- Bolloré : Financial information for Q1 2026
Apr 23, 2026
BOLLORE SE
Financial information for Q1 2026 April 23, 2026
Revenue for Q1 2026:
+6.5% at constant scope and exchange rates (+4.3% on a reported basis)
Revenue for Q1 2026
At constant scope and exchange rates, Bolloré Group revenue for Q1 2026 rose 6.5% to 815 million euros. The main sectors performed as follows:
Bolloré Energy: revenue rose 7.9% to 731 million euros, driven by a sharp increase in oil product prices linked to the conflict in the Middle East and a slight decline in sales volumes; Industry: revenue from industrial activities (Films, Blue, Systems) was 74 million euros, down 3.2%, due to lower sales of the 6-meter Bluebus, the decline in Specialized Terminals (primarily due to lower sales of Easier ground equipment), and despite growth in the Films business, driven by higher volumes in dielectric and packaging.
On a reported basis, revenue was up 4.3% compared with Q1 2025, including -16 million euros in changes in scope, corresponding to the contribution transaction involving Foresea Technologies.
(in millions of euros) 2026 2025 Reported Organic growth growth Bolloré Energy 731 675 8.3% 7.9% Industry 74 78 -4.7% -3.2% Other (Agricultural Assets, Holding and others) 10 29 -64.9% -13.8% Total 815 782 4.3% 6.5%
Recent events and highlights:
Bolloré SE
Proposal for an exceptional dividend
In 2022 and 2024, Bolloré SE sold Bolloré Africa Logistics and Bolloré Logistics for a total amount of around
10 billion euros. In the absence of any significant reinvestment to date, Bolloré SE's Board of Directors, in a meeting held on March 17, 2026, decided to propose to the Annual General Meeting of May 27, 2026, in agreement with its majority shareholder Compagnie de l'Odet, the distribution of an exceptional dividend of 1.5 euros per share, representing an amount of around 4.2 billion euros, taken from the retained earnings of previous years, resulting from capital gains realized on disposals.
This dividend, which would constitute an exceptional distribution, would be paid at the same time as the final ordinary dividend of 0.06 euros per share (with an interim dividend of 0.02 euros already paid in September 2025), i.e. on June 25, 2026. It would be financed by using part of the available cash.
The Board of Directors of Compagnie de l'Odet, which owns 71% of Bolloré SE's share capital, has indicated its intention to pay an interim dividend of an exceptional nature in the second half of 2026 representing at least two-thirds of the exceptional dividend received by Compagnie de l'Odet.
Story Continues
Disposal of Vivendi shares
In early 2026, Bolloré SE sold 5 million Vivendi SE shares at a unit price of 2.3 euros for a total of 11.6 million euros.
Compagnie de l’Odet
In Q1 2026, Compagnie de l’Odet acquired 36.9 million Bolloré SE shares (1.31% of the share capital) at a unit price of 4.80 euros, for a total of 177 million euros.
Compagnie de l’Étoile des Mers
Compagnie de l’Étoile des Mers, a 51% subsidiary of Bolloré Participations SE and in which Compagnie de l’Odet owns a 49% stake, acquired a holding in Havas N.V. At the end of 2025, Compagnie de l’Étoile des Mers had a 14% stake in Havas N.V. In early March 2026, following the purchase of shares and the acquisition of YB6, which has a 2.9% stake in Havas N.V., Compagnie de l’Étoile des Mers directly and indirectly holds 22.6% of Havas N.V., for an investment of 347 million euros. Bolloré SE continues to directly hold a 30.44% stake in Havas N.V. and Compagnie de l’Odet 0.6%.
Attachment
2025 04 23 Bolloré CA1T 2026_en
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- Yacktman Fund's Strategic Moves: Significant Reduction in Samsung Electronics Co Ltd
Apr 21, 2026
This article first appeared on GuruFocus.
Exploring Yacktman Fund (Trades, Portfolio)'s Recent Investment Adjustments
Warning! GuruFocus has detected 4 Warning Signs with XPAR:BOL. Is XPAR:BOL fairly valued? Test your thesis with our free DCF calculator.
Yacktman Fund (Trades, Portfolio) recently submitted its N-PORT filing for the first quarter of 2026, shedding light on its strategic investment decisions during this period. Managed by Yacktman Asset Management (Trades, Portfolio), the fund is renowned for its pursuit of long-term capital appreciation, with a secondary focus on current income. As a non-diversified fund, it primarily invests in U.S. common stocks across various sizes, including dividend-paying companies. The investment team is known for its objective, patient, and diligent approach, making decisions based on individual securities' merits rather than market forecasts. Yacktman Fund (Trades, Portfolio) employs a disciplined strategy, acquiring growth companies at perceived low prices, blending "growth" and "value" investing principles. The fund seeks companies with good business models, shareholder-oriented management, and attractive purchase prices.Yacktman Fund's Strategic Moves: Significant Reduction in Samsung Electronics Co Ltd
Summary of New Buy
Yacktman Fund (Trades, Portfolio) added a total of four stocks, among them:
The most significant addition was PayPal Holdings Inc (NASDAQ:PYPL), with 1,335,000 shares, accounting for 0.99% of the portfolio and a total value of $60.38 million. The second largest addition to the portfolio was FactSet Research Systems Inc (NYSE:FDS), consisting of 185,000 shares, representing approximately 0.66% of the portfolio, with a total value of $40.14 million. The third largest addition was Avantor Inc (NYSE:AVTR), with 4,500,000 shares, accounting for 0.58% of the portfolio and a total value of $35.28 million.
Key Position Increases
Yacktman Fund (Trades, Portfolio) also increased stakes in a total of two stocks, among them:
The most notable increase was Hyundai Motor Co (XKRX:005387), with an additional 100,000 shares, bringing the total to 500,000 shares. This adjustment represents a significant 25% increase in share count, a 0.26% impact on the current portfolio, with a total value of ?78,236,910. The second largest increase was Embecta Corp (NASDAQ:EMBC), with an additional 1,250,000 shares, bringing the total to 3,000,000. This adjustment represents a significant 71.43% increase in share count, with a total value of $26.52 million.
Summary of Sold Out
Yacktman Fund (Trades, Portfolio) completely exited two holdings in the first quarter of 2026, as detailed below:
Story Continues
Warner Bros. Discovery Inc (NASDAQ:WBD): Yacktman Fund (Trades, Portfolio) sold all 1,000,000 shares, resulting in a -0.47% impact on the portfolio. GrafTech International Ltd (NYSE:EAF): Yacktman Fund (Trades, Portfolio) liquidated all 700,000 shares, causing a -0.18% impact on the portfolio.
