(News Bulletin 247) – Oddo maintains its ‘outperformance’ rating for Vivendi shares, with a target price of 13.5 euros.
While the group will publish its 1st quarter sales on April 24, Oddo expects growth of 4% (i.e. sales of 2,315 ME at the consolidated level) for this quarter, slightly slowing down compared to Q4, ‘which reflects a logical slowdown at Havas’
According to the analyst, the group should renew its two main resolutions, namely the possibility of buying back 10% of its capital in the market and of launching an OPRA up to 50% of it.
‘This event could be an opportunity to obtain details on the strategic agenda, namely: the timing of the sale of Editis and the finalization of the acquisition of Lagardère and above all the company’s plan around the cancellations of ‘actions which should be spread out from July to September’, underlines Oddo.
The broker also recalls that Bolloré could cross the threshold of 30% of Vivendi’s capital. ‘Our scenario remains an offer from Bolloré on Vivendi (and not a sale of securities – however quite possible)’, he concludes.
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