Bolloré’s (XPAR:BOL, Financial) stock appreciated during the quarter and has been a strong performer for the year. In late September following spinoff from Vivendi, Bolloré received approximately 18% of newly public Universal Music Group (UMG), the #1 owner of music content and publishing rights, which are requisite for operating a streaming platform. The new holding in UMG is worth more than Bolloré’s market cap, and remaining businesses like port/infrastructure/logistics and electric vehicle batteries provide substantial opportunity for upside. Recently there have been reports in the press that port/logistic assets are for sale, and if these businesses command the valuations we think they deserve, there could be huge upside from current prices.
From the Yacktman Fund (Trades, Portfolio)'s third-quarter 2021 letter.
