{
  "docId": "019dd923-622c-750b-8b96-54d2d65f46fb",
  "docSlug": "f004c0c14f61",
  "documentTitle": "Bolloré SA (BOL FP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-02-17 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.78790915,
  "pageNumber": 14,
  "pageCount": 26,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide is a dense text-based research note detailing operational strategy, financial performance, and market dynamics for BOL's port and logistics business.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-54d2d65f46fb/14",
  "deckHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The ports business is a highly profitable business, recording margins significantly higher than the European freight business - we estimate BOL's ports business generates EBITDA margins of approximately 40%, vs. an estimate of approximately 5% for its freight forwarding business.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5378-7467-9508-df8760807e9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 40%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5378-7467-9508-e245bedb6e37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.72,
        "x": 0.14,
        "y": 0.8
      },
      "kind": "paragraph",
      "text": "BOL's Europe logistics division is a freight forwarding service that operates globally. It has a network of 600 agencies in 99 countries with 11,000 employees, of which 3,900 are based in Asia.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4645a0fa-e9d4-403a-b3b3-d02f6baa659b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.4
      },
      "kind": "paragraph",
      "text": "The ports business is a highly profitable business, recording margins significantly higher than the European freight business... in order to gain a larger share of their customer's logistics spend.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c83e173-27a1-46ca-aab2-10b6ea00a7d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.72,
        "x": 0.14,
        "y": 0.66
      },
      "kind": "paragraph",
      "text": "Significantly lower oil prices represent a tail wind for the Africa logistics business... while BOL's operating cost per vessel has decreased due to the decrease in oil prices.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53b2090c-6299-4745-9b39-b05e2f1c6427",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.72,
        "x": 0.14,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "In the West Africa ports in which BOL operates, container shipping is a relatively new development... These larger vessels require a draught of +12 meters.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83aa4807-3164-4fc4-84a7-b436946ad2ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.72,
        "x": 0.14,
        "y": 0.53
      },
      "kind": "paragraph",
      "text": "Worldwide container shipping unit growth seems to have a beta roughly in line with worldwide GDP growth... All but two of BOL's 14 ports were charging THCs at levels above 2008 by then.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fa71c33-3446-4598-876f-a28bbb96ed1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.14,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "39 Data provided by shipping consultant",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3aa52cd-3976-45a4-8973-78d5b8de2446",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.14,
        "y": 0.77
      },
      "kind": "title",
      "text": "Europe Logistics Business Description",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "838eadbe-cbfa-41d9-9ee3-1b1e6218906d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "b8ad83c8-eafc-4236-814e-57c79364eb2a",
      "evidence": "The slide provides a brief summary of Bolloré's Europe Logistics business.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 16,
      "from": 11,
      "beatId": "2a259dfe-2d2e-4200-8725-cd1b06d611a2",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
      "beatSlug": "sequoia-pitch-solution",
      "evidence": "Valuation analysis and upside potential",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 16,
      "from": 11,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "d03997b4-937c-463b-9263-f5379025ffbc",
      "evidence": "Sum-of-the-Parts Valuation",
      "position": 0,
      "objective": "Break down Bolloré's businesses into valuation components",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}