A quick note on the H1 2023 Bolloré report.
Three interesting points can be put forward
UMG ownership detail
There is an initial graph on page 23 which indicates a 28,4% ownership. There is a footnote number 9 but when you look for it, it is not present on page 23. The detail is given on page 51.
Footnote 9 isn’t present.
Here is the detailed ownership in UMG: 9,98% held by Vivendi and 17,94% by Comagnie de Cornouailles (Bolloré controlled).
Chaffe model (enables to apply a liquidity discount to the Odet owernship)
On the 31/12/2022, the discount was at 12,62%.
On the 30/06/2023, the discount is at 9,95%.
In other words it gives more value to Odet shares.
Source: page 54
Ownership changes in some holdings
Media for Europe: down to 19,79% from 20,76%.
Telefonica: up to 1,03 from 1,02%
Prisa: up to 11,79% from 9,51%.
For Media for Europe (Berlusconi), it will take time to reduce the ownership as negociated with the Berlusconi family nevertheless it is a point to follow and maybe something could happen.
Cheers!
Jeremy
In the meantime, thanks again for signing up and feel free to talk to your friends / fellow investors about the French Hidden Champions Substack. You can also reach out by email or by DM on Twitter @FoxCastlehold.
Disclaimer: The above article constitutes the authors’ personal views and is for entertainment purposes only. It is not to be construed as financial advice in any shape or form. Please do your own research and seek your own advice from a qualified financial advisor. The authors may from time to time hold positions in the aforementioned stocks consistent with the views and opinions expressed in this article. Disclosure – I (Jeremy) hold a position in the Bolloré Galaxy entities but do not hold a position in Vivendi at the time of publishing this article (this is a disclosure and NOT A RECOMMENDATION).