Oddo BHF reiterates its 'outperform' rating on Vivendi "in view of its valuation and the prospect of a demerger of the group in 2025", but adjusts its target price from 13 to 12.7 euros, pointing to higher-than-expected net debt.

The research firm points out that Vivendi published annual results for 2023 on Thursday evening that were slightly below its expectations, with the difference coming from "the contribution of UMG and Lagardère, which is still difficult to estimate in view of the restatements".

Although the group did not provide any details on the timetable for its demerger project, Oddo BHF believes that this project "still seems particularly value-creating" and estimates that it could be finalized by the second quarter of 2025.

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