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Vivendi: Oddo BHF confirms rating

( - Oddo BHF confirms its 'outperform' rating on Vivendi shares, with an unchanged target price of E12.

The analyst believes that visibility is currently very low for Canal+, as the domestic rights to L1 (France's top soccer division) have still not been reallocated for the next season (starting in August 2024).

Oddo BHF points out that the LFP launched a bidding process for the 2024-2029 rights, but that it was unsuccessful, and that current negotiations are unsuccessful.

Two scenarios are envisaged: an agreement with beIN Sports or the creation of a channel by the LFP to broadcast the championship.

According to the broker, Canal+ could save 580 ME by not renewing its current contracts with beIN Sports and investing E480m in new rights, which could generate a positive impact of E100m on EBITA.

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