Key Position Reduces
Yacktman Fund (Trades, Portfolio) also reduced positions in six stocks. The most significant changes include:
Reduced Samsung Electronics Co Ltd (XKRX:005935) by 3,700,000 shares, resulting in a -37.37% decrease in shares and a -3.74% impact on the portfolio. The stock traded at an average price of ?121,408 during the quarter and has returned 36.69% over the past three months and 64.13% year-to-date. Reduced Canadian Natural Resources Ltd (NYSE:CNQ) by 1,600,000 shares, resulting in a -16.33% reduction in shares and a -0.88% impact on the portfolio. The stock traded at an average price of $41.13 during the quarter and has returned 22.24% over the past three months and 29.90% year-to-date.
Portfolio Overview
At the first quarter of 2026, Yacktman Fund (Trades, Portfolio)'s portfolio included 51 stocks, with top holdings comprising 8.29% in Bollore SE (XPAR:BOL), 8.2% in Samsung Electronics Co Ltd (XKRX:005935), 6.54% in Canadian Natural Resources Ltd (NYSE:CNQ), 3.85% in Charles Schwab Corp (NYSE:SCHW), and 3.68% in Hyundai Mobis Co Ltd (XKRX:012330).Yacktman Fund's Strategic Moves: Significant Reduction in Samsung Electronics Co Ltd
The holdings are mainly concentrated in 10 of the 11 industries: Communication Services, Consumer Defensive, Technology, Energy, Industrials, Financial Services, Consumer Cyclical, Healthcare, Basic Materials, and Utilities.Yacktman Fund's Strategic Moves: Significant Reduction in Samsung Electronics Co Ltd
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- Assessing Bolloré (ENXTPA:BOL) Valuation After A €1.5 Per Share Exceptional Dividend Proposal
Mar 21, 2026
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide.
Bolloré (ENXTPA:BOL) drew fresh attention after its board proposed a one off exceptional dividend of €1.5 per share, around €4.2b, funded from past disposal gains despite weaker 2025 results.
See our latest analysis for Bolloré.
The exceptional dividend proposal appears to have caught investors' attention, with a 9.46% 7 day share price return and a 4.99% 90 day share price return, even as the 1 year total shareholder return sits at a 10.86% loss.
If this kind of payout has you thinking about where else capital might be returned or compounded, it could be a good moment to scan 97 top founder-led companies
With a one-off €1.5 per share payout, weaker 2025 earnings and the stock still below its 1-year level, you have to ask: is Bolloré quietly cheap, or is the market already pricing in everything ahead?
Preferred P/E of 40.9x: Is it justified?
Bolloré trades on a P/E of 40.9x, while the share price sits at €4.84 and analysts see only around 13% upside to a €5.45 target.
The P/E ratio compares the current share price to the company’s earnings per share and is often used to gauge how much investors are willing to pay for each euro of profit.
For Bolloré, the current 40.9x P/E stands against earnings that are forecast to grow slowly and a Return on Equity of 1.4% that is flagged as low. This suggests the market is paying a high price for modest profitability.
That premium looks even starker beside the European Oil and Gas industry average P/E of 14.8x, the peer average of 13.2x, and an estimated fair P/E of 17.2x, a level the market could potentially gravitate toward if sentiment cools.
Explore the SWS fair ratio for Bolloré
Result: Price-to-Earnings of 40.9x (OVERVALUED)
However, if earnings stay weak and the P/E multiple drifts closer to sector levels, that premium could unwind, especially if sentiment around media and energy exposure cools.
Find out about the key risks to this Bolloré narrative.
Another view from the SWS DCF model
While the P/E points to a rich price, the SWS DCF model paints a different picture. On this view, Bolloré at €4.84 sits above an estimated future cash flow value of €2.56, suggesting the shares look expensive if cash generation follows that path.
For a closer look at how that cash flow view is built, Look into how the SWS DCF model arrives at its fair value.BOL Discounted Cash Flow as at Mar 2026
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Bolloré for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 229 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.
Story Continues
Next Steps
With sentiment this mixed, waiting on the sidelines could mean missing the nuance that matters most. Take a moment now to review the 1 key reward
Looking for more investment ideas?
If Bolloré has sharpened your thinking, do not stop there. Broaden your watchlist with other focused ideas that match your risk, income, and quality preferences.
Target resilient balance sheets and clear fundamentals by checking the solid balance sheet and fundamentals stocks screener (381 results). Hunt for quality at a reasonable price with the 229 high quality undervalued stocks before others catch on. Stack potential income streams by scanning the 475 dividend fortresses while yields and balance sheets still look appealing.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include BOL.PA.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Bollore Shares Climb After Proposed Extra Shareholder Returns
Mar 18, 2026
Shares in Bollore Group surged after the French conglomerate proposed one-off returns to its shareholders, despite a drop in revenue and profit. Over the year to date, shares have risen 4%. The company proposed the distribution of an ordinary dividend of 8 European cents a share, in line with the one it paid in 2024.
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- Compagnie de l'Odet : Results for fiscal year 2025
Mar 17, 2026
COMPAGNIE DE L’ODET
COMPAGNIE DE L'ODET
Results for fiscal year 2025 March 17, 2026
Net profit, Group share: €218 million
Proposal to pay a dividend of €4.80 per share, an increase of 9%
Revenue: €2,924 million, -9% at constant scope and exchange rates.
Adjusted operating income (EBITA (1) (2)): €282 million including the results of the equity-accounted associates UMG, Canal+, Louis Hachette Group, Havas and Vivendi for the full year 2025.
Net income: €354 million, compared with €1,750 million in 2024, which included the net capital gain on the disposal of Bolloré Logistics (+€3.7 billion) and the capital loss on the deconsolidation of companies resulting from the spin-off of Vivendi (-€1.9 billion).
Net income, Group share: €218 million.
Net cash position: €5,126 million at December 31, 2025 (compared with €4,806 million in 2024).
Dividend: €4.80 per share, up 9% from the previous year.
Bolloré exceptional dividend: following Bolloré SE's announcement of an exceptional dividend of €1.5 per share, representing an amount of approximately €4.2 billion, in addition to the ordinary dividend of €0.08, the Board of Directors of Compagnie de l'Odet, which holds 71% of Bolloré's share capital, has indicated its intention to pay an interim dividend of an exceptional nature in the second half of 2026 representing at least two-thirds of the exceptional dividend received by Compagnie de l'Odet.
Results for fiscal year 2025
Compagnie de l’Odet’s Board of Directors met on March 17, 2026 to approve the financial statements for fiscal year 2025.
