(CercleFinance.com) – Oddo BHF reiterates its ‘outperformance’ opinion on Vivendi ‘given its valuation and the prospect of a split of the group in 2025’, but adjusts its price target from 13 to 12.7 euros, pointing to a net debt higher than expected.
The research office indicates that Vivendi published 2023 annual results on Thursday evening that were slightly lower than its expectations, the difference coming according to it ‘from the contribution of UMG and Lagardère, which is still difficult to estimate with regard to restatements’.
If the group has not provided details on the agenda for its demerger project, Oddo BHF judges that this project ‘still seems particularly value-creating’ and estimates that it could be finalized by the second quarter of 2025 .
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