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  "documentTitle": "Bolloré SA (BOL FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C Block",
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  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "Includes a footnote referencing a Redburn research report from 2014.",
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      "text": "We estimate that BOL's net assets are worth €11.43 billion.",
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      "text": "Net Asset Value: €11.43 billion",
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      "text": "To consider the weighting of the ports businesses in our comparative analysis we have estimated the ports revenue to account for 36% and 40% of the Africa logistics business in 2012 and 2013.",
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      "text": "We value BOL's Logistics business at €8.27 billion. BOL does not break down individual business units within logistics beyond detailing the revenue split between the Bolloré Logistics (European freight forwarding) business and the Africa logistics business.",
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      "text": "Using the 40% EBITDA margin means the Africa ports business accounts for 56% and 60% of total logistics EBITDA.",
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      "text": "Based on our estimate of effective shares outstanding of 1.07 billion (versus the reported 2.51 billion), we estimate BOL's per share NAV to be €10.63.",
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      "text": "We can see from the 2012 and 2013 annual reports that Africa Logistics recorded close to €2.5 billion in revenue. The Africa Logistics business is growing at a CAGR of approximately 10%, compared to Bolloré Logistics at 1.8%.",
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      "text": "Redburn research report Bolloré Wealth Creator published 5/23/2014 — Footnote 36",
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      "text": "36 Redburn research report Bolloré Wealth Creator published 5/23/2014",
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      "text": "BOL NAV Estimate (EUR in millions) Transport and Logistics 8,271; Stakes in public 4,679; Oil Distribution 175; Other private 173; Total Asset 13,299; + Cash 1,453; - Debt 3,326; Total Net Asset Value 11,426",
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