Revenue amounted to €2,924 million, down -9% at constant scope and exchange rates:
Bolloré Energy: €2,511 million, -9%, down against a backdrop of a widespread decrease in prices, despite a slight increase in volumes sold (notably in trading in France); Industry: €310 million, -13%, down from 2024, a year marked by the recovery in 12-meter bus sales to RATP, and despite strong momentum in the Films activity, driven by an increase in dielectric film and packaging volumes.
On a reported basis, revenue was down 7%, after a change of +€96 million in the scope of consolidation (corresponding primarily to the acquisition of Chantelat at the end of November 2024) and a currency effect of -€0.3 million (appreciation of the Euro against the Indian rupee, offset in part by the depreciation of the Euro against the Swiss franc).
Story Continues
Adjusted operating income (EBITA (3)) was €282 million, compared with -€16 million in 2024:
Bolloré Energy (4): €53 million, up 18% on margin growth and solid control of operating expenses; Communications (5): €494 million, up strongly, driven by the increased contribution by UMG (+7% compared with 2024) and by the good performances of Canal+, LHG, Havas and Vivendi, equity-accounted for the entire year in 2025 (compared with just 16 days in 2024); Industry (4): -€90 million, a reduction in losses of €89 million compared with 2024, with Blue Solutions focusing on research into new-generation batteries. Other: -€174 million, an increase in expenses resulting from major disposals made in the last few years.
Net financial income was €166 million, compared with €110 million in 2024. The performance was driven by the increase in dividends received, notably from Socfin Group, holdings recognized as financial assets since September 2024 and the capital gain on the disposal of UMG N.V. shares.
Net income from equity-accounted non-operating companies was -€1 million, compared with €31 million in 2024. In 2025 this item no longer included the share of Socfin Group’s net income.
After taking into account -€13 million in taxes (compared with -€28 million in 2024), consolidated net income came to €354 million, compared with €1,750 million in 2024, which included the net capital gain on the disposal of Bolloré Logistics (+€3.7 billion).
Net income, Group share amounted to €218 million, compared with €982 million in 2024.
Shareholders' equity stood at €21,089 million, compared with €21,754 million as of December 31, 2024, a decrease of €665 million, primarily due to changes in the fair value of securities held by the Group (mainly attributable to the decline in the value of investments in the holding companies), share buybacks by the Group and dividends paid. Group shareholders’ equity came to €12,793 million, down -€141 million.
As at December 31, 2025, Compagnie de l’Odet had a positive net cash position of €5,126 million, compared with €4,806 million at the end of 2024. The increase of €321 million includes the repayment of cash collateral for the proposed buyout offer/mandatory squeeze-out, the repayment in Bolloré SE’s current account with Vivendi SE, the repurchase of own shares by the Group, and the disposal of UMG N.V. shares.
At the end of December 2025, Compagnie de l’Odet had €9 billion in cash and cash equivalents and confirmed credit lines.
Main transactions
Compagnie de l’Odet
Compagnie de l’Odet sold almost 6 million UMG N.V. shares (0.33% of the share capital) at a unit price of €27.5, for a total of €165 million. Compagnie de l’Odet purchased nearly 26 million Groupe Canal+ shares (2.62% of the share capital) at a unit price of €2.26, for a total of €59 million. Compagnie de l’Odet continued to acquire its own shares under its share repurchase program, for a total of
€26 million, representing 0.3% of the share capital. Treasury shares were canceled on December 19, 2025. In early 2026, Compagnie de l’Odet acquired 6.8 million Bolloré shares (0.24% of the share capital) at a unit price of €4.72, for a total of €32 million.
Compagnie de l'Étoile des Mers
Compagnie de l’Étoile des Mers, a 51% subsidiary of Bolloré Participations and in which Compagnie de l’Odet owns a 49% stake, acquired a holding in Havas N.V. At end-2025, Compagnie de l’Étoile des Mers had a 14% stake in Havas N.V. In early March 2026, following the purchase of shares and the acquisition of YB6, which has a 2.9% stake in Havas N.V., Compagnie de l’Étoile des Mers directly and indirectly holds 22.6% of Havas N.V., for an investment of €347 million. In addition, Bolloré continues to directly hold a 30.44% stake in Havas N.V. and Compagnie de l’Odet holds 0.6%.
Bolloré SE
Bolloré SE share repurchase program
In 2025, Bolloré SE acquired 35 million of its own shares (representing 1.26% of the share capital) for €196 million. Treasury shares were canceled in 2025.
Proposed public buyout offers followed by mandatory squeeze-outs for Compagnie du Cambodge, Financière Moncey and Société Industrielle et Financière de l’Artois.
Following the AMF’s decision to release Bolloré SE from its obligations in respect of Cambodge, Moncey and Artois shares, from end-June 2025 the Group acquired 1.07% of Moncey for €24 million and 1.5% of Artois for €38 million.
Vivendi spin-off
On April 22, 2025, following proceedings by the Luxembourg company CIAM Fund, the Paris Court of Appeal overturned a decision by the AMF on November 13, 2024, insofar as it had found that Bolloré SE did not control Vivendi SE within the meaning of article L. 233-3 of the French Commercial Code. On July 18, 2025, pursuant to the Court of Appeal’s ruling of April 22, 2025, the AMF ruled that a public tender offer to delist the shares of Vivendi SE had to be filed within a period of six months. The offer would not close until the Court of Cassation had handed down its ruling on the appeals against the Paris Court of Appeal’s decision of April 22, 2025. The Court of Cassation hearing was set for November 25, 2025. On July 28, 2025, Bolloré decided to appeal to the Paris Court of Appeal against the AMF’s decision of July 18. On November 28, 2025, the Court of Cassation canceled the ruling of April 22, 2025 to the extent it had ruled that Vivendi SE was controlled by Bolloré SE within the meaning of Article L. 233-3, I, 3 of the French Commercial Code on the grounds that the Court of Appeal had violated this provision and referred the case to the Paris Court of Appeal composed otherwise. The hearing for oral arguments is scheduled for May 22, 2026. The rulings handed down by the Court of Cassation led to the cancellation of the AMF decision of July 18, 2025, pronounced null and void by the AMF on December 4, 2025.
Proposed dividend: €4.80 per share
The General Shareholders’ Meeting will be asked to approve the distribution of a dividend of €4.80 per share, an increase of 9% compared with the dividend paid for the 2024 fiscal year. The ex-dividend date will be June 23, 2026, with payment in cash only on June 25, 2026.
