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Olivier lombard's avatar

I am mostly in line with your assesment. Some comments :

On canal plus, I'd give 5B€-8B€ valuation, so 6B€ seems ok

on Media For Europe, Vivendi still owns a 20.76% stake but the share price is still way below the agreed minimal treshold of divestment. As shareholder of MFE, I can't wait for this treshold to be crossed :) but to be conservative, MFE current share price is about 0.6€ (0.50€ for MFEA and 0.7€ for MFEB)

I think you should also count a 10-15% discount for "holding" (fee of management) and "controlled company". 16€ should be a lowball valuation.

I totally agree with the fact that VB is highly upredictable ... and he could really pivot (like Powell) and launch the Vivendi buyout in the coming months.

At the moment, hVB divestments were very astuce. He managed to pull down the share price of Vivendi 20% lower from 10€ to 8€ which will lower the market exigence regarding the potential buyout price should he chose to launch it.

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Leo Stauder's avatar

Which catalysator should vanish the discount?

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