(News Bulletin 247) – Bank of America (BoA) reaffirms its ‘buy’ recommendation on Vivendi, with a price target raised to 12 euros, believing that the title of the media and entertainment group conceals ‘a deeper value than ever ‘.
The broker explains that it is updating its SOTP (sum of the parts) valuation model to incorporate the expected completion of the acquisition of Lagardère, an operation which, according to it, “changes (again) radically the form of Vivendi”.
“This is a better than perceived transaction and we believe the recent widening of the ANR discount means that a combination between Bolloré and Vivendi makes more sense than ever,” continues BoA.
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