In 2022 and 2024, Bolloré SE sold Bolloré Africa Logistics and Bolloré Logistics for a total amount of around €10 billion. In the absence of any significant reinvestment to date, Bolloré's Board of Directors has decided to propose to the Annual General Meeting of May 27, 2026, in agreement with its majority shareholder Compagnie de l'Odet, the distribution of an exceptional dividend of €1.5 per share, representing an amount of around €4.2 billion, taken from the retained earnings of previous years, resulting from capital gains realized on disposals.
The Board of Directors of Compagnie de l'Odet, which owns 71% of Bolloré's share capital, has indicated its intention to pay an interim dividend of an exceptional nature in the second half of 2026 representing at least two-thirds of the exceptional dividend received by Compagnie de l'Odet.
Consolidated key figures
(in millions of euros) 2025 2024 Variation Revenue 2,924 3,129 (7%) EBITDA (1) 357 31 €326m Depreciation and provisions (74) (47) Adjusted operating income (EBITA(1)) 282 (16) €298m Amortization resulting from PPAs and other items not included in EBITA(1) (98) 11 EBIT 184 (5) €189m of which equity-accounted operating companies 396 300 Financial income 166 110 Share of the net income of equity-accounted non-operating companies (1) 31 Taxes (13) (28) Net income from discontinued operations and assets held for sale 18 1,641 Net income 354 1,750 €(1,396)m Net income, Group share 218 982 Minority interests 136 768 December 31,
2025 December 31, 2024 Variation Shareholders’ equity 21,089 21,754 €(665)m Of which Group share 12,793 12,934 €(141)m Net debt / (Net cash) (5,126) (4,806) €(321)m Gearing (2) n.a. n.a.
(1) See glossary.
(2) Gearing: ratio of net debt to equity.
Change in revenue by activity
(in millions of euros) 2025 2024 Reported growth Organic growth Bolloré Energy 2,511 2,676 (6%) (9%) Industry 310 351 (12%) (13%) Other (Agricultural Assets, Holdings and others) 103 102 2% (10%) Total 2,924 3,129 (7%) (9%)
Change in revenue by quarter
(in millions of euros) Q1 Q2 Q3 Q4 2025 2024
(1) 2024 (2) 2025 2024
(1) 2024 (2) 2025 2024
(1) 2024 (2) 2025 2024
(1) 2024 Bolloré Energy 675 677 655 661 682 661 530 711 688 644 684 672 Industry 78 77 75 78 105 104 73 93 92 81 82 81 Other (Agricultural Assets, Holdings and others) 28 26 20 26 28 25 27 31 29 23 30 28 Total 782 780 750 765 815 790 630 834 809 747 795 780
Adjusted operating income (EBITA)
(in millions of euros) 2025 2024 Reported growth Bolloré Energy (3) 53 45 18% Communication 494 211 UMG 244 228 Canal+ (4) 151 (13) Louis Hachette Group (4) 26 (6) Havas (4) 59 Vivendi (4) 14 1 Industry(3) (90) (179) 50% Other (Agricultural Assets, Holdings and others) (174) (92) (89%) EBITA 282 (16) n.a.
(1) At constant scope and exchange rates.
(2) In accordance with IFRS 5 and to ensure comparability of results, Vivendi's contribution for the 2024 financial year has been reclassified as a discontinued operation or in the process of being disposed of (the Group lost control within the meaning of IFRS 10 that it exercised over Vivendi following the spin-off/distribution transactions carried out on December 13, 2024 by the Vivendi Group)
(3) Before Group costs.
(4) Operating entities accounted for under the equity method since December 16, 2024.
A detailed presentation of the results of its subsidiary Bolloré SE is available at www.bollore.com.
The consolidated financial statements currently being audited. The certification report will be issued following finalization of the procedures required for the filing of the Universal Registration Document (URD).
Group shareholder structure as of December 31, 2025
See the organization chart in the PDF press release
Comparability of financial statements
In accordance with IFRS 5 and to ensure comparability, Vivendi’s contribution for 2024 had already been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
Performance indicators
At December 31, 2025, the Group has not changed the definition of its performance indicators, particularly EBITA, which are comparable to those at December 31, 2024. EBITA and operating income data are presented before Group costs.
Trend in the main currencies
Average rate 2025 2024 Variation USD 1.13 1.08 4% GBP 0.86 0.85 1% PLN 4.24 4.31 (2%) CHF 0.94 0.95 (2%) CNY 8.12 7.79 4% RON 5.04 4.97 1% CAD 1.58 1.48 7% INR 98.48 90.53 9% ZAR 20.19 19.83 2%
Glossary
Organic growth: growth at constant scope and exchange rates. Adjusted operating income (EBITA): corresponds to operating income before the amortization of intangible assets related to business combinations (PPA: purchase price allocation) impairment of goodwill and other intangible assets relating to business combinations, other income and expenses relating to transactions with shareholders or concerning business lines in which the Group no longer operates. EBITDA: operating income before depreciation and amortization. Net financial debt / Net cash position: sum of borrowings at amortized cost, less cash and cash equivalents, cash management financial assets and net derivative financial instruments (assets or liabilities) with net financial debt as their underlying asset, as well as cash deposits backing borrowings.
The non-GAAP measures defined above should be considered as additional information that does not replace GAAP measures of operating and financial performance; Compagnie de l’Odet considers them to be relevant indicators of the Group’s operating and financial performance. Other companies may define and calculate these indicators differently. The indicators used by Compagnie de l’Odet may therefore not be directly comparable with those of other companies.
The percentage changes shown in this document are calculated in relation to the same period of the previous fiscal year, unless otherwise stated. Due to rounding, in this presentation, the sum of some data may not correspond exactly to the calculated total, and the percentage may not correspond to the calculated variation.
(1) See glossary.
(2) Including the contribution from equity-accounted operating companies for +€495 million.
(3) See glossary.
(4) Before Group expenses.
(5) Equity-accounted operating companies since December 16, 2024.
Attachment
2026 03 17 Odet CP résultats 2025 UK
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- Bolloré : Financial information for Q3 2025
Oct 23, 2025
BOLLORE SE
BOLLORÉ
Financial information for Q3 2025 23 October 2025
Revenue (at constant scope and exchange rates):
-24% in third-quarter 2025
-10% in the first nine months of 2025
Revenue for Q3 2025
At constant scope and exchange rates, Group revenue for third-quarter 2025 totaled 630 million euros, down 24%:
Bolloré Energy: 530 million euros, -25%, impacted by the general fall in petroleum product prices, as well as a decrease in volumes sold over the quarter; Industry: 73 million euros,-21%, mainly due to the decline in BlueBus business activity, which in 2024 benefited from the upturn in sales of 12-meter buses, and despite growth in the Films business.
