VIV FP (Update)

Vivendi Société Anonyme

TMT


Presented:09/11/2014
Price:€19.33
Cap:$28.90B
Current Price:€10.27
Cap:$11.53B

Presented

Date09/11/2014
Price€19.33
Market Cap$28.90B
Ent Value$38.19B
P/E Ratio6.11x
Book Value€14.48
Div YieldN/A
Shares O/S1,348.33M
Ave Daily Vol4,730,000
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 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. It is also involved in the sale of recorded music, including physical and digital media; exploitation of music publishing rights; and provision of artist services and merchandising. In addition, the company offers fixed and mobile telecommunication, broadband Internet, and pay-TV. Further, Vivendi provides expert advisory services by phone in France; ticketing services in the United Kingdom; Web ticketing services in France; and subscription video-on-demand service in Germany. The company was formerly known as Vivendi Universal S.A. and changed its name to Vivendi Société Anonyme in April 2006. The company was founded in 1853 and is headquartered in Paris, France.

Please note, this is an update to Long - Vivendi SA (VIV FP), which was previously presented on April 10, 2014.

Publicly traded companies mentioned herein: Altice (ATC NA), Vivendi SA (VIV FP), Telefonica SA (TEF SM)

Highlights

The presenter remains long shares of Vivendi (VIV), and said he recently added to his position in the high teens. At ~19-20 euros, he believes the risk/ reward remains attractive. Shares appear to be depressed by general Euro zone concerns, as well as uncertainty about how Bollore will ultimately utilize the cash generated by the sale of SFR to Patrick Drahi’s Altice, and the more recent proposed sale of GVT to Telefonica SA for 7.45 billion euros. The presenter’s reiterated his belief that VIV is worth EUR 30+ per share, as its transformation into a pure play global music label is nearly complete.

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