Private investor. Likes family run companies.Fulham FC fan. Newsletters: https://teapawt.org/t.co/okS6ypMBPT https://teapawt.org/t.co/giQjxdwuxj
Paris, France
Joined April 2017
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Thread on all the companies investigated upon on the French Hidden Champions substack. Will add to it as new companies are analyzed.
1/ Precia
frenchhiddenchampions.substa…
UMG: I think they can start improving their financial communication with their presentation. For the Q3 numbers, there are in effect only 5 useful slides out of 10. Half of the slides are of no use as they are solely title slides (Q3,important information, name of the CFO 2x 1/
UMG Q3 2026 numbers were good. Share price increased by 1,25 €. When you know that Bolloré owns 338 million shares (18,4%) of UMG well in one day Bolloré’s ownership valuation by the market increased by 422,5 M€.
And Bolloré owns 28,8% of Vivendi which owns 181,8 M shares 1/
Passion is what drives me when I am analyzing companies. I always have annual reports with me (printed!) and a pen to take notes. I read them during commutes, early in the morning, at lunch and a night when everybody is sleeping, in the Eurostar when I am going to see Fulham FC.
Next set of annual reports! A lot to read!
The more you read the more you want to read! The more companies youd discover!
Let's go!
And always a coffee and a pen to have a perfect set up!
Installux: they are going private. A solid company with a super solid balance sheet but the founder was never a big fan of minority shareholders and one could see it during the annual shareholder meetings. Timing of the take out is very good. Facotry in Spain is going to help 1/
a lot and is owned by the company (which was not the case for the other production sites).
A typical french company with a nice niche, a solid balance sheet, family founded and good managers but which did not like being quoted on the stock market. 2/
So we are learning that UMG could have been taken private earlier in the year (the timeline is quite large so difficult to put a share price but UMG was trading between 15€ and 20€).
At 16€ it is interesting. IPO was at 18,50€.
22-24 € appears fair.
Towards 27 € VB 1/
Bolloré sold the UMG shares held at Odet level.
Some brokers put the fair value above 30€ and other ones push it even higher.
Of course each euro gain on the UMG share has a massive impact on Bolloré valuation and I suspect that we will see Bolloré back at the UMG board and 2/
they will bring in some nice initiatives (buybacks at a good price, better finanacial communication…).
To be followed!
3/
@Y83536873 thanks for the heads up!
Another good set up to read about the Q3 Canal+ sales numbers! Bolloré leverages his knowledge of Africa through multiple ways.
The game changer is clearly the Multichoice acquisition and needs to be followed closely.
I am convinced they will do well! 1/
France needs to get the french to invest more in the stock market and to invest more in french companies. Clearly it requires a shift in thinking about investment and how one has to think about retirement (going towards a funded pension). 1/