Oddo BHF maintains its 'outperform' rating on Vivendi shares, with a price target lowered from 13.8 to 13.5 euros.
While Vivendi will publish its quarterly results on October 19, the analyst anticipates slight group-wide sales growth for Q3 (+1.3%), after +4.2% in Q2 and +3.3% in Q1.
We don't expect any strategic changes on the back of these results", says Oddo BHF, which does, however, point out that its 2023 EPS has been "adjusted slightly downwards", due to an update in Multichoice's results.
The analyst believes it will be interesting to follow the company's message on a possible disposal of its UMG shares (10% of the capital) and possibly a resumption of share buybacks.
"Even if it still seems to us that Bolloré should ultimately increase its exposure to Vivendi, we do not expect any decision in the very short term", adds the broker.
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Veolia Environnement is the world leader in environmental management services. Net sales break down by activity as follows:
- water-related services (40.6%; No. 1 worldwide): water resources management, drinking water distribution and delivery, wastewater collection, treatment and recovery, engineering, design, construction of water treatment facilities and customer relationship management, etc.;
- waste management services (32.4%; no. 1 worldwide): collection, treatment and recycling of liquid, solid, non-hazardous and hazardous waste, waste treatment and recovery through composting, energy recovery from waste, etc. Veolia Environnement also provides urban waste management services (maintenance and cleaning of public spaces, provision of mechanized street cleaning and façade treatment services), maintenance of industrial sites, and dismantling of industrial facilities and equipment at the end of their useful life;
- energy services (27%; No. 1 in Europe): delegated management of urban heating and air conditioning networks, management of thermal and multi-technique services (operation of heating systems, facility design, construction, and maintenance, etc.) and industrial services (industrial process analysis, production equipment operation, service, and maintenance), general management of buildings and public lighting.
Net sales are distributed geographically as follows: France (21.5%), Europe (41.9%), North America (7.4%), Asia (5.6%), Africa and the Middle East (4.9%), Pacific (4.3%), Latin America (4%) and other (10.4%).
VEOLIA ENVIRONNEMENT 
