Vivendi: Oddo BHF downgrades stock

(CercleFinance.com) - Oddo BHF downgrades its recommendation on Vivendi from 'outperform' to 'neutral' following the spin-off of Canal+, Havas and Louis Hachette Group, with a target price reduced from E15.
2 to E2.5 based on a 25% discount to NAV.

The group could dispose of certain stakes (including Telecom Italia), but we consider it unlikely that the stake in UMG (70% of total assets) will be sold quickly, the analyst warns.

Oddo BHF also considers a public offer by Bolloré for the minority shareholders to be a possibility, but the timing and the premium seem highly uncertain, and therefore does not identify this prospect as an immediate catalyst and support for the share.


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