(News Bulletin 247) – Oddo BHF confirms its ‘outperformance’ rating on Vivendi shares with an unchanged target price of 13.5 euros.
The analyst reports that Vivendi this morning published Q1 sales in line with its expectations and notes ‘the good performance of Gameloft but also of Canal+ in France in pay TV which has benefited from recent price increases’.
While Vivendi is holding its AGM this morning, Oddo BHF hopes that information will be shared about the next strategic steps.
The broker indicates that it is particularly attentive to the prospects for the sale of Editis to CMI, particularly in terms of timing and price.
The group could also provide information on its capital strategy, in particular on the timing for the cancellation of its shares.
‘Depending on the company’s discourse (ambitious or conservative), we could draw conclusions on the cash envelope that could be dedicated to share buybacks’, indicates Oddo BHF.
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