Bolloré: Oddo confirms rating after results
(CercleFinance.com) - On Friday Bolloré released interim results that are slightly above Oddo's expectations (EBITA of 544 million euros, against 538 million euros expected).
Following this publication, the broker confirms its “Buy” rating on the stock, along with its target price of 5 euros.
The broker has confirmed its rating, in light of 1) the recovery of its business in Africa (LT potential intact), 2) the revaluation of media assets (soaring growth of streaming, restructuring at Canal+), 3) hidden value at the group's batteries division and 4) the prospect of a simplification of the group's organisation chart, the broker says.
Oddo retains the following points, detailed in its daily equity report: 1) The trend in Transport remains upbeat in H2, in line with that at the beginning of the year - so probably around 10%; 2) Bolloré has confirmed that it is considering a share buyback (OPRA) at the Vivendi level following the sale of part of UMG's share capital. A share repurchase/acquisition ratio could work out at around 50/50; 3) under no circumstances does the group want to leave the Italian market, which rules out a sale of its stake in in Telecom Italia (24%) and Mediaset (29%).
Copyright (c) 2018 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.
Following this publication, the broker confirms its “Buy” rating on the stock, along with its target price of 5 euros.
The broker has confirmed its rating, in light of 1) the recovery of its business in Africa (LT potential intact), 2) the revaluation of media assets (soaring growth of streaming, restructuring at Canal+), 3) hidden value at the group's batteries division and 4) the prospect of a simplification of the group's organisation chart, the broker says.
Oddo retains the following points, detailed in its daily equity report: 1) The trend in Transport remains upbeat in H2, in line with that at the beginning of the year - so probably around 10%; 2) Bolloré has confirmed that it is considering a share buyback (OPRA) at the Vivendi level following the sale of part of UMG's share capital. A share repurchase/acquisition ratio could work out at around 50/50; 3) under no circumstances does the group want to leave the Italian market, which rules out a sale of its stake in in Telecom Italia (24%) and Mediaset (29%).
Copyright (c) 2018 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.