Vivendi
Note: This is a daily stock update and the information stands true as of 23/04/25, 09:00 CET.
Company Update:
Expert Opinion:
This is an interesting special situation. In any case, we believe that the current relatively cheap valuation of Vivendi makes it an attractive play to bet on a potential mandatory takeover bid by Bolloré, even though the technical of such an acquisition would probably be tricky (as valuation massively dropped since the spit).
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Company Update:
Yesterday, a French court ruled that Bolloré had de facto control of Vivendi and asked AMF to review the operation. This will likely rekindle speculation of a potential mandatory takeover bid by Bolloré on Vivendi. This reinforces our cautious stance on Bolloré and our positive stance on Vivendi.
Discount to NAV stands at 44% which we deem excessive.
As a reminder, Vivendi (post spinoff) is now essentially a leveraged play on UMG (69% of GAV) and Banijay (11% of GAV). Almost 95% of its assets are listed and therefore, the visibility is quite high and the current discount seems indeed excessive.
Expert Opinion:
This is an interesting special situation. In any case, we believe that the current relatively cheap valuation of Vivendi makes it an attractive play to bet on a potential mandatory takeover bid by Bolloré, even though the technical of such an acquisition would probably be tricky (as valuation massively dropped since the spit).
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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