{
  "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": 2,
  "pageCount": 26,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 9,
  "notes": "This is a research note from Muddy Waters, LLC.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-54d2d65f46fb/2",
  "deckHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We estimate that the true number of shares outstanding is only 42.8% of what BOL reports. BOL’s shares present a unique corporate structure arbitrage.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5378-7467-9508-361305fc8d7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.35,
        "x": 0.51,
        "y": 0.12
      },
      "kind": "list",
      "text": "Muddy Waters, LLC is long Bolloré SA; We estimate true shares outstanding is 42.8% of reported; Mr. Bolloré is an outstanding capital allocator; We value BOL shares at €8.50, 94.6% higher than current price.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8bc6d553-6f68-4815-a788-83df99613465",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Estimated Value: €8.5",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5378-7467-9508-38c83c9db562",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.72,
        "x": 0.14,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "Introduction: This is the first time in our investment careers that we have come across a situation in which a company’s opacity is a reason to buy the stock. Our investment approach is to tackle complex situations...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbdfee0f-9bd4-401a-a430-b14393e51514",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.36,
        "x": 0.14,
        "y": 0.12
      },
      "kind": "table",
      "text": "Company: Bolloré SA; Ticker: BOL FP; Industry: Investment holding company; Report Date: February 17, 2015; Estimated Value (€): € 8.5 / share; Stock Price (€): € 4.313; Market Cap (€): €12,162.4; Float: 588.6m; Avg Volume: 3.8m",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e65066eb-41b3-4916-b6b4-8486706ddc65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.08
      },
      "kind": "title",
      "text": "Bolloré: Complexity Creating Arbitrage with over 95% Upside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf654ff6-5d4c-42e2-aa8c-cebca9d35b5c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 3,
      "from": 2,
      "beatId": "0220dda4-fdf7-45cc-8f6b-e486f119518e",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Problem",
      "beatSlug": "sequoia-pitch-problem",
      "evidence": "Description of Bolloré's complex structure",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 3,
      "from": 2,
      "name": "Voice Of Customer",
      "slug": "51-voice-of-customer",
      "bestFor": "Product strategy, customer experience, market research",
      "matchId": "3341c0d4-941b-4b0e-8b96-feae96cb55d9",
      "evidence": "Executive summary highlighting arbitrage opportunities",
      "position": 1,
      "objective": "Understand investor concerns",
      "structure": "What Customers Say (Verbatim) -> The Pattern Across Voices -> The Insight -> The Response",
      "confidence": 0.6,
      "description": "Let customer quotes and feedback drive the narrative and validate the insight"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}