of a sale of 10% of UMG to Tencent and what risks? - We expect the sale of 10% of UMG’s capital to Tencent (and the...

Jerôme Bodin

Vivendi : La cession d’UMG se profile mais attention à la décote de holding

Nous réitérons notre opinion Neutre sur Vivendi avec un objectif de cours inchangé de 26 €. Même si la cession de 10% du capital d’UMG se précise (sur la base d'une valorisation attractive) nous pensons que cette opération devrait aussi entretenir la décote de holding et restons prudents sur le prix d’une potentielle OPRA. - >Une finalisation rapide de la cession de 10% d’UMG et quels risques ? - Nous tablons sur une finalisation de la cession de 10% du capital d'UMG à...

Benoit Valleaux ...
  • Christophe Chaput
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/18/2019

...

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...

Alain William ...
  • Azza Khalfallah
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/09/2019

At 30 September, an approach based on earnings yields validates upside of around 5% over the next 12 months (411 points). But this projection is marred by a downside risk which explains, against a backdrop of a macroeconomic slowdown, the current preference for security in all its forms (quality, growth, sovereigns). This model validates our estimate of a market delicately balanced and which could potentially tip into attractiveness, in the event of a correction (with downside nonethe...

Alain William ...
  • Azza Khalfallah
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Oussema Denguir
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/10/2019

Au 30 septembre, une approche par les earnings yield réels valide un potentiel de l’ordre de 5% à 12 mois (411 points). Mais cette projection est entachée d’un aléa baissier qui explique, dans un contexte de ralentissement macroéconomique, la préférence actuelle pour la sécurité sous toutes ses formes (qualité, croissance, souverains). Ce modèle valide notre estimation d’un marché sur une ligne de crête susceptible de basculer entre attractivité, en cas de correction (avec toutefois u...

Fehmi Ben Naamane ...
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Pierre Tegner
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2019

...

Fehmi Ben Naamane ...
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Pierre Tegner
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/26/2019

The market is holding up, but its apparent resilience is resting on very shaky foundations, in our view. For the time being, the results season has not delivered any unpleasant surprises thus far, but has not invalidated the downward trend in EPS growth. The erosion of PMI continues apace In this context, dependency on monetary policy increases. Lastly, our integration indicators for US-China trade tensions underscore, in the US as in Europe, in the wake of the post-G20 truce, the ret...

Ng Adrian

A double requalification allows VIVENDI to improve to Slightly Positive

VIVENDI (FR), a company active in the Broadcasting & Entertainment industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 4 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date July 26, 2019, the closing price was EUR 26.19 and its potential was estimated at EUR 27.50.

Ng Adrian
Ng Adrian
Ng Adrian
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...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

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...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

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