* Vivendi expensive on an adjusted EV/EBITDA or free cash flow yield: Vivendi trades on 12-13x 2016E underlying EV/EBITDA a premium to the sector (adjusting for the various stakes). On a free cash flow yield, Vivendi trades on 3% over 2016E-18E while the sector is on 5% 2016E and 6% 2017E.
* Unlikely 15% rebound in subscribers needed to achieve Canal+ Group management target
* Sum of the parts : €16.50