On a reported basis, revenue was down 22% compared with third-quarter 2024, taking into account +26 million euros in changes in scope, linked primarily to the acquisition of Chantelat by Bolloré Energy, and slightly negative currency effects.
Revenue for the first nine months of 2025
At constant scope and exchange rates, revenue at end-September 2025 was down 10%, at 2,178 million euros.
At constant scope and exchange rates, compared with the first nine months of 2024, the main sectors trended as follows:
Bolloré Energy: 1,867 million euros, -10%, against a backdrop of falling prices, despite an overall increase in volumes sold, bolstered by the trading activity; Industry: 229 million euros, -17%, owing to the decline in BlueBus business activity compared with the first nine months of 2024, a period that benefited from the recovery in sales of 12-meter buses to the RATP, and to the downturn in Specialized Terminals in Systems, despite growth in the Films business.
On a reported basis, revenue for the first nine months of 2025 was down 7%, taking into account +79 million euros in changes in scope (mainly corresponding to Bolloré Energy’s acquisition of Chantelat) and +1 million euros in currency effects.
Change in revenue by activity
(in millions of euros) Q3 9 months 2025 2024* Growth Organic 2025 2024* Growth Organic as reported growth as reported growth Bolloré Energy 530 688 -23% -25% 1,867 2,004 -7% -10% Industry 73 92 -20% -21% 229 270 -15% -17% Other (Agricultural Assets, Holdings and others) 27 29 -9% -15% 82 76 +8% -6% Total 630 809 -22% -24% 2,178 2,350 -7% -10%
(*) Restated: in accordance with IFRS 5 and to ensure comparability, Vivendi’s contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
Story continues
Recent events and highlights
Bolloré SE share repurchase program
In the first half of 2025, Bolloré SE acquired 35.4 million of its own shares (representing 1.26% of the share capital) for 196.5 million euros (1). A total of 44.1 million Bolloré SE shares were canceled during the first half of 2025, reducing the total number of treasury shares to 3.2 million (representing 0.11% of the share capital).
The Board of Directors decided to cancel the 3.2 million treasury shares on September 17, 2025.
Vivendi spin-off
On July 18, 2025, pursuant to the decision of the Paris Court of Appeal of April 22, 2025, which overturned the AMF's decision of November 13, 2024 insofar as it had found that Bolloré SE did not control Vivendi SE within the meaning of Article L. 233-3 of the French Commercial Code, the AMF ruled that a proposed public buyout offer for the shares of Vivendi SE had to be filed within a period set at six months. The offer will not close until the Court of Cassation has handed down its ruling on the appeals made against the Paris Court of Appeal’s decision of April 22, 2025. The Court of Cassation hearing has been set for November 25, 2025. On July 28, 2025, Bolloré SE decided to challenge the AMF’s decision dated July 18 before the Paris Court of Appeal.
Change in revenue by quarter
(in millions of euros) Q1 Q2 Q3 2025 2024* organic 2024* 2025 2024* organic 2024* 2025 2024* organic 2024* Bolloré Energy 675 677 655 661 682 661 530 711 688 Industry 78 77 75 78 105 104 73 93 92 Other (Agricultural Assets, Holdings and others) 29 27 20 26 28 26 27 31 29 Total 782 780 751 765 816 790 630 835 809
All amounts are expressed in millions of euros and rounded to the nearest decimal.
As a result, the rounded amounts may differ slightly from the reported total.
(*) Restated: in accordance with IFRS 5 and to ensure comparability, Vivendi’s contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
(1) Including fees
Attachment
2025 10 23 Bollore CAT3 EN
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- Bolloré :First-half 2025 results
Sep 17, 2025
BOLLORE SE
BOLLORÉ
First-half 2025 results September 17, 2025
Results in line with expectations
Revenue: 1,547 million euros, -3% at constant scope and exchange rates.
Adjusted operating income (EBITA (1) (2)): 123 million euros including the results of the equity-accounted associates UMG, Groupe Canal+, Louis Hachette Group, Havas and Vivendi.
Net income: 242 million euros, compared with 3,884 million euros in the first half of 2024, which included the net capital gain on the disposal of Bolloré Logistics (+3.7 billion euros).
Net income Group share: 240 million euros.
Net cash position: 5,530 million euros at June 30, 2025.
Interim dividend: 0.02 euro per share (57 million euros) payable in cash on September 30, 2025.
Changes in scope and reclassifications as discontinued operations pursuant to IFRS 5 include:
Vivendi’s contribution for the first half of 2024, which has been reclassified in discontinued operations and assets held for sale. Following the spin-off/distribution transactions carried out on December 13, 2024, the Group no longer has control over Vivendi within the meaning of IFRS 10, but only significant influence.
As of this date, the contributions of Groupe Canal+, Louis Hachette Group, Havas and Vivendi are recognized as equity-accounted operating companies;
Bolloré Logistics, which was sold on February 29, 2024, was reclassified as a non-current asset held for sale in the first half of 2024.
First-half 2025 results
Bolloré’s Board of Directors, which met on September 17, 2025, has approved the financial statements for the first half of 2025.
Revenue amounted to 1,547 million euros, down -3% at constant scope and exchange rates:
Bolloré Energy: 1,337 million euros, -2%, a slight decline against a backdrop of falling prices, despite an overall increase in volumes sold; Industry: 156 million euros, -14%, down on the first half of 2024, which benefited from the resumption of sales of 12-meter buses to RATP.
On a reported basis, revenue was stable, after +54 million euros in changes in scope (corresponding mainly to the acquisition of Chantelat at the end of November 2024) and a currency effect of +2 million euros (depreciation of the euro against the Swiss franc).
Adjusted operating income (EBITA (3)) came to 123 million euros, after breaking even in the first half of 2024:
Bolloré Energy (4): 27 million euros, up 52% thanks to higher volumes sold (mainly in distribution in France) and higher margins; Communications (5): 203 million euros, up 131% thanks to an increase in the contribution from UMG (+33% compared with the first half of 2024) and the inclusion of the contributions from Canal+, Louis Hachette Group, Havas and Vivendi, which are now accounted for using the operating equity method; Industry (4): -52 million euros, a reduction in losses of +17 million euros compared with the first half of 2024, with Blue Solutions focusing on research related to new-generation batteries.
Story Continues
Net financial income amounted to 95 million euros, compared with 61 million euros in the first half of 2024. It benefited from the increase in dividends received, including dividends from the Socfin Group (financial assets since September 2024).
Net income from equity-accounted non-operating companies came to -1 million euros, compared with 18 million euros in the first half of 2024. This item no longer includes the share of net income from Socfin Group.
