Bolloré (XPAR:BOL), a nearly 200-year-old French conglomerate, is run by Vincent Bolloré, one of the premier capital allocators of the last few decades. Bolloré’s two main components of value are a significant port and logistics business throughout Africa and ownership of roughly 24% of Vivendi, a French media conglomerate. Vivendi’s most important asset is Universal Music Group, the U.S.-based music business that controls about a third of the music catalog, which has become extremely valuable because of streaming platforms. We think the port and logistics business and the Vivendi ownership stake are each worth more than Bolloré’s current equity valuation.
From Yacktman Asset Management (Trades, Portfolio)'s Yacktman Fund (Trades, Portfolio) third quarter 2018 shareholder letter.
