Vivendi''s NAV is driven by its portfolio of financial assets Gameloft is Vivendi''s sole fully-owned operating asset, and accounts for less than 5% of our estimated NAV. Consequently, Gameloft''s operating trends and quarterly results are not meaningful drivers of Vivendi''s share price performance. Over 95% of Vivendi''s equity value is derived from the equity stakes it owns in 7 listed entities. H1 results broadly in line with expectations In that context, H1 results were broadly in line with consensus expectations as Gameloft reported 8% organic revenue growth to EUR143m with adj. EBITA progressing by EUR20m to an EUR8m profit, marking an improvement in the company''s profitability. Vivendi''s adj. EBITA (including corporate costs) came in at EUR18m (vs. a EUR29m loss in H1 24), in line with Bloomberg consensus and reflecting lower corporate costs and improving profitability at Gameloft. Target price increased to EUR3.3 We revise our TP to EUR3.3 (from EUR2.9) to account for the recent evolution of the market prices of the listed entities in which Vivendi owns an equity stake as well as the lower net financial debt (on dividend income paid in H1 from various equity stakes). Neutral maintained Our TP is based on a 38% discount to NAV, in line with the long-term discount to NAV ratio of Prosus (38%). Consequently, we believe Vivendi is fairly valued at the current share price and we remain Neutral.