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Vivendi: Oddo reviews EBITA estimates for Canal+

( - Oddo believes that the Canal+ group's return to growth slightly impacts Vivendi's NAV.

Oddo's valuation (obtained by DCF) of Canal+ Group is between 6.2 billion to 7 billion euros, which mechanically impacts its NAV calculation for Vivendi (26.5 euros vs. 26 euros)".

Analysts note 4 major acquisitions of broadcasting rights for the group and highlight its highly competitive new offer of programmes in France. Indeed, Canal+ has announced several major wins of rights to broadcast sporting events over the past 12 months.

This strategy, combined with the signing of several distribution agreements (Disney, beIN Sports etc.), seems very relevant for the broker and should enable Canal+ Group to have a much more competitive offer.

Its central assumptions include the net recruitment of 650,000 subscribers in mainland France by 2022 (meaning a total base of 5,146,000), Oddo says.

As a result of these recent acquisitions of broadcasting rights for sporting events (Champions League, French L1, Premier League and Europa League), the broker has raised its 2020/22e EBITA estimates by an average of 18%.

Oddo confirms its Neutral rating on the share with a target price of 26.50 euros, given that its valuation seems "reasonable". After 12 years of reporting falls, the group should therefore once again return to growth.

In late morning trading on Wednesday, the Vivendi share is down almost 0.5% at just over 25 euros.

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