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Vivendi: Oddo BHF slightly reduces its target

( - Oddo BHF maintains its "outperform" rating on Vivendi shares in view of the prospects for restructuring the asset portfolio (disposals) and a possible bid by Bolloré for Vivendi, with a price target lowered from 13.
5 to 13 euros.

The analyst reports that Vivendi announced the completion of the acquisition of Lagardère on November 20, and holds ~60% of the group's assets.

Lagardère was previously accounted for using the equity method, and will now be fully consolidated in the income statement.

Against this backdrop, Oddo BHF indicates that its adjusted EPS sequence remains broadly unchanged, since EBIT is inflated, but so are minority interests and interest expenses.

' We have also factored in slightly higher-than-expected losses for the Multichoice stake (32.93%), in view of a more difficult Q3 than expected', concludes the broker.

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