French media and telecoms giant Vivendi (VIV.PA) is an inexpensive bet for investors looking for steady growth and a healthy dividend, Barron's reported.

The conglomerate, which owns mobile phone operators, a pay-TV company and the world's largest music company among other assets, was being discounted because of unfounded concerns the company would make expensive acquisitions and slowing growth at some of its units, the paper said in its Aug. 3 edition.

Vivendi has yet to benefit from a broader market rally as the stock is also being discounted for an array of partly owned subsidiaries, including a 20 percent stake in NBC Universal and 54 percent of Activision Blizzard (ATVI.O), according to the paper.

If the rally continues, it should broaden out to blue chips like Vivendi, Barron's said. And if investors' newfound animal spirits flag, Vivendi's steady growth should become more attractive. From these lows the stock could produce a total return of 30 percent over the next two years. (Reporting by Yinka Adegoke, editing by Maureen Bavdek)