Skip to Content

Vivendi SE ADR VIVHY

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Vivendi First Half Benefits From Music Streaming Growth, Ad Revenue Rebound; UMG Spin-Out in Sept.

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Vivendi posted mixed first-half results, with revenue ahead and EBITDA behind FactSet consensus expectations. Universal Music Group continues to be the largest driver of revenue growth, which is somewhat disconcerting given the impending spin-out of the music label. Revenue at Canal+ and Havas bounced back to organic growth year over year, which was expected given the impact of the pandemic last year on advertising. We are maintaining our no-moat rating and EUR 28 fair value estimate.

Read Full Analysis

Company Profile

Business Description

Vivendi SE 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.

Contact
42, Avenue de Friedland, Cedex
Paris, 75380, France
T +33 171711000
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Dec 31, 2017
Fiscal Year End Dec 31, 2021
Stock Type
Employees 42,800

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.