Oddo BHF reiterates its 'outperform' opinion on Vivendi, with an unchanged target price of 13 euros, following the announcement that its management board is to work on a demerger project for its main assets, namely Havas and Canal+ Group.

"This prospect is obviously very positive for Vivendi, as it would enable a sharp reduction in the particularly high holding discount (currently around 48%)", judges the analyst, to whom the new scheme seems more favorable to value creation.

According to the research firm, this strategy could be valued at 15 euros per share, 'particularly if the UMG (Universal Music Group) stake is sold quickly and the cash returned to shareholders'.

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