1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
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.
Vivendi's transformation to a pure-play media firm was complete but recent acquisitions have changed the firm. The firm now operates multiple divisions with two very large core segmets: Canal+ Group (a leading producer and distributor of film and TV content in France, 34% of revenue) and Universal Music Group (the largest global music label, 46% of revenue). It also owns Havas, the world's sixth- largest ad agency holding company, Editis, a French-language book publisher, Gameloft, a mobile game publisher, and minority stakes in multple companies in Europe.
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