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Vivendi: Oddo still a buyer

( - Vivendi will publish its annual results on 8 March.
Ahead of this publication, Oddo confirms its Outperform rating on the stock, along with its target price of 13 euros.

The analyst thinks that no unpleasant surprises are on the cards for the end of 2022, while 2023 should see a solid increase in EBITA (+16%) due to growth at Canal+, Havas and UMG/Lagardère.

However, the broker has reduced its 2022 EPS estimate, due to the impact of the Q3 loss at Telecom Italia (calendar Q4 at Vivendi).

From a strategic viewpoint, the next steps should be the sale of Editis or the 29% stake in Bolloré, the group's completion of the acquisition of Lagardère (conditional on the European Commission's approval and the sale of Editis) and finally a continuation of share cancellations (which should take place by September 2023).

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