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TENCENT HOLDINGS LIMITED

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Vivendi plans IPO for Universal Music Group in 2022

10/20/2020 | 12:50pm EDT
FILE PHOTO: A logo is seen over the main entrance of the entertainment-to-telecoms conglomerate Vivendi's headquarters in Paris

PARIS (Reuters) - Vivendi plans to list its most-prized asset, Universal Music Group, in 2022, after strong results by the world's biggest music label, the French media group said on Tuesday.

The plan to list Universal represents the next milestone in a two-year process launched by Vivendi's top investor Vincent Bollore to cash in on the music industry's revival.

The Paris-based company had previously signalled it could list Universal, home to artists Taylor Swift, Drake and Lady Gaga, before 2023.

Vivendi said that such an initial public offering (IPO) would be used to pay back debt and finance share buybacks programs and acquisitions.

"We're indeed inclined to anticipate what was (an) initial plan (for the Universal IPO)," Chief Executive Officer Arnaud de Puyfontaine said on a call with reporters.

A consortium led by China's tech giant Tencent Holdings Ltd bought 10% of Universal last December in a deal that valued it at 30 billion euros.

The same consortium has the option to buy a further 10% of Universal's share capital up to mid-January 2021.

The group also said third-quarter sales grew by 0.7% at constant exchange rates to about 4 billion euros ($4.73 billion), led by a 6.1% increase of revenues at Universal, its biggest division.

This was above a market consensus compiled by the company, which predicted a decline in sales between 1% and 2% for the group, Chief Financial Officer Hervé Philippe said.

Third quarter sales at Vivendi's second-biggest business, pay-TV Canal Plus, edged up by 0.9%, helped by strong revenue growth from international operations.

In contrast, Vivendi's Havas advertising division reported a fall in underlying sales of more than 10% in the third-quarter. The group did not provide a full-year forecast.

(Reporting by Mathieu Rosemain; Editing by Edmund Blair and Jane Merriman)

By Mathieu Rosemain


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BOLLORÉ SE 0.27% 4.414 Real-time Quote.30.51%
MEDIASET S.P.A. 0.34% 2.944 Delayed Quote.41.13%
TELECOM ITALIA S.P.A. -0.31% 0.4515 Delayed Quote.19.63%
TENCENT HOLDINGS LIMITED -0.75% 596 End-of-day quote.5.67%
VIVENDI SE 0.45% 29.06 Real-time Quote.10.16%
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Financials
Sales 2021 591 B 92 462 M 92 462 M
Net income 2021 150 B 23 386 M 23 386 M
Net cash 2021 116 B 18 153 M 18 153 M
P/E ratio 2021 31,9x
Yield 2021 0,33%
Capitalization 4 674 B 731 B 731 B
EV / Sales 2021 7,71x
EV / Sales 2022 6,37x
Nbr of Employees 89 228
Free-Float 62,4%
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Technical analysis trends TENCENT HOLDINGS LIMITED
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 53
Average target price 626,24 CNY
Last Close Price 491,24 CNY
Spread / Highest target 58,4%
Spread / Average Target 27,5%
Spread / Lowest Target -14,0%
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Managers and Directors
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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