Aankondiging • Jul 09
Vivendi Takes Note of Paris Court of Appeal Decision Vivendi had taken note of the Paris Court of Appeal’s decision which ruled that Mr. Vincent Bolloré and Bolloré SE do not exercise control over Vivendi SE within the meaning of Article L.233-3 of the French Commercial Code. As a reminder, on November 28, 2025, the Cour de cassation (French Supreme Court) partially overturned the ruling of the Paris Court of Appeal on April 22, 2025, holding that it had, through a misinterpretation, violated the law in finding that Mr. Vincent Bolloré and Bolloré SE exercised control over Vivendi SE within the meaning of Article L.233-3, I, 3° of the Commercial Code. The Cour de cassation remanded the case to the Paris Court of Appeal, differently composed. The Court of Appeal’s decision therefore fully confirms the analysