Bolloré SE

Vincent Bolloré family holdco (via Compagnie de l'Odet, ~71%). Post-2024 simplification: a DIRECT 18.4% of Universal Music Group (the single biggest line, ~€7.5bn) + the controlling stakes that resulted from Vivendi's Dec-2024 four-way split — 29.3% of the rump Vivendi (VIV.PA) PLUS direct ~30.4% of each spinoff Canal+ (CAN.L), Havas (HAVAS.AS) and Louis Hachette (ALHG.PA), all held alongside Vivendi rather than through it. Big net-cash pile from the 2022/2024 logistics disposals (Bolloré Logistics → CMA CGM); net cash was €5.6bn at Dec-2025 but a €4.2bn EXCEPTIONAL DIVIDEND (€1.5/sh) was paid 25-Jun-2026, cutting it to ~€1.4bn — reflected here. otherNAV = Rubis 6% (€199m) + Socfin agribusiness (€306m) + the residual industrial/energy bucket (Blue Solutions LMP batteries/Bluebus, Bolloré Energy oil distribution, Plastic Films) — SEED ESTIMATE, Bolloré doesn't separately mark these. CAN.L quotes in GBp (pence) → engine ÷100. CIRCULAR CROSS-HOLDING: ~52% of Bolloré is held indirectly via the Bolloré↔Compagnie de l'Odet self-control loop, so `sharesOutM` here = the ECONOMIC FREE FLOAT (~1,400M), NOT the ~2,810M reported listed shares — this is the basis analysts use, and on it the discount lands ~−45% (vs the published ~40%, up to ~70% on a full control-loop look-through). On reported shares the direct method shows a small PREMIUM, which is misleading. Two caveats: (1) the direct method still can't see through Vivendi's own ~44% discount (the VIV.PA line is marked at Vivendi's depressed price), so the true look-through discount is wider; (2) a 1:10 share consolidation was announced for 18-Nov-2025 — if Yahoo reprices BOL.PA to ~€41, divide sharesOutM by 10. Medium-confidence — Bolloré is the hardest holdco to mark cleanly. Published portfolio of listed securities = €10.6bn (Dec-2025).

Stake prices + FX live; net debt / private NAV / share counts are estimates — verify against the holdco's NAV statement. Not investment advice.