Vivendi: Oddo still a buyer, shaves target slightly

(CercleFinance.com) - Oddo BHF reinstates its "outperform" rating on Vivendi, shaving ten cents off its target price from 13.
8 euros to 13.7 euros (impacted by the fall in the prices of TI and UMG), saying that it expects the group to publish good annual results on 9 March.

The broker anticipates EBITA of 625 million euros, compared to the consensus of 551 million euros, which it justifies by more positive expectations for Canal+ Group and Havas, as well as the fact that it is consolidating UMG (10% owned) under the operational equity method.

In the near term, Vivendi's buybacks of its own shares below 11 euros ensures a base. The stock is therefore particularly low risk in the current context with the prospect of receiving a premium, the analyst adds.


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