olivLaw · European equity research
Vivendi SE VIV.PA
France · Euronext Paris · ISIN FR0000127771 · Vertical: Listed companies from France
Vivendi SE is a French group whose main operating business in its 2025 reporting is Gameloft, a developer of games for mobile, PC and console. Its 2025 sustainability report shows how the group identifies its material impacts, risks and opportunities, as CSRD requirements become mandatory. The double materiality analysis covered 82 IROs grouped into 14 sustainability topics.
At the close of 05 Nov 2026, Vivendi SE (VIV.PA) stock was 1.73 EUR (+1.53% on the day), with market capitalisation 1.7 bn EUR, P/E 86.3 on diluted EPS of 0.02 EUR over the last 12 months, dividend yield 2.32%, beta 0.58, 52-week range 1.41–3.01 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 70.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 1.42 – 1.70
- above the upper band · %B 1.08 · band width 17.8%
- SMA 50 / 200
- 1.52 / 1.91
- mixed trend
- MACD (12, 26, 9)
- 0.04 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.5% | −0.6% | +21.2 pp | — |
| 3 months | +2.6% | −4.2% | +6.7 pp | — |
| 6 months | −16.7% | +4.3% | −21.0 pp | — |
| Year to date | −27.1% | +7.5% | −34.6 pp | — |
| 1 year | −42.8% | +9.9% | −52.7 pp | −6.8% |
| 3 years | −79.8% | +49.8% | −129.6 pp | −15.9% |
| 5 years | −84.5% | +42.8% | −127.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 24.8, median 71.6, max 118.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 312.0 m | 297.0 m | 307.0 m |
| Revenue YoY | unavailable | −4.8% | +3.4% |
| Net income | 405.0 m | -6.0 bn | 20.0 m |
| Net income YoY | unavailable | −1,582.5% | unavailable |
| Diluted EPS | 0.39 | -5.96 | 0.02 |
| Diluted EPS YoY | unavailable | −1,628.2% | unavailable |
| net % | 129.8% | -2,021.5% | 6.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 200.0 m EUR
- Financial debt
- 0 EUR
- Net debt
- -200.0 m EUR
- Equity
- 4.7 bn EUR
- Total assets
- 7.0 bn EUR
- Debt / equity
- 0.00x
- Current ratio
- 0.16x
- ROE
- 0.4%
- ROA
- 0.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 312.0 m | 297.0 m | 307.0 m | esef· 18 Mar 2026verified |
| Cost of revenue | 221.0 m | 211.0 m | 213.0 m | esef· 18 Mar 2026verified |
| Gross profit | 91.0 m ≈ | 86.0 m ≈ | 94.0 m ≈ | esef· 18 Mar 2026derived |
| Operating income | -61.0 m | -264.0 m | 18.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 215.0 m | -180.0 m | 21.0 m | esef· 18 Mar 2026verified |
| Income tax | -50.0 m | 3.0 m | 3.0 m | esef· 18 Mar 2026verified |
| Net income | 405.0 m | -6.0 bn | 20.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.39 | -5.96 | 0.02 | esef· 18 Mar 2026verified |
| Dividend per share | — | 0.25 | 0.04 | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.2 bn | 39.0 m | 200.0 m | esef· 18 Mar 2026verified |
| Receivables | 6.2 bn | 93.0 m | 88.0 m | esef· 18 Mar 2026verified |
| Inventories | 1.0 bn | 0 | 0 | esef· 18 Mar 2026verified |
| Current assets | 11.2 bn | 239.0 m | 306.0 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 1.7 bn | 41.0 m | 40.0 m | esef· 18 Mar 2026verified |
| Goodwill | 11.2 bn | 264.0 m | 264.0 m | esef· 18 Mar 2026verified |
| Total assets | 38.3 bn | 7.9 bn | 7.0 bn | esef· 18 Mar 2026verified |
| Accounts payable | 9.6 bn | 229.0 m | 153.0 m | esef· 18 Mar 2026verified |
| Long-term debt | 2.2 bn | 2.0 bn | 0 | esef· 18 Mar 2026verified |
| Current liabilities | 14.7 bn | 1.0 bn | 1.9 bn | esef· 18 Mar 2026verified |
| Total liabilities | 21.0 bn | 3.3 bn | 2.2 bn | esef· 18 Mar 2026verified |
| Equity | 17.2 bn | 4.6 bn | 4.7 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 1.0 bn | 1.0 bn | 1.0 bn | esef· 18 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn EUR
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.22 – 0.74 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.22 – 0.60 (Mid 0.34)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)0.54 – 0.74 (Mid 0.63)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.3% | 19 (vs peers) | 33% |
| Net margin · Quality | 6.5% | 82 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 86.3x | 9 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial9/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VIVENDI SE (VIV.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 307.0 m EUR in 2025; YoY growth 3.4%; net margin 6.5%; ROE 0.4%.
