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 : What Lagardère’s past tells us about Bolloré’s future

>Lessons from the past - We propose here a comparison between the streamlining undertaken at Lagardère SCA between 1988 and 1994 and that to come at Bolloré. At first glance, this long-term analysis might reveal some surprises particularly as the time periods and context are very different. That said, we note a number of similarities between these two situations, notably an identical goal: ensuring that control is maintained over a major asset (Matra Hachette for Laga...

Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2019

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Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2019

...

Jerôme Bodin

ODDO : Ce que le passé de Lagardère nous dit sur le futur de Bolloré

>Concordance des temps - Nous proposons ici de faire un parallèle entre la simplification suivie par Lagardère SCA entre 1988 et 1994 et celle à venir chez Bolloré. En première approche, cette analyse sur un temps très long pourrait surprendre tant les périodes et les contextes sont différents. Toutefois, nous décelons de nombreuses similitudes entre les deux situations avec notamment un objectif identique : s’assurer le contrôle d’un actif de taille (Matra Hachette p...

Jerôme Bodin

ODDO : What Lagardère’s past tells us about Bolloré’s future

>Lessons from the past - We propose here a comparison between the streamlining undertaken at Lagardère SCA between 1988 and 1994 and that to come at Bolloré. At first glance, this long-term analysis might reveal some surprises particularly as the time periods and context are very different. That said, we note a number of similarities between these two situations, notably an identical goal: ensuring that control is maintained over a major asset (Matra Hachette for Laga...

Jerôme Bodin

ODDO : Ce que le passé de Lagardère nous dit sur le futur de Bolloré

>Concordance des temps - Nous proposons ici de faire un parallèle entre la simplification suivie par Lagardère SCA entre 1988 et 1994 et celle à venir chez Bolloré. En première approche, cette analyse sur un temps très long pourrait surprendre tant les périodes et les contextes sont différents. Toutefois, nous décelons de nombreuses similitudes entre les deux situations avec notamment un objectif identique : s’assurer le contrôle d’un actif de taille (Matra Hachette p...

Neil Macker

Morningstar | Vivendi Starts 2019 With Stronger-Than-Expected Revenue; Universal Music Remains the Key Driver

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 investing. Revenue for the first quarter came in at EUR 3.5 billion, up 11.0% year over year but only...

Neil Macker

Vivendi Starts 2019 With Stronger-Than-Expected Revenue; Universal Music Remains the Key Driver

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...

Thomas Coudry

VIVENDI: For once physical music at UMG drives Vivendi Q1 revenues beat | NEUTRAL | EUR22.5

VIVENDI - NEUTRAL | EUR22.5(-15%) For once physical music at UMG drives Vivendi Q1 revenues beat Revenue growth above expectations in Q1, again driven by UMG UMG beats estimates thanks mostly to… physical! Canal+ trends are not improving

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...

Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2019

...

Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2019

...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/15/2019

With doubts on the growth of non-conventional oil in the US gaining traction, the recovery of already necessary investment in offshore has now become vital to restoring equilibrium in the oil market out to 2025. Cost-cutting measures have rendered these projects very attractive for oil companies which should accelerate the pace of their investment decisions, thus benefiting oil services companies. We prefer Total, RD Shell, Subsea 7, SBM Offshore and GTT. Cf. report published this mor...

Alexandre Iatrides ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/04/2019

Alors qu’émergent des doutes de plus en plus forts quant à la dynamique de croissance du pétrole non conventionnel aux Etats-Unis, les investissements en offshore qui étaient déjà nécessaires deviennent aujourd’hui indispensables afin d’équilibrer le marché pétrolier à horizon 2025. Les efforts passés pour réduire les coûts rendent ces projets désormais très attractifs pour les groupes pétroliers qui devraient accélérer leurs prises de décisions d’investissement au profit des sociétés...

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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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 €.

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