If you read this, my Saturday morning was not spent in vain. graoully.substack.com/p/summersault

evolution of the stakes of outside shareholders within the Bolloré group, over the last 3 years

Great interview

www.youtube.com/watch?v=48In...

Follow the money: last week saw the beginning of a bunch of dividend payments in the Bolloré group. BOL received 12m from Vivendi and 18m from LHG. It must be painful to only get 30.4% of LHG's 60m total distribution (LHG received 63m from MMB). The big payday starts next month 1/n

Once more great content by Mr van Aken hosted by Mr Inberg. I don't share his views on private equity at all, but on AvH and HAL I came to the same conclusions after the recent disclosures. Must-watch if you're interested in european HoldCos.
youtu.be/ORYhvQp50Dc

Bolloré galaxy: AMF says that the take out offers on the ex rivaud entities are non compliant !!

Short thread on a what's lately become my largest (joint) position: Bank of Georgia ($BGEO) and Georgia Capital ($CGEO). An under-the-radar bank & HoldCo (with the latter at a massive discount to NAV). I think it’s time to take a look. Here’s the case 👇 1/x

A less inspiring start to 2025 when I conclude Q1..

YTD performance: -5.0%
YTD Wealth: -1.1%

Regarding a separate discussion I read today I am reminded of a very thoughtful perspective on accounting.

”When accounting was first established it was never meant to be a tool for valuation. It was mean to be a tool for accountability to the owners of companies

With asset prices in free fall just your daily reminder that there are a few interesting trusts/holding Companies trading at a discount buying back 0.05%-0.1% of shares outstanding daily. $VOF $CGEO

UK distributor $KITW.L Kitwave looks very cheap here. My friend Jon has a great writeup on it, highlighting the various competitive advantages. Stock is now ~30% cheaper, continues to grow well, trading at a 10% FCF Yield, 8x P/E

sohrapeakcapital.com/wp-content/u...