Vivendi remain: updated valuation and a snap valuation of Havas

Details; details!

I have updated my Vivendi remain valuation as I added some points and corrected a mistake. The joy of holdings is that there is always something that one finds out about as one rereads his work after a certain period of time.

I have been writing a lot about the Bolloré Galaxy but then again our friend Vincent has been keeping us busy (and it is not over!). The good side is that it enables me to look at some french big caps (even though some are now quoted in Holland and in the United Kingdom).

Not all spins are equal and the coming months will be very interesting as I suspect that we will be seeing many moves.

It will be interesting when these different spins will have their first financial presentations post initial public quotation as it ill bring about more clarity.