Barclays has reaffirmed its 'overweight' recommendation on Vivendi, with a price target raised from 11.25 to 12.20 euros, following the group's announcement that it is considering a three-way demerger of Canal+, Havas and the remainder (Investment Co).

Assuming that the conglomerate discount remains the same and applies only to Investment Co, and that the value of the components is the same as our SOTP (sum of the parts), then our SOTP would rise from 12.20 to 14.10 euros', estimates the broker.

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