VIV FP (Update)
Vivendi SA
TMT
02/24/2014
Presented
| Date | 02/19/2014 |
| Price | €20.90 |
| Market Cap | $30.00B |
| Ent Value | $51.18B |
| P/E Ratio | 6.2x |
| Book Value | €16.73 |
| Div Yield | N/A |
| Shares O/S | 1,339.59M |
| Ave Daily Vol | 4,780,000 |
| Short Int | N/A |
Current
| Price | €10.27 |
| Market Cap | $11.53B |
| Vivendi Société Anonyme produces, publishes, and distributes digital products and services primarily in France and rest of Europe, the United States, Morocco, Brazil, and internationally. The company operates in six businesses: Activision Blizzard, Universal Music Group, SFR, Maroc Telecom group, GVT, and Canal+ Group. The Activision Blizzard business develops, publishes, and distributes interactive entertainment software online or on other media, such as console and PC. The Universal Music Group business is involved in the sale of recorded music; exploitation of music publishing rights; provision of artist services; and merchandising. The SFR business provides mobile, broadband Internet, and fixed telecommunications services in France. The Maroc Telecom Group business operates as a telecommunication operator in Africa, which provides mobile, fixed telecommunication, and Internet services. The company’s GVT business offers fixed telecommunication, broadband Internet, and pay-TV services in Brazil. The Canal+ Group business publishes and distributes premium and thematic pay-TV channels and free-to-air channels; and produces and distributes cinema films. In addition, it provides expert advisory services by phone; and ticketing and Web ticketing services, as well as sells digital content on the Internet and mobile phones under zaOza brand. The company was formerly known as Vivendi Universal SA and changed its name to Vivendi Société Anonyme in April 2006. Vivendi Société Anonyme was founded in 1853 and is headquartered in Paris, France. |
Please note, this is an update to Long - Vivendi (VIV FP), which was originally presented on 1/22/2014.
Highlights
Activist investor Vincent Bollore has been a positive catalyst for Vivendi (VIV) since taking his 5% stake and becoming Chairman. Vivendi is still a conglomerate, but has sold off most of its Activision Blizzard stake and is in talks to sell Maroc Telecom. And while nothing is finalized yet, it is likely that VIV’s telecom segment, SFR – which represents half of VIV’s enterprise value - will be spun off. The presenter remains long shares and following Universal Music Group posting 7% growth in the most recent quarter he is more confident that the largest music producer will drive upside for shareholders over the long run.
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