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Vivendi's Subsidiary Universal Music on Focus --Earnings Preview

13/02/2019 3:23pm

Dow Jones News


Vivendi (EU:VIV-EUR)
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2 Months : From Jan 2019 to Mar 2019

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   By Olivia Bugault 
 

Vivendi SA (VIV.FR) is scheduled to report results for its fourth quarter on Thursday. Here's what you need to know:

 

REVENUE FORECAST: Revenue for the last quarter of 2018 should edge up to 3.91 billion euros ($4.42 billion) from EUR3.82 billion in the same period a year earlier, according to a consensus forecast provided by Factset.

 

NET PROFIT: Analysts forecast a significant decline in profit for the period. They see net profit at EUR384 million, down from EUR828 million in the same period last year, when the company benefited from the consolidation of advertising company Havas and the solid performance of its subsidiary Universal Music Group (UMG.XX).

 

WHAT TO WATCH:

 

UNIVERSAL PERFORMANCE: Vivendi's most profitable subsidiary, Universal Music Group, should deliver solid 2018 results as it "had an outstanding year in terms of market share in 2018," Citi said. However, the brokerage doesn't think Universal can keep growing at its current pace of 8% a year and said that the performance of its music subsidiary could revert to its mean in 2019.

 

UNIVERSAL STAKE SALE: Vivendi's 2018 results will form the basis of sale negotiations for up to 50% of Universal Music Group, with Vivendi looking for investors. Vivendi's fourth-quarter performance should be supportive of the deal, Jefferies said.

 

CANAL+ TO TAKE A HIT: Vivendi's French audiovisual media subsidiary, Canal+, faced headwinds in the fourth quarter such as the loss of Champions League rights, Jefferies said. The brokerage forecasts Canal+ revenue for the period to be EUR133 million, similar to the fourth quarter of 2016. Canal+ isn't likely to fulfill its guidance on 2018 earnings before interest, taxes, and amortization of EUR450 million, Jefferies said.

 

Write to Olivia Bugault at olivia.bugault@dowjones.com

 

(END) Dow Jones Newswires

February 13, 2019 10:08 ET (15:08 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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