Bolloré – a special french conglomerate

Mr. Bolloré is an outstanding capital allocator, and has grown the share price and book value of BOL over the past 20 years, respectively, by 1,213% and 1,953%.
– MuddyWatersResearch

Let’s start with the first valuation of my 2017 To-Do list: French conglomerate Bolloré


As ebdem wrote in the comments, Bolloré is maybe a good choice. MuddyWaters valued it at 8.5€ in February 2015 … the stock is now around 3.50€. One point MuddyWatres made are the cross holdings which virtually reduce the shares outstanding.

If the stock really was that undervalued a share buyback (maybe in the form of more cross holdings) would definitely make sense. I will look out for that – of course there is a good chance that Mr. Bolloré knows better how to allocate capital than me 😉
Vincent Bolloré was is often named The Carl Icahn of France because of his active investment approach. Looking at the capital structure with a lot of listed subsidiaries reminds me a bit of John Malone/Liberty.

The operating business, which is very Africa, Logistics and Energy focused, did not have a good year in 2016 (3Q numbers are out). Turnover was down 10%.

Continue reading