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Vivendi: Oddo maintains growth forecasts

(CercleFinance.com) - Following Capgemini's results publication, Oddo has confirmed its Buy rating on the stock, along with its target price of 25 euros.

The broker's analysts remain optimistic about the recovery of Canal+. It maintains its 2018 sales growth forecast of 4.2%, including 8.1% for UMG and +1.1% for Canal+.

Vivendi has published results that are broadly in line with Oddo's expectations and the consensus. Q4 sales are up 6.8% in organic terms at 3,823 million euros (Oddo: +7.1% at 3,899 million euros and the consensus at 3,902 million euros). 2017 sales rose by 4.9% to 12,444 million euros (Oddo: +5.1% to 12,491 million euros, consensus of 12,540 million euros). The group's 2017 EBITA is up 36% at 987 million euros, i.e. a margin of 7.9% (Oddo: 1047 million euros, i.e. a margin of 8.4%).

The broker said that the group reported impressive adjusted earnings of 1,312 million euros in 2017, up 7% y-o-y and 40% above our expectations (Oddo estimates 937 million euros) and 38% above the consensus.

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