VIV FP (Update)

Vivendi Société Anonyme

TMT


Presented:04/10/2014
Price:€19.96
Cap:$26.70B
Current Price:€10.27
Cap:$11.53B

Presented

Date04/10/2014
Price€19.96
Market Cap$26.70B
Ent Value$39.44B
P/E Ratio6.15x
Book Value€14.48
Div YieldN/A
Shares O/S1,339.56M
Ave Daily Vol6,330,000
Short IntN/A

Current

Price€10.27
Market Cap$11.53B
Vivendi Société Anonyme, together with its subsidiaries, is engaged in the content, media, and telecommunication businesses primarily in France and rest of Europe, the United States, Morocco, Brazil, and internationally. The company operates in four businesses: Canal+ Group, Universal Music Group, GVT, and SFR. The Canal+ Group business publishes and distributes premium and thematic pay-TV channels and free-to-air channels in France, Poland, francophone Africa, French overseas territories, and Vietnam; and produces and distributes cinema films in Europe. The Universal Music Group business is involved in the sale of recorded music, including physical and digital media; exploitation of music publishing rights; and provision of artist services and merchandising. The GVT business offers fixed telecommunication, broadband Internet, and pay-TV services in Brazil. The SFR business provides mobile, broadband Internet, and fixed telecommunications services in France. In addition, Vivendi Société Anonyme provides expert advisory services by phone in France; ticketing services in the United Kingdom; and Web ticketing services in France, as well as sells digital content on the Internet primarily in Germany. The company, formerly known as Vivendi Universal S.A., was founded in 1853 and is headquartered in Paris, France.

Please note, this is an update to LONG — Vivendi Société Anonyme (VIV FP), which was presented on 2/19/2014.

Highlights

Vincent Bollore has been excellent for Vivendi since stepping into a leadership position. Altice (ATC) SA won the bidding contest for SFR, and Vivendi will receive EUR 13.5 billion in cash and gets a fairly substantial stake in the newco. This is much better than the presenter – and most bulls - had hoped for as it values the business unit at roughly 17 billion EUR and gets the company one step closer to being a pure play music label (UMG).

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