Value Investing with Sven Carlin, Ph.D.Published 2026-09-25
“Universal Music Stock AMS: UMG Now €14 Target: €74”
$VIVHYNo side taken
Vivendi's >50% NAV discount is justified by structural holding company issues and misaligned management incentives; valuation is considered fair.
Then there is Vivendi, which owns a stake, but there was a legal situation indicating that the owner was not obliged to acquire it. Therefore , this is why the stock collapsed in conjunction with the collapse of the Universal Group.
But there is a lot of value, implied value, net asset value of 3 billion, and market capitalization of 1.54 billion . This means a discount of more than 50%. Bolloré, also a French company, has a large stake there.