Accueil > Actualité
Actualite financiere : Actualite bourse

Vivendi: Credit Suisse still says buy

( - Vivendi plans to float Universal Music Group (UMG) by 2023.

"This is partly due to having now simplified the corporate structure at UMG and partly because the company believes it will be able to prove there is a further leg of growth in Emerging Markets by 2023," Crédit Suisse says.

"UMG margin underwhelmed in FY19, growing only 70bps (vs 160bps in FY18) and being down 50bps in H2 19," the broker adds.

"Cash flow hit by one-offs in FY19, should rebound in FY20. CFFO was hit hard in FY19, down 20% to E903m. This was due to a) restructuring, b) music catalogue acquisitions and c) settop box capex. These factors should ease, leading to a rebound" it continues.

Copyright (c) 2020 All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.




Qui sommes-nous ? | Nous contacter | FAQ | Mentions légales | RSS | © Copyright 2007 Cercle Finance. Tous droits réservés.
Indices et cours différés d’au moins 15 mn | Cotations boursières fournies par ABC Bourse.