The estimated value range is 0.38–0.67 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.49 EUR, the price of 1.73 EUR leaves a potential of -71.9% (value / price − 1) and a margin of safety of -255.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.5%
What contradicts it
- ROIC: 0.3%
- Current ratio: 0.2x
- P/E (TTM): 86.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| VIV.PAVivendi Se | 1.7 bn | 86.3 | 0.4% | 6.5% | +3.4% | −31% / −80% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for VIV.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.01 Total return -41% · Per year -41% | 1.78 Total return 5% · Per year 5% | 2.69 Total return 57% · Per year 57% |
| 3 years | 0.96 Total return -42% · Per year -17% | 1.91 Total return 14% · Per year 5% | 3.16 Total return 88% · Per year 23% |
| 5 years | 0.91 Total return -43% · Per year -11% | 2.04 Total return 24% · Per year 4% | 3.71 Total return 123% · Per year 17% |
- Exit P/E± 0.48
- Net margin± 0.33
- Annual revenue growth± 0.28
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vivendi SE is a French group whose main operating business in its 2025 reporting is Gameloft, a developer of games for mobile, PC and console. Its 2025 sustainability report shows how the group identifies its material impacts, risks and opportunities, as CSRD requirements become mandatory. The double materiality analysis covered 82 IROs grouped into 14 sustainability topics.
SWOT
Strengths
- Gameloft has an internalised and fully controlled advertising infrastructure that supports transparency towards advertisers.
- The group carried out a structured double materiality analysis, validated by management and audited by the statutory auditors.
- Personal data protection and brand safety policies are used as arguments for differentiation against partners.
Weaknesses
- The report notes that the games activity depends on cloud hosting or proprietary servers, which creates operational dependencies.
- Some topics, such as players' mental health, are treated as negative impacts that could affect reputation.
- The reporting perimeter excludes some disposed entities and activities, which limits visibility over the group.
Opportunities
- Using artificial intelligence in game development and marketing could open new paths to efficiency.
- Closer relationships with clients and players could strengthen loyalty and anticipate future needs.
- A safe play environment recognised by licensors could attract new advertising partners.
Threats
- Breaches of personal data protection can lead to fines, litigation and loss of trust among stakeholders.
- Discriminatory or inappropriate content can cause advertisers or licensors to leave.
- Rules on consumer information can bring sanctions if they are not respected.
Risks
- Personal data protectionhigh
A security breach or misuse of data could interrupt operations and generate additional costs, including sanctions.
- Content responsibilitymedium
Discriminatory, abusive or hateful content could lead to the loss of advertisers and licensors.
- Player safetyhigh
Products that harm health, especially of young people, could attract regulation and client losses.
- Business ethics and anti-corruptionmedium
Unethical practices or suspected or proven corruption could damage relationships with B2B and B2C clients.
- Customer satisfactionlow
Insufficient dialogue with players or partners could reduce revenue and affect the group's image.
