(AOF) – A stronger progression of the SBF 120 index in the morning, Vivendi (+1.42% to 8.414 euros) is no longer leader but continues to be close to the top of the ranking. The communications and media giant benefits from a recommendation upgrade from Barclays, moving from “Online Weighting” to “Overweight”, with a slightly higher price target of 11.60 euros compared to 11.50 previously. The British bank judges that the action offers a good entry point.
“We upgrade Vivendi to Overweight due to the current low valuation associated with three catalysts: the current Ligue 1 football auctions, the potential agreement on Telecom Italia and the December put option on Lagardère,” highlights the broker.
He emphasizes that these catalysts could result in an increase of 15% to 30% in the stock.
Regarding the valuation, the research office emphasizes that the stock is trading at a 45% discount compared to its valuation using the sum of the parts method, compared to 37% since the UMG split and 30-35 % for similar diversified European stocks.
For the first half of the year, Vivendi announced a net profit, group share of 174 million euros compared to 491 million a year ago with the contribution of the stake in Banijay to FL Entertainment. Its turnover was up 3.7% to 4.69 billion euros and adjusted operating profit (Ebita) increased 7.7% to 444 million euros, “driven by Havas, Canal+ Group and by the contribution of Lagardère”.
© 2023 Agence Option Finance (AOF) – All reproduction rights reserved by AOF. AOF collects its data from the sources it considers the safest. However, the reader remains solely responsible for their interpretation and use of the information made available to them. The reader must therefore hold AOF and its contributors harmless from any claim resulting from this use. Agence Option Finance (AOF) is a brand of the Option Finance group
Did you like this article ? Share it with your friends using the buttons below.
