Bollore (XPAR:BOL, Financial) shares declined in the first half of 2020 despite positive events like Vivendi's (27% owned by Bollor sale of 10% of Universal Music Group for EUR3 billion, its commitment to IPO the business by 2023, and the public listing of Warner Music Group, a competitor to Universal Music, at a robust valuation. We think the shares are significantly undervalued, trading at nearly a 50% discount to just its ownership stake in Vivendi and having significant additional value in the ports/logistics business which is worth significantly more than corporate debt and providing significant additional value to the investment.
From the Yacktman Fund (Trades, Portfolio)'s second-quarter 2020 shareholder letter.
