Vivendi will publish its annual results on March 8. Ahead of this publication, Oddo confirms its Outperform recommendation and price target of E13.

The analyst expects no unpleasant surprises for the end of 2022, and believes that 2023 should see solid EBITA growth (+16%), driven by increases at Canal+, Havas and UMG/Lagardère.

Our EPS guidance for 2022 has been revised downwards to take account of the Q3 loss at Telecom Italia (calendar Q4 at Vivendi)," says Oddo.

From a strategic point of view, the next steps should be the sale of Editis or Bolloré's 29% block, the finalization of the Lagardère acquisition (conditional on the European Commission's approval and the sale of Editis) and the continuation of share cancellations (which should take place by September 2023).

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