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.