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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 historical financial table for the energy segment and valuation rationale.",
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      "text": "In contrast, we have taken a considerably more conservative approach valuing the business based on private market multiples that we understand are 3x to 4x TTM EBITDA.",
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      "text": "EBITDA: €175 million",
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      "text": "We value this business at €175 million. The industry is in a secular decline of approximately -2% annually as customers switch from heating oil to gas. We have taken a conservative approach valuing the business at 3x to 4x TTM EBITDA.",
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      "text": "BOL's scale give the logistics business a strong foothold in European markets. Its logistics business market share ranks first in France and fifth in Europe. In Europe, the logistics division competes with DHL, Kuehne + Nagel, and Panalpina.",
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      "text": "The Asia freight forwarding market is significantly more fragmented due to the lack of industry regulation, which encourages fly-by-night players to enter the market. BOL would be a beneficiary of industry consolidation in Asia.",
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      "text": "Macro risks remain for the segment. Freight forwarding is sensitive to economic activity, and would perform unfavourably in an economic downturn. From 2008 to 2009 BOL's segment revenue dropped -21.1%.",
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