Investment thesis
What would need to be true (bull case)
- If brand safety and data protection policies stay consistent, the group could attract new advertising partners and licensors, strengthening Gameloft's position.
- Proprietary infrastructure and the modernisation of data centres can reduce energy consumption and operating costs over time.
- A detailed and audited sustainability report can improve the confidence of investors and partners during the CSRD implementation period.
What would break the thesis
- If a security incident occurred, costs and loss of trust could exceed the expected effects of current policies.
- Tighter rules on minor protection and content could limit the monetisation model of games.
- Disposals and scope changes reduce visibility over group activities and can complicate comparisons over time.
What to watch
- Evolution of the double materiality analysis and any updates to the IROs2026
- Reported security incidents and personal data protectionnext 10-K
- Effect of the See Tickets France disposal on the reporting perimeter2026
- Implementation of the decarbonisation plan revised in 20252027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, the group's main operating business is Gameloft, wholly owned and fully consolidated. Gameloft develops digital games for mobile, PC and console, hosted either in the cloud or on its own servers. The holding company Vivendi SE, based in Paris, coordinates the corporate functions, while recent disposals such as See Tickets France in December 2025 have narrowed the active scope.
Gameloft operates three data centres, the main one in Montréal, where a significant number of servers was reduced and replaced with more efficient equipment, while the Paris and Beijing sites serve mainly internal storage and secure connectivity. A continuity plan allows services to be moved to alternative centres or to the public cloud for business continuity.
The 2025 sustainability reporting covers Vivendi SE and Gameloft, and the materiality analysis carried out at the end of 2024 was judged representative for 2025, with no substantial change in shareholding, scope or business model. This confirms that the reporting perimeter remains centred on the games business.
Segments
Gameloft – digital games
Gameloft develops games for mobile, PC and console and distributes them through operator networks and platforms. For this activity the report highlights content risks, personal data protection and the relationship with players as material topics.
Gameloft Business Solutions – advertising and licences
Gameloft's commercial division works with advertisers, intellectual property licensors and telecom operators. The report links these relationships to topics such as brand safety, advertising transparency and customer satisfaction.
Market context
The mobile and digital games market is described in the report through relationships with players, licensors, hardware suppliers, telecom operators and B2B clients, all consulted in the materiality analysis. For the group, a safe play environment and transparent advertising can be points of differentiation against competitors.
Stakeholder consultation from 2021, reused in the 2024 analysis, shows that the sector is regulated and monitored especially on protection of minors, discriminatory content and personal data. The report gives no market shares, so conclusions about competitive position should be read as the group's own estimates.
Trends
- Data protection regulationmixed
Requirements on personal data protection, including the risk of sanctions for non-compliance, add pressure on operations. If the group keeps strict policies, this could become a trust advantage with partners.
- CSRD and sustainability reportingmixed
The move to ESRS standards requires a double materiality analysis and detailed reporting. This raises administrative costs but gives transparency to investors and partners.
- Player and young audience safetyheadwind
Growing attention from authorities and the public on the effects of games on mental and physical health could lead to restrictions or client losses if incidents become public.
- More efficient digital infrastructuretailwind
Replacing servers with more powerful equipment and reducing occupied space can lower energy use, and the use of artificial intelligence in development opens new operational opportunities.
Competitive position
The report does not explicitly name the group's competitors. In the mobile games market Gameloft competes with other developers and publishers, and the differentiation the document puts forward relies on brand safety, advertising transparency and dialogue with players.
Gameloft differentiates itself through its own advertising policies and a safe play environment recognised by licensors, which could attract new partners if these practices remain consistent.
- Mobile game developers and publishers
Generic competitors in mobile games, named in the source only as the overall market, without names.
- Telecom operators
Distribution partners for games, mentioned in the materiality analysis.
- Hardware suppliers
Important partners in the production and distribution of games, consulted in the stakeholder analysis.
- Intellectual property licensors
Gameloft partners whose view of brand safety can influence the group's position.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vivendi SE · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.