Vivendi: Oddo maintains buy rating
(CercleFinance.com) - Oddo has reiterated its Outperform rating on the Vivendi's stock, maintaining its target price at 13.
Vivendi published its H1 2022 results last night, which were pretty much in line with expectations, with EBITA of 412 million euros, while Oddo was expecting a bit more at 428 million euros, while the consensus was looking for 421 million euros.
The performance was in line with expectations for Canal+ Group and Havas, although lower for Gameloft and Editis. The company says that it is considering the distribution/listing of the latter asset in order to facilitate the European Commission's approval of the Lagardère acquisition, the analyst notes.
This structure should therefore be listed and independent of Vivendi. Analysts' expectations are broadly unchanged following these results. They have not taken into account the impact of a possible increase in VAT at Canal+, as visibility is low, and still believe that it is possible that a compromise with the tax authorities could be reached, notably via a reduction in the applicable rate.
However, it isn't the share's day today, with it currently down over 5% - a buy opportunity?
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