{ "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": 8, "pageCount": 26, "prevPage": 7, "nextPage": 9, "slideType": "other", "function": "summarize", "density": "overcrowded", "nDataPoints": 4, "notes": "Includes historical narrative, a performance table, and a description of the CEO's investment philosophy.", "elementsJson": [ "paragraph", "kpi_table", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b96-54d2d65f46fb/8", "deckHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb", "deckJsonHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-54d2d65f46fb#slide-8", "components": [ { "bbox": null, "kind": "metric", "text": "CAGR: 16.8%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-5378-7467-9508-519d7628d743", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.3 }, "kind": "paragraph", "text": "Mr. Bolloré turned around the business... Vincent Bolloré started to turn his attention to Africa in the 1980's... Since 1985, BOL has made a number of significant acquisitions and disposals.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1df752af-ad3b-4cf8-9676-48a8679c04c8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.45 }, "kind": "paragraph", "text": "It is unlikely that BOL will significantly increase the dividend... However BOL has grown over the past twenty years at a CAGR of 16.8%. The stock price has increased a total of 1,953% during this time. BOL’s book value has grown over the past twenty years at a CAGR of 13.7%.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6fcba705-f66c-4404-9d02-054de227a160", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.12 }, "kind": "paragraph", "text": "In 1822 René Bolloré, Vincent Bolloré’s great grandfather founded a paper mill on the banks of the Odet River in Finistère. The company manufactured thin paper that could be used in bibles, tracing paper and hand made cigarettes.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a3b51c57-4445-4031-aac0-e88aa734853b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.2 }, "kind": "paragraph", "text": "In 1972, the company expanded into the production of polypropylene film, but began to struggle under mounting debt and a lack of leadership... In 1975, The Bolloré Group was sold to investment bank Edmond de Rothschild. In 1981, at the age of 28, Mr. Bolloré repurchased the family business.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d0f25b27-5c48-487b-8647-4e5a89678430", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.68 }, "kind": "paragraph", "text": "Mr. Bolloré is a solid business operator, rather than a purely financial investor. His modus operandi is to identify attractive industries and geographies, search for acquisition targets within them, and then to improve their operations.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d9f4d039-0c20-4223-a1ba-81f1119ae90b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.8 }, "kind": "source-note", "text": "Footnotes 14-20", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d9527911-b29e-4ffc-8dc4-1d7ed739063f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.4, "x": 0.3, "y": 0.55 }, "kind": "table", "text": "Bolloré 20 Year CAGR table", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4a766f34-24b5-4396-9e06-05730a2d75d3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.15, "y": 0.41 }, "kind": "title", "text": "Vincent Bolloré is an Outstanding Capital Allocator and Activist Investor", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "74d609bc-571d-4575-bd3f-f13ff571db97", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.15, "y": 0.09 }, "kind": "title", "text": "BOL History", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "92b22e05-aa32-41cb-86df-a6edb0734880", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Audience Definition", "slug": "audience-definition", "agent": "Storyteller", "layer": "slide", "matchId": "c7e55913-633d-4dda-be57-545ab7b3c5ca", "evidence": "The slide presents information about Vincent Bolloré, an activist investor, indicating that the audience is likely investors or individuals interested in corporate governance.", "confidence": 0.7 }, { "name": "Thesis archetype", "slug": "thesis-archetype", "agent": null, "layer": "slide", "matchId": "e4b8d5ae-cfe2-4ca1-bf8b-f520bfb37372", "evidence": "The slide title 'Vincent Bolloré is an Outstanding Capital Allocator and Activist Investor' suggests a clear thesis statement about Bolloré's capabilities.", "confidence": 0.7 } ], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }