Author Topic: BOL.PA - Bollore  (Read 45573 times)

LowIQinvestor

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Re: BOL.PA - Bollore
« Reply #60 on: March 29, 2017, 07:26:59 AM »
Thanks for sharing

For me, Vivendi is simpler to understand (VIVHY)

We are aggressive buyers at today's price.

http://www.digitaltveurope.net/666462/vivendi-chief-sees-future-in-horizontal-convergence/


ebdem

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Re: BOL.PA - Bollore
« Reply #61 on: March 29, 2017, 04:03:39 PM »
Vivendi is definatly interesting and easier to understand. I hold some shares.

In my eyes Vivendi has three pillars: 1. Canal+ 2. Universal Music 3. the financial investments (mostly TIM and Ubisoft). You might also add Gameloft and the other growth projects as pillar nr. 4 - but it's a small pillar.

1. Canal+ is turnaround story - both also a growth story. The consumers in Africa grow with more then 10% YonY, which is great. But the french business is shrinking and creating a loss of 400 mio € this year. Bolloré is pushing to change that, but it's no easy push. I think there is a potential to get the french part of the business in the winning zone again. But I am not that sure, how long this will take and how this will play out. It's a dance on the small line between cutting costs, staying attractive and competitve against Netflix and Co and investing in distribution and innovation. The deal with Mediaset can be very helpful, but it's still only a struggle.
@LoWIQinvestor: What is your assumption on the future of Canal+?

2. Universal Music is a lovely way to participate in the growth of streaming. Every 9,99 € a Spotify Customers pays are around 2,50 € for UMC - and this income is on a higher margin basis, cause there is no physical distribution needed. This already shines through the numbers. Also streaming has more potential as CDs. CDs are something for the developed countries, like USA, Japan and the EU. Streaming needs less infrastructure - just a smartphone. Streaming growth is strong - 60% YonY. But at the moment it is still eating the share of the other ways of music distribution.

3. I like the investment in TIM, which is undervalued, too (see the report of Greenwood Investors). The current share price is still below the level Vivendi paid, but there will be a return for this investment. TIM is performing good - and the share price barely noticed it.
I am still a bit puzzled on the investment in Ubisoft. They don't control it and I am still not sure where to find the synergies.

What I also like is the buyback of Vivendi's shares. Vivendi buys below the level of 17 €. So you have a clear signal for the entry. See more here: http://www.vivendi.com/en/investment-analysts/regulatory-information/treasury-share-transactions/

no_free_lunch

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Re: BOL.PA - Bollore
« Reply #62 on: May 20, 2017, 05:56:34 AM »
Vivendi put in a bid to buy Havas equity stake from Bollore.  It is for a small premium to the share price and synergies have not been identified.  I am not sure I understand the angle other than given the nature of the business it does fit better with vivendi.  The stock has surged in the past few years so also possible Bollore just sees it as over-valued.

Quote
French tycoon Vincent Bollore took a first step on Thursday in his attempt to merge media giant Vivendi and advertising company Havas, two groups he controls through his family-run conglomerate.

Vivendi said it was making an offer to buy Group Bollore's 60 percent stake in advertising group Havas for 9.25 euros a share, a premium of 8.8 percent over Wednesday's closing price, in a 2.36 billion euro ($2.6 billion) deal.
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If Bollore's conglomerate agrees to sell its stake in the ad company, Vivendi plans to launch a simplified public tender offer on the remaining 40 percent of Havas at the same price, without seeking to delist the company, it said.

Vivendi said a merger with Havas would strongly increase its group margins but did not provide details on the potential synergies between the two groups. It said it aimed to close it by the end of June, beginning of July.
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Havas, led by Bollore's son Yannick, was one of the two top targeted businesses in Vivendi's next expansion phase, two sources close to the matter said last month.

"Our groups evolve in a common world, some of our teams already know each other and our cultures look alike and complete each other," the Havas CEO said in an internal email obtained by Reuters.

http://www.cnbc.com/2017/05/12/bollore-makes-first-step-to-merge-vivendi-and-havas-with-2-point-4-billion-euro-deal.html
« Last Edit: May 20, 2017, 06:01:39 AM by no_free_lunch »

no_free_lunch

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Re: BOL.PA - Bollore
« Reply #63 on: June 01, 2017, 10:54:34 AM »
Came across some news regarding succession, as well as plans around Vivendi.

Quote
Vincent Bollore said on Thursday he wanted his son Yannick to eventually take over as chief executive of Vivendi, the French media group where Bollore is chairman and leading shareholder.

Bollore, aged 65, has already stated his plan is to hand over his majority-owned Bollore Group to his four children in 2022, the year of the conglomerate's bincentenary.
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Asked by a shareholder on Thursday about the possibility of spinning off Universal with an initial public share offer, Bollore confirmed that the group's teams were reviewing that option.

"The value (of UMG) increases every day and it's true that an IPO would be an interesting thing," he said. "The key question for an IPO is to know when is the best time to do it. It's like cheese puffs, you have to take them out at the right moment."

https://www.usnews.com/news/technology/articles/2017-06-01/bollore-lines-up-son-yannick-to-take-over-at-vivendi

This stock does not appear to be the bargain it once was, although perhaps it is still somewhat under-valued.  Anyone have any thoughts on valuation?

ebdem

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Re: BOL.PA - Bollore
« Reply #64 on: June 01, 2017, 11:41:58 AM »
Valuation is a bit higher now and it doesn't scream buy me. But nethertheless half of the stocks are still held in the company, Vivendi seems to be going well, TIM seems to be going well. The Africa business in Bolloré is quite interesting, logistics and oil are performing good, the sell of Havas will reduce the debt of Bolloré.
2022 can also give a timeline, that gives Vincent the opportunity to release a lot of value by simplyfing the shares structure.

ebdem

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Re: BOL.PA - Bollore
« Reply #65 on: July 26, 2017, 03:36:06 PM »

awindenberger

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Re: BOL.PA - Bollore
« Reply #66 on: July 27, 2017, 10:00:32 AM »

fareastwarriors

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Re: BOL.PA - Bollore
« Reply #67 on: August 31, 2017, 11:14:15 AM »

no_free_lunch

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Re: BOL.PA - Bollore
« Reply #68 on: August 31, 2017, 08:06:05 PM »
Fareast. Good link. Based on that bollore got vivendi to buy havas at 40 to 50 pct premium to market multiples. Bollore owns enough havas that i think it more than offsets vivendi which they also have ownership in getting a raw deal. They also sold it at a time that revenue growth is decelerating. Wicked but shrewd.
« Last Edit: August 31, 2017, 08:08:03 PM by no_free_lunch »

Scunny Bunny

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Re: BOL.PA - Bollore
« Reply #69 on: September 25, 2017, 12:54:05 AM »
Our little investment company had its AGM today featuring the bear case on bitcoin, bull cases on AC and BOL.PA. A few slides in it might help you pull apart the empire. https://www.nsx.com.au/ftp/news/021734052.PDF