Bollore SE
Thesis
Bollore is a holding company controlled by Vincent Bollore, trading at 6x estimated earnings. It has valuable stakes in high-quality businesses, including a significant share in Universal Music Group, which benefits from the growing streaming market, and a logistics business in Africa that has shown strong growth and profitability.
Did it work?
The pitch is a general value thesis based on Bollore's low multiple (6x earnings) and the quality of its stakes in Universal Music Group and African logistics, but it states no specific catalyst, price target, or time horizon. With no price performance data and no elapsed-time information, there is no way to verify whether the valuation gap closed or the underlying businesses performed as expected. The thesis has neither been decisively confirmed nor invalidated, so no verdict on success or failure can be made.