Arbiter Partners' Ross Levin talks betting on French compounding legend, Vincent Bolloré

Sep 16, 2024

Vincent Bolloré, a renowned French business magnate, discusses his remarkable investment journey and the evolution of Bolloré SE and Compagnie de l'Odet. He shares his insights into the competitive investment landscape and why his firms present unique alpha opportunities now. Risk factors like potential regulatory challenges and corporate strategies, including share repurchases, are examined. The conversation also highlights Vivendi's valuation and its key assets, offering listeners a deep dive into the complexities of French capital management.

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Episode notes

Intro

00:00 • 2min

Unpacking Bolaré's Investment Empire

02:02 • 13min

Exploring New Investment Opportunities in a Competitive Market

15:21 • 2min

Navigating French Investment Landscapes

17:31 • 28min

Valuation Insights on Vivendi and its Key Assets

45:36 • 4min

Unlocking Value: Investment Insights on Vivendi and Market Strategies

49:26 • 3min

Strategic Acquisitions and Capital Management

52:41 • 5min

Ross Levin, Director of Research at Arbiter Partners, joins the podcast for the second time to discuss betting on French compounding legend, Vincent Bolloré: Bolloré SE and Compagnie de l'Odet.

For more information about Arbiter Partners, please visit: ⁠https://arbiterpartners.net/

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:36] What are Bolloré SE and Compagnie de l'Odet and why are they interesting to Ross

[12:18] Asset value / share count

[16:46] Why (in Ross' opinion) is this an alpha opportunity and why now

[23:03] Betting on compounding legend, Vincent Bolloré

[27:40] Risk of getting "Icahn'd"

[32:20] Share re-purchases / capital allocation

[39:31] French regulatory risk

[41:41] What's the path for l'Odet

[45:42] Vivendi

[50:38] Anything else that investors should be looking out for here? Follow on re: capital allocation scenarios

[54:57] Ross' quick thoughts on CCIs and France overall

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