Robertet: the interesting slide!
Rising stars!

My top 5. Represents 80,5% of the portfolio. Usually markets go down after I post this.
What is yours?

Bolloré's touch maybe!

Odet for Vincent Bolloré.
Bolloré for Cyrille Bolloré.
Havas for Yannick Bolloré.
Each would have their investment vehicule.
I am probably wrong!

Bolloré galaxy: Sofibol buying Odet (282 shares at 1195€ on average) and Odet buying Bolloré (591 323shares at 4,76€) on the 19th of march.

If I were Bolloré (which I am not!) I would just buy as many as I could especially as they benefit from the mother daughter tax regime.

True! to be followed as even on thursday we had 5,4 M in volume lets follow the volumes in the coming days. But if I were Bolloré (which I am not!) I would keep buying especially as I benefit from the mother daughter tax regime so tax leakage will be very low with the exceptionnal dividend.

Bolloré SE: 14 Million shares exchanged today!!! That's a very big volume.Maybe Bolloré is buying back shares!
To be followed!

Agreed! Gaumont management team and family are not the best operators and their use of accelerated depreciation on the catalogue well...
The independent expert's report is going to be fun to read!

They did that in 2025 but slow to do. I think that it is clealy linked to the political agenda in 2027 in France (presidential election where the last polls suggest an extreme right versus extreme left opposition during the second round.

No I suspect that a new tender offer at the Bolloré SE would not be that successful as the two big minority sharheolders (Yacktman and Orfim) would not have sold.

Bolloré: why exceptionnal dividend?
They did all the following things (all the span of the capital allocation tools) and yet share price didn’t move:
- tender offer in 2023 at 5,75€+0,25€
- vivendi spin offs
- tried to take out ex-rivaud,
- buying back shares on the market

Good move by Bolloré with its 1,5 € extraordinary dividend. Odet will be paying out 2/3 of that extraordinay dividend. And well they are these self controlling loops and 1/3 of the dividend will be staying at different levels... to be followed!

FFH.TO updated table on the combined ratios of the insurance entities since 2004 and the change in ownership levels at some of the insurance entities in 2025 compared to 2024
Hope it is useful!

a bit more than half of their stake

FFH.TO: a good transacvtion by selling a bit more of their stake in Poseidon. Was not expecting it but a nice IRR! good move!

Among the french digital service companies which I follow there is only one which is buying back shares regularly. Still waiting the other ones to follow its lead.

Precia: a new CEO ( a very good recruit IMO) and a small acquisition in western Africa (classic Precia DNA with small bolt on acquisitions).
There are some treasury shares but still not cancelled. To be followed.

well in the CFO D&A is added and when it represents a big amount I like to have a look at what is in it and sometimes you have a big chunck of amortisation of intangible assets. So you need to have a look and see if you adjust it. And at the EBITDA level the boost can be big too.

True but you need to have this type of information which will not be given explicitely as you can use the argument "it is not big enough" and reporting is light on these acquired companies. So not a fan of this as it can create a willingness to keep doing M&A.

In the cash flow statements (at the CFO level), there is the D&A line which includes all the D&A (including those from intangible assets). You need to have a look at it as CFO gets a boost .
It incentivizes companies to keep doing M&A. I am not a fan of D&A on customer relationships and brand.

The amortisation of intangible assets and goodwill (customer relationships and brand) brings in a nice boost to D&A and thus also to cash flow from operations. It can sometimes act as an incentive to do some M&A and well helps to increase D&A so I like to have a look at that.

Agreed! After it could be a good thing for Pernod Ricard as they are so many recurring one offs that one can wonder what they are doing. debt level is high and dividend yield is attractive but in fact the dividend pay out is super high. To be followed!

Agreed!And they want to sell down their position in Pernod Ricard... Not a fan of GBL.

Still not seeing french software and french digital service companies doing some solid buy backs... This is quite revealing... They will tell you that they are not there to give liquidity... in that case I would tell them well don't quote Buffett, Munger and Singleton.

Fairfax Financial switched from being paid in Fairfax India shares to taking cash. 2/

Fairfax India: Interesting company even with the fee structure. I am all good with it as it is a good incentive and it is difficult to get access to the same type of assets.
Capital allocation is good and all their assets are held at very conservative valuations. 1/

If a microcap does lots of investor events,forums, interviews and communicates as much as a midcap is it a red flag?
My bat senses tell me beware.
Not saying they should not do it but maybe do less.
I am being cheeky but... just saying why so much communication...

And Lagardère 's value increases faster by decreasing financial leverage!

Thanks! I just need to get back in the rythme of pusblishing here! Step by step!

They will restore it I think! Step by step!