Analyst Note| Neil Macker, CFA |
Vivendi posted first-quarter revenue that was in line with FactSet consensus expectations as the continued growth in streaming usage boosted the top line at Universal Music Group once again. Since 2018, the firm reports only revenue results for the first and third quarters. We are maintaining our no-moat rating and our fair value estimate of EUR 28. With shares trading in 3-star territory, we think investors should wait for a pullback before investing.