Vivendi: Bryan Garnier still a seller; adjusts target

(CercleFinance.com) - Broker Bryan Garnier has reinstated its “sell” recommendation on the Vivendi share, adjusting its fair value from 21.
8 euros to 21.5 euros, the day after Canal+'s failure to win broadcasting rights for Ligue 1 of French football matches over the period 2020-2024.

The broker perceives this as bad news for Canal+, Vivendi's media subsidiary, explaining that it does “not believe in a profitable fiction/cinema only alternative”.

“But the football game is not over for C+, as Mediapro will need partnerships to get a return on its investment, given the 60% inflation in rights,” Bryan Garnier points out.


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