After taking into account -10 million euros in taxes (compared with -8 million euros in the first half of 2024), consolidated net income came to 242 million euros, compared with 3,884 million euros in the first half of 2024, which included the net capital gain on the disposal of Bolloré Logistics (+3.7 billion euros).
Net income Group share amounted to 240 million euros, compared with 3,758 million euros in the first half of 2024.
Shareholders’ equity totaled 25,555 million euros, compared with 25,747 million euros at December 31, 2024, down -192 million euros, mainly due to changes in the fair value of securities held and dividends paid.
Group shareholders’ equity came to 25,317 million euros, compared to €25,448 million at December 31, 2024.
As at June 30, 2025, the Bolloré Group had a net cash position of 5,530 million euros, compared with 5,306 million euros at the end of 2024. The increase of 223 million euros includes the repayment of cash collateral for the proposed buyout offer/mandatory squeeze-out, the reduction in Bolloré SE’s current account with Vivendi SE and the repurchase of Bolloré shares.
At end-June 2025, the Bolloré Group had 8 billion euros in cash and cash equivalents and confirmed credit lines.
Main transactions
Bolloré SE
Bolloré SE share repurchase program
In the first half of 2025, Bolloré SE acquired 35.4 million of its own shares (representing 1.26% of the share capital) for 196.5 million euros (6). 44.1 million Bolloré SE shares were canceled during the first half of 2025, reducing the total number of treasury shares to 3.2 million (representing 0.11% of the share capital).
The Board decided to cancel the 3.2 million treasury shares on September 17, 2025.
Proposed public buyout offers followed by mandatory squeeze-outs for Compagnie du Cambodge, Financière Moncey and Société Industrielle et Financière de l’Artois.
On April 17, 2025, the Autorité des Marchés Financiers announced that, on April 15, 2025, it had decided to declare these offers non-compliant. It published the reasons for these decisions on May 2, 2025. While regretting such an outcome after an examination having lasted more than seven months, Bolloré SE took note of the AMF’s ruling. On May 5, 2025, Bolloré decided not to challenge these decisions.
These decisions have therefore become final, and Bolloré SE is released from any obligation in this respect.
As indicated at the General Shareholders’ Meeting, Bolloré SE ensured liquidity for Compagnie du Cambodge, Financière Moncey et Société Industrielle et Financière de l’Artois shares with purchases made between June 26 and July 7, 2025 at the initial offer price. Accordingly, the Group acquired 200,151 Financière Moncey shares (1.07% of the share capital) for 23.6 million euros and 4,106 Artois shares (1.54% of the share capital) for 38.1 million euros.
Compagnie de l’Odet
Compagnie de l'Odet has arbitrated the shares it held in UMG N.V. with shares in Canal+ and Havas N.V. because of their attractive values:
Compagnie de l’Odet sold almost 6 million UMG N.V. shares (i.e. 0.33% of the share capital) at a unit price of 27.5 euros, for a total of 164.9 million euros; Compagnie de l’Odet purchased, through Compagnie de l'Etoile des Mers (49% owned by Compagnie de l’Odet, equity accounted company in the consolidated financial statements of Compagnie de l'Odet), nearly 73 million Havas N.V. shares at a price of €1.46 per share (i.e. 7.38% of the share capital), for an amount of €107 million; The company acquired nearly 26 million Canal+ shares at a price of €2.26 per share (i.e. 2.62% of the capital) for an amount of €58.8 million.
In addition, Compagnie de l'Odet continued to acquire its shares under its share repurchase program for a total of 19 million euros, representing 0.2% of the share capital.
Vivendi spin-off
At the Combined General Meeting held on December 9, 2024, more than 97.5% of Vivendi SE’s shareholders approved the proposed partial spin-off of Canal+ and Louis Hachette Group and the distribution of Havas NV shares. These transactions took place on December 13, 2024, and the listing of Canal+ on the London Stock Exchange, Louis Hachette Group on Euronext Growth and Havas NV on Euronext Amsterdam began on December 16, 2024. Further to this transaction, Bolloré SE directly held 30.4% of Canal+, 30.4% of Louis Hachette Group, 30.4% of Havas, and retains 29.3% of Vivendi. This development led the Bolloré Group to reassess its involvement in and relations with Vivendi, Canal+, Louis Hachette Group and Havas NV. It concluded that it now only exercises significant influence over Canal+, Louis Hachette Group and Havas NV, and that it has lost control of Vivendi within the meaning of IFRS 10. From December 14, 2024, these four companies are recognized as equity-accounted operating companies. On April 22, 2025, following proceedings launched by the Luxembourg company CIAM Fund, the Paris Court of Appeal overturned a decision by the AMF dated November 13, 2024, insofar as it had found that Bolloré SE did not control Vivendi SE within the meaning of article L. 233-3 of the French Commercial Code. The ruling held that Mr Vincent Bolloré controls Vivendi SE within the meaning of paragraph I, section 3 of this article and ordered the AMF to examine the other conditions set out in Article 236-6 of its General Regulation in the context of the spin-off of Vivendi SE which was already completed and to assess its consequences with regard to the interests of minority shareholders and to decide whether there were or had been grounds for implementing a public buy-out offer for the shares of Vivendi SE. Bolloré and Vivendi SE have both appealed against this ruling. On July 18, 2025, pursuant to the Court of Appeal’s ruling of April 22, 2025, the AMF ruled that Bolloré SE and Mr Vincent Bolloré, who controls Bolloré SE, must make a public buyout offer over the shares of Vivendi SE within a period of six months. The offer will not close until the Court of Cassation has handed down its ruling on the appeals against the Paris Court of Appeal’s decision of April 22, 2025. The Court of Cassation hearing has been set for November 25, 2025. On July 28, 2025, Bolloré decided to appeal to the Paris Court of Appeal against the AMF’s decision dated July 18.
Interim dividend
Bolloré’s Board of Directors has decided to pay an interim dividend of 0.02 euro per share, the same as last year, payable in cash only.
The ex-interim dividend date will be September 26, 2025, with payment on September 30, 2025.
Consolidated key figures
(in millions of euros) H1 2025 H1 2024 (*) Variation Revenue 1,547 1,541 0% EBITDA (1) 138 22 539% Depreciation, amortization and provisions (15) (21) Adjusted operating income (EBITA(1)) 123 n.a. Amortization resulting from PPAs and other items not included in EBITA(1) 21 (25) Operating income 144 (25) n.a. Of which operating companies accounted for using the equity method 224 64 Net financial income 95 61 Share of net income of equity-accounted non-operating companies (1) 18 Taxes (10) (8) Net income from discontinued operations and assets held for sale 14 3,838 Net income 242 3,884 Group net income 240 3,758 Minority interests 1 126 06/30/2025 12/31/2024 Variation Shareholders’ equity 25,555 25,747 (192) Of which Group share 25,317 25,448 (131) Group net debt / (Cash) (5,530) (5,306) (223) Gearing (2) n.a. n.a.
