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Vivendi: Oddo provides update on possible US acquisition

( - Oddo has issued a report on Vivendi's possible acquisition of a stake in US pay-TV group Starz - or even its parent company Lions Gate.

Press reports have mentioned a minority acquisition based on a valuation of 2 billion dollars. The deal would certainly enable Canal+ Group to expand in the US market, where it is virtually absent, the broker said.

However, analysts are fairly cautious about this transaction, as: 1/ synergies appear rather limited;
2/ the valuation does not seem particularly attractive (13x EBITDA); 3/ a minority acquisition could lead to a non-zero cash outflow and a limited influence; 4/ finally, and possibly the main risk, analysts identify an execution and integration risk, Oddo adds.

The analyst reiterates its Outperform rating on the stock with an unchanged target price of 13.4 euros.

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