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VIV - Vivendi SA News Story

€24.97 0.1  0.4%

Last Trade - 19/10/20

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £25.77bn
Enterprise Value £30.49bn
Revenue £14.63bn
Position in Universe 31st / 847

BUZZ-Lagardere: Down after Barclays cut to "equal weight"

Thu 17th September, 2020 8:24am
** Shares in Lagardere  LAGA.PA  fall 3% after Barclays cuts
the French publishing and travel retail group by one notch to
"equal weight", citing slow travel retail recovery and priced-in
potential benefits
    ** Broker sees sales from Travel Retail business (around 60%
of the company's 2019 revenues) down 58% in Q3 and down 33% in
Q4, cuts its 2020 and 2021 EPS estimates
    ** Lagardere shares are up 52% in last three months,
outperforming the STOXX 600  .STOXX  by 47% and only 10% below
pre COVID-19 levels, it adds
    ** Barclays believes investors are already paying for
potential benefits from the current shareholder situation,
benefits that are by no means guaranteed 
    ** If activist fund Amber Capital and media conglomerate
Vivendi  VIV.PA  gain more board seats, broker says this could
lead to Vivendi taking Lagardere's radio and entertainment
venues, or a more significant restructuring 
    ** The battle over Lagardere has pitted French billionaires
Vincent Bollore (who controls Vivendi) and LVMH's  LVMH.PA 
Bernard Arnault (backing the firm's bosses) against each other
 urn:newsml:reuters.com:*:nL8N2FY0RK
    ** Lagardere stock is among worst performers on France's SBF
120 Index  .SBF120 


 ((sarah.morland@thomsonreuters.com; +48 58 778 53 35;))
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