(*) Restated: in accordance with IFRS 5 and to ensure comparability, Vivendi’s contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
(1) See glossary.
(2) Gearing: ratio of net debt to equity.
Change in revenue by activity
(in millions of euros) H1 2025 H1 2024 (*) Growth as
reported Organic
growth Bolloré Energy 1,337 1,316 2% (2%) Industry 156 178 (13%) (14%) Other (agricultural assets, holding companies and other) 55 46 19% (1%) Total 1,547 1,541 0% (3%)
Change in revenue by quarter
(in millions of euros) 1st quarter 2nd quarter 2025 2024 (*) organic 2024 (*) 2025 2024 (*) organic 2024 (*) Bolloré Energy 675 677 655 661 682 661 Industry 78 77 75 78 105 104 Other (agricultural assets, holding companies and other) 29 27 20 26 28 26 Total 782 780 751 765 816 790
Adjusted operating income (EBITA)
(in millions of euros) H1 2025 H1 2024 (*) Growth
as reported Bolloré Energy (1) 27 18 52% Communications 203 88 131% UMG 117 88 33% Canal+ (2) 44 - Louis Hachette Group (2) 6 - Havas (2) 23 - Vivendi (2) 13 - Industry(1) (52) (70) 25% Other (agricultural assets, holding companies and other) (55) (36) (54%) EBITA 123 n.a.
(*) Restated: in accordance with IFRS 5 and to ensure comparability, Vivendi’s contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024).
(1) Before Group expenses.
(2) Operating entities accounted for under the equity method since December 14, 2024.
A detailed presentation of the income is available on www.bollore.com.
The limited review procedures for the 2025 interim consolidated financial statements have been performed and the certification report will be issued after verification of the interim management report.
Comparability of financial statements
In accordance with IFRS 5 and to ensure comparability, Vivendi’s contribution for 2024 has been reclassified in discontinued operations and assets held for sale (the Group lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution operations carried out by the Vivendi group on December 13, 2024). Performance indicators
At June 30, 2025, the Bolloré Group has not changed the definition of its performance indicators, particularly EBITA, which are comparable to those at December 31, 2024. EBITA and operating income data are presented before Group expenses.
Trend in the main currencies
Average rate H1 2025 H1 2024 Variation USD 1.09 1.08 1% GBP 0.84 0.85 (1%) PLN 4.23 4.32 (2%) CHF 0.94 0.96 (2%) CNY 7.93 7.80 2% RON 5.00 4.97 1% CAD 1.54 1.47 5% INR 94.14 89.98 5% ZAR 20.11 20.24 (1%)
Glossary
Organic growth: at constant scope and exchange rates. Adjusted operating income (EBITA): operating income before the amortization of intangible assets related to business combinations (PPA: purchase price allocation), impairment of positive and negative goodwill relating to business combinations, other income and expenses relating to disputes with shareholders or concerning activities no longer operated by the Group, and the impact of IFRS 16 on concession agreements. EBITDA: operating income before depreciation and amortization and the impact of IFRS 16 on concession agreements. Net financial debt / Net cash position: sum of borrowings at amortized cost, less cash and cash equivalents, cash management financial assets and net derivative financial instruments (assets or liabilities) with net financial debt as their underlying asset, as well as cash deposits backing borrowings.
The non-GAAP measures defined above should be considered as additional information that does not replace GAAP measures of operating and financial performance; Bolloré considers them to be relevant indicators of the Group’s operating and financial performance. Other companies may define and calculate these indicators differently. The indicators used by Bolloré may therefore not be directly comparable with those of other companies.
The percentage changes shown in this document are calculated in relation to the same period of the previous fiscal year, unless otherwise stated. Due to rounding, in this presentation, the sum of some data may not correspond exactly to the calculated total, and the percentage may not correspond to the calculated variation.
(1) See glossary.
(2) Including the contribution from equity-accounted operating companies of +204 million euros.
(3) See glossary.
(4) Before group expenses.
(5) Operating entities accounted for under the equity method since December 14, 2024.
(6) Including fees.
Attachment
2025 09 17 Bolloré CP résultats S21 2025 EN
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- What Do Recent Market Shifts Mean for Bolloré’s Current Share Price in 2025?
Sep 15, 2025
If you have been keeping an eye on Bolloré’s stock lately, you are probably wondering whether now is the time to make a move. Over the past year, Bolloré’s performance has painted a complicated picture. The stock is down 16.3% across 12 months, but it is worth noting that despite this, it is up an impressive 67.9% over the last five years. Shorter-term numbers might give mixed signals too, with a 0.4% uptick in the last week but a gentle slide of 2.0% over the past month. Year-to-date, the price is down 17.3%. What is behind these shifts?
Much of this volatility can be traced to ongoing market developments impacting the broader sector in which Bolloré operates. Developments around infrastructure, logistics, and European market sentiment have all played their part in influencing how investors view the company. Sometimes these factors amplify growth potential, while at other times they highlight risk. For Bolloré, whose presence extends across diverse global markets, a ripple in one area can trigger waves elsewhere.
Now, if you are wondering whether Bolloré is undervalued and what that really means for a potential investment, here is a starting point: A standard valuation review gives Bolloré a value score of 1 out of 6, suggesting it is considered undervalued by only one of the major checks that analysts typically use. But there is more to the story than a single number can tell. Let us break down these valuation methods, and, eventually, I will introduce an even smarter way to evaluate Bolloré’s true worth.
Bolloré scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.
Approach 1: Bolloré Discounted Cash Flow (DCF) Analysis
The Discounted Cash Flow (DCF) approach estimates the value of a company by projecting its future cash flows and discounting them back to their value in today’s money. The goal is to capture what the business is really worth based on the cash it is expected to generate, rather than current stock market movements.
For Bolloré, the current Free Cash Flow is actually negative at -€2.13 billion, indicating outflows over the past twelve months. However, analysts forecast a turnaround. By 2026, Free Cash Flow is estimated at €708.3 million, and projections suggest it will stabilize near €671.1 million by 2027. Over the following years, extended estimates provided by Simply Wall St show a gradual stabilization, with Free Cash Flows hovering in the €640-670 million range through 2035. These projections help paint a picture of where the company is headed financially.
