Morningstar

Morningstar, Inc.

Equity Bottom-Up

Vivendi posted first-quarter revenue that came in slightly ahead of consensus expectations as Universal Music Group benefited from continued growth in streaming usage. Despite the beat, Canal+ continues to struggle in France. Recall that beginning in 2018, the firm switched to reporting only revenue results for the first and third quarters. We are maintaining our no-moat rating and EUR 20 fair value estimate. With shares trading in 2-star territory, investors should wait for a pullback before…

France

Vivendi, through its subsidiaries, conducts operations ranging from music, games and television to film and telecommunications.  The Company provides digital and pay television services, sells music compact discs (CDs), develops and distributes interactive entertainment, and operates mobile and fixed-line telecommunications.

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