Author Topic: BOL.PA - Bollore  (Read 49452 times)

John Hjorth

  • Hero Member
  • *****
  • Posts: 3058
Re: BOL.PA - Bolloré SA
« Reply #90 on: November 06, 2018, 08:43:50 AM »
From the "What are you buying today?" topic today:

I've bought trackers in the following companies:

Bolloré SA [CoBF Investment Ideas topic] [Company Website] For my part, ODET.PA has to wait for now, ...


John,

My concern with Bollore is what happens after Vincent Bollore retires? Does he have the depth of management in place that BRK does?  Look forward to your thoughts.

cheers
Zorro

Zorrofan,

Right now, I'm unopinionated on that matter, because of lack of knowledge [<-rb has posted recently, that he thought I would do well in politics [ : - D ] - It translates to "I don't know."].

The only thing that I right now feel confident about, is that I will be entertained by studying Vincent Bolloré's doings in hindsight after reading the Wikipedia article about him. [I think it was the French one, that was the best.] It's about going basically from zero to where he is today with BOL.PA [& ODET.PA]. I simply can't help but admire deeply such an achievement.

On my way I'll post my comments & observations here ... - perhaps we can get this topic going again. [I sure understand why some of our fellow board members have pulled their feelers here.]


Your concerns appear both relevant and important.
« Last Edit: November 06, 2018, 09:01:16 AM by John Hjorth »
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai


SI

  • Full Member
  • ***
  • Posts: 147
Re: BOL.PA - Bollore
« Reply #91 on: December 06, 2018, 10:39:01 AM »
Anyone that could get the SocGen initiation, I would love a copy.

John Hjorth

  • Hero Member
  • *****
  • Posts: 3058
Re: BOL.PA - Bolloré SA
« Reply #92 on: September 07, 2019, 11:38:14 AM »
Here, I'm trying to get this topic about BOL.PA going again [<- and honestly, I don't know why?] - it [this topic] has been like the behavior of a flattening tyre, since the accusations of Mr. Bolloré's wrongdoings last year :

Youtube: Marek Zmysłowski - TEDxKoszalin [February 7th 2018] : Africa, Stupid!.
« Last Edit: September 07, 2019, 01:44:36 PM by John Hjorth »
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

no_free_lunch

  • Hero Member
  • *****
  • Posts: 1701
Re: BOL.PA - Bollore
« Reply #93 on: September 07, 2019, 08:13:39 PM »
With Vincent Bollore gone, I would not be investing for deal making and investment growth.  I think the easiest play going forward is for successor to start to unravel the nested share structure.  I think this can be done via spinoffs and dividends.   If I started to see that happen I would be interested.

Spekulatius

  • Hero Member
  • *****
  • Posts: 4375
Re: BOL.PA - Bollore
« Reply #94 on: February 02, 2020, 05:50:57 AM »
Nice plug from Vitaliy Katsenelson for Bollore. It’s exactly what lead me to this and eventually OTEL.PA
https://contrarianedge.com/bollore-streaming-music-cash-flows/
Life is too short for cheap beer and wine.

ValuePadawan

  • Jr. Member
  • **
  • Posts: 77
Re: BOL.PA - Bollore
« Reply #95 on: March 27, 2020, 01:38:46 PM »
I've been looking into Bolloré a bit and as it only has a net share count of around 1.4B if you normalize the spiderweb of crossholdings, that gives them a mkt cap of €3.5B. Considering their 26% stake in Vivendi is worth €5.4B and you are also getting their battery division (not very impressive), their port and logistics businesses (more impressive) as well as some small holdings in agriculture businesses and some vineyards (a French company wouldn't be complete without them).

Why are they trading at such a discount to NAV? Does the market not understand or not trust the controlling family? It seems to good to be true. Am I missing something in my blind spot?

awindenberger

  • Sr. Member
  • ****
  • Posts: 361
Re: BOL.PA - Bollore
« Reply #96 on: March 27, 2020, 02:31:18 PM »
I've been looking into Bolloré a bit and as it only has a net share count of around 1.4B if you normalize the spiderweb of crossholdings, that gives them a mkt cap of €3.5B. Considering their 26% stake in Vivendi is worth €5.4B and you are also getting their battery division (not very impressive), their port and logistics businesses (more impressive) as well as some small holdings in agriculture businesses and some vineyards (a French company wouldn't be complete without them).

Why are they trading at such a discount to NAV? Does the market not understand or not trust the controlling family? It seems to good to be true. Am I missing something in my blind spot?

Only question is when something will be done to close the gap between value and stock price.

ValuePadawan

  • Jr. Member
  • **
  • Posts: 77
Re: BOL.PA - Bollore
« Reply #97 on: March 27, 2020, 02:49:27 PM »
I've been looking into Bolloré a bit and as it only has a net share count of around 1.4B if you normalize the spiderweb of crossholdings, that gives them a mkt cap of €3.5B. Considering their 26% stake in Vivendi is worth €5.4B and you are also getting their battery division (not very impressive), their port and logistics businesses (more impressive) as well as some small holdings in agriculture businesses and some vineyards (a French company wouldn't be complete without them).

Why are they trading at such a discount to NAV? Does the market not understand or not trust the controlling family? It seems to good to be true. Am I missing something in my blind spot?

Only question is when something will be done to close the gap between value and stock price.

"Liquidity: at January 31, 2020, the Group's liquidities(2), undrawn long term confirmed lines and liquid
investments represented approximately €2.6 billion for Bolloré and €8.2 billion including Vivendi."

Seems like once Vivendi and Bolloré ensure their businesses will be stable and healthy they have the opportunity to retire stock at attractive levels and I don't see Universal Music Group revenues being affected very much and its probable to assume the African ports will more or less continue operations. What could be hit is Bolloré energy as less liquid hydrocarbons will need to be transported and stored in France and Germany as road traffic decreases while shutdowns are in place. If Bolloré even took €500M and put it towards share repurchases thats 20% of the net shares right there, seems like a no brainer to me.

Stuart D

  • Jr. Member
  • **
  • Posts: 80
Re: BOL.PA - Bollore
« Reply #98 on: March 27, 2020, 02:58:40 PM »
I haven’t looked at this one for a while. Is ODET still a better buy (larger discount to NAV) than Bollore?

Spekulatius

  • Hero Member
  • *****
  • Posts: 4375
Re: BOL.PA - Bollore
« Reply #99 on: March 27, 2020, 03:16:36 PM »
I haven’t looked at this one for a while. Is ODET still a better buy (larger discount to NAV) than Bollore?

Yes.
Life is too short for cheap beer and wine.