Vivendi: Oddo BHF remains positive, but lowers TP

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating on Vivendi shares, in view of its valuation and the prospect of a demerger of the group in 2025, but trims its target price for from E13 to E12.
7, pointing to higher-than-expected net debt.

The broker points out that Vivendi published 2023 results on Thursday evening that were slightly below its expectations, with the difference coming from the contribution of UMG and Lagardère, which is still difficult to estimate in view of the restatements.

Although the group did not provide any details on the timetable for its demerger project, Oddo BHF believes that this project still seems particularly value-creating and estimates that it could be finalised by Q2 2025.


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