Vivendi: UBS reduces target price
(CercleFinance.com) - UBS reiterates its Buy recommendation following Vivendi's H1 results, while reducing its target price to E12.
5 (from E15.5).
We have reduced our target price to E12.5 to reflect the higher investment in Canal+ content, which is hurting cash flow and leading to a lower UMG share price, UBS says.
Net attributable income came in at E159m (-8.3%), for adjusted net income of E329m (+1.5%), giving unchanged adjusted EPS of E0.32.
Vivendi management says that it is looking forward to the rest of the year with confidence.
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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.
5 (from E15.5).
We have reduced our target price to E12.5 to reflect the higher investment in Canal+ content, which is hurting cash flow and leading to a lower UMG share price, UBS says.
Net attributable income came in at E159m (-8.3%), for adjusted net income of E329m (+1.5%), giving unchanged adjusted EPS of E0.32.
Vivendi management says that it is looking forward to the rest of the year with confidence.
Copyright (c) 2024 CercleFinance.com. 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.