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  "documentTitle": "Bolloré SA (BOL FP)",
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  "authorName": "Carson C Block",
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  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "Includes references to specific port concessions and revenue breakdown (THC, port entry, services).",
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      "text": "Our €8.3 billion ascribed value is on the conservative end of the range.",
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      "kind": "paragraph",
      "text": "Africa Logistics comprises a network of interests in 15 ports, 11 dry ports, eight million square meters of warehouse facilities, and 6,000 owned vehicles across 46 African countries. BOL’s African logistics business has three key advantages...",
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      "text": "Africa governments have been privatising ports since the 1990’s. BOL secured its first successful concession with the Bangui port in the Central Africa Republic in 1996. The 15 concessions that BOL has won since Bangui are typically partnerships...",
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      "text": "Longstanding operating history and government relationships have been key to BOL’s success in securing port concessions in Africa since the 1990s. As the bidding process has become more competitive, BOL has consistently been able to secure concessions...",
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      "text": "As shown in the table directly above, comparable analysis yields a valuation of the logistics business of €7.8 billion to €8.9 billion. Our €8.3 billion ascribed value is on the conservative end of the range.",
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      "text": "BOL’s main port revenue stream is the terminal handling charge (“THC”), which typically accounts for 85% of the revenue at a port in West Africa. BOL imposes the THC on shipping lines for moving containers on and off ships. Typical rates...",
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      "text": "37 Detailed analysis of ports performed by shipping consultant\n38 Phone conversation with shipping consultant",
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