European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>In February 2022, Vivendi will file a public tender offer for all Lagardère shares at €24.10/share, identical to the price per share paid to Amber Capital.</li>
<li>Assuming some recovery in travel retail, the implied multiple of the publishing division would be 5.5x EV/22e EBITDA, which is cheap in my view. Comparables are trading at 6.6x.</li>
<li>The share price has gone below the offer price for the first time since 9 December. The 0.2% gross spread is still tight, but worth monitoring in case it widens.</li>
</ul>


In February 2022, Vivendi will file a public tender offer for all Lagardère shares at €24.10/share, identical to the price per share paid to Amber Capital.
Assuming some recovery in travel retail, the implied multiple of the publishing division would be 5.5x EV/22e EBITDA, which is cheap in my view. Comparables are trading at 6.6x.
The share price has gone below the offer price for the first time since 9 December. The 0.2% gross spread is still tight, but worth monitoring in case it widens.


Vivendi/Lagardère: A Good Deal for Bolloré

Spain

Promotora de Informaciones S.A. (Prisa) is a Spanish and Portuguese-language business group. The Company operates in the fields of education, information and entertainment through its newspaper and brands. Prisa also prints books and commercial brochures, operates radio stations, music recording studios and publishing businesses.

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Promotora De Informaciones Sa (PRS SM)

Vivendi/Lagardère: A Good Deal for Bolloré

In February 2022, Vivendi will file a public tender offer at €24.10/share (price paid to Amber Capital). Whether Bolloré will able to turn...

Jesus Rodriguez Aguilar

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52-week Range

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