Story Continues
When all these numbers are discounted back to the present, the estimated intrinsic value of Bolloré shares comes out to €3.19. Comparing this to the current market price, the calculation suggests that the stock is trading at a 53.2% premium, meaning it is significantly overvalued according to this method.
Result: OVERVALUED
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Bolloré.BOL Discounted Cash Flow as at Sep 2025
Our Discounted Cash Flow (DCF) analysis suggests Bolloré may be overvalued by 53.2%. Find undervalued stocks or create your own screener to find better value opportunities.
Approach 2: Bolloré Price vs Earnings
The Price-to-Earnings (PE) ratio is a widely used valuation metric, especially for profitable companies, as it relates the market price of a stock to its earnings per share. It is a straightforward way for investors to judge how much they are paying for each euro of company profit. This makes the metric particularly relevant for businesses like Bolloré that generate consistent earnings.
The “right” PE ratio for any company depends on a blend of its expected growth, risk profile, and profitability. Companies with higher earnings growth or lower risk profiles often warrant higher PE ratios. In contrast, those facing more uncertainty typically trade at lower multiples. Comparing these ratios across the industry and among peers helps provide important benchmarks, but it does not capture the whole story.
Bolloré currently trades at a PE ratio of 97.1x, which is much higher than both the industry average of 23.8x and the peer average of 24.8x. Simply Wall St’s proprietary “Fair Ratio” calculation considers Bolloré’s growth prospects, profit margins, industry dynamics, market capitalization, and overall risk, and suggests a fair PE of 22.9x for the company. This approach delivers a more nuanced benchmark than a simple peer comparison because it adapts to specific business circumstances in ways industry averages cannot.
Given that Bolloré’s actual PE of 97.1x is substantially above its fair ratio of 22.9x, this method suggests the stock is significantly overvalued by earnings standards.
Result: OVERVALUEDENXTPA:BOL PE Ratio as at Sep 2025
PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover companies where insiders are betting big on explosive growth.
Upgrade Your Decision Making: Choose your Bolloré Narrative
Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives. A Narrative is your personal story about a company, where you combine your view of its business, assumptions about future performance, and a fair value estimate to create a transparent investment thesis. Instead of relying only on traditional ratios or analyst scores, Narratives connect what is happening at Bolloré, such as new logistics contracts or changes in profit margin, to what you think it means for the company’s future, and then to a real-time fair value calculation.
This approach is available directly within Simply Wall St’s Community page and is used by millions of investors to decide when to buy or sell by comparing their Narrative’s updated Fair Value with the current share price. Narratives are kept fresh as new news or earnings reports arrive, giving you an always-relevant view. For instance, some investors might see Bolloré’s fair value as high as €6, while others estimate it closer to €3, depending on how optimistic or cautious their Narrative is. With Narratives, your investment perspective can truly guide your decisions, making valuation more insightful and tailored to you.
Do you think there's more to the story for Bolloré? Create your own Narrative to let the Community know!ENXTPA:BOL Earnings & Revenue History as at Sep 2025
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include BOL.enxtpa.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Yacktman Fund's Strategic Moves: Canadian Natural Resources Ltd Sees Significant Reduction
Jul 28, 2025
Exploring Yacktman Fund (Trades, Portfolio)'s Recent Investment Adjustments
Warning! GuruFocus has detected 4 Warning Signs with XPAR:BOL.
Yacktman Fund (Trades, Portfolio) recently submitted its N-PORT filing for the second quarter of 2025, shedding light on its strategic investment decisions during this period. Managed by Yacktman Asset Management (Trades, Portfolio), the fund is renowned for its focus on long-term capital appreciation, with a secondary emphasis on current income. As a non-diversified fund, it primarily invests in U.S. common stocks, including dividend-paying companies. The investment team is known for its objective, patient, and diligent approach, making decisions based on individual securities' merits rather than market forecasts. Yacktman Fund (Trades, Portfolio) employs a disciplined strategy, seeking growth companies at low prices, blending "growth" and "value" investing principles. The fund targets companies with good business models, shareholder-oriented management, and attractive purchase prices.Yacktman Fund's Strategic Moves: Canadian Natural Resources Ltd Sees Significant Reduction
Summary of New Buy
Yacktman Fund (Trades, Portfolio) added a total of one stock to its portfolio this quarter:
The most significant addition was UnitedHealth Group Inc (NYSE:UNH), with 120,000 shares, accounting for 0.61% of the portfolio and a total value of $37.44 million.
Summary of Sold Out
Yacktman Fund (Trades, Portfolio) completely exited two holdings in the second quarter of 2025:
Associated British Foods PLC (LSE:ABF): The fund sold all 1,300,000 shares, resulting in a -0.53% impact on the portfolio. Cisco Systems Inc (NASDAQ:CSCO): The fund liquidated all 500,000 shares, causing a -0.51% impact on the portfolio.
Key Position Reduces
Yacktman Fund (Trades, Portfolio) also reduced its position in 16 stocks, with the most significant changes including:
Reduced Canadian Natural Resources Ltd (NYSE:CNQ) by 3,800,000 shares, resulting in a -25% decrease in shares and a -1.93% impact on the portfolio. The stock traded at an average price of $30.31 during the quarter and has returned 9.41% over the past three months and 6.32% year-to-date. Reduced KT&G Corp (XKRX:033780) by 450,000 shares, resulting in a -40.91% reduction in shares and a -0.51% impact on the portfolio. The stock traded at an average price of ?116,142 during the quarter and has returned 17.36% over the past three months and 28.92% year-to-date.
Portfolio Overview
As of the second quarter of 2025, Yacktman Fund (Trades, Portfolio)'s portfolio included 50 stocks. The top holdings were:
9.1% in Bollore SE (XPAR:BOL) 7.08% in Samsung Electronics Co Ltd (XKRX:005935) 5.85% in Canadian Natural Resources Ltd (NYSE:CNQ) 5.29% in Microsoft Corp (NASDAQ:MSFT) 4.1% in Charles Schwab Corp (NYSE:SCHW)
Story Continues
Yacktman Fund's Strategic Moves: Canadian Natural Resources Ltd Sees Significant Reduction
The holdings are mainly concentrated in 10 of the 11 industries: Communication Services, Technology, Consumer Defensive, Energy, Industrials, Financial Services, Consumer Cyclical, Basic Materials, Healthcare, and Utilities.Yacktman Fund's Strategic Moves: Canadian Natural Resources Ltd Sees Significant Reduction
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
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- Shares in Vivendi Rise After French Regulator Mandates Buyout Offer From Bollore
Jul 18, 2025
The regulator required Vivendi’s main shareholders to bid for full ownership after minority stockholders challenged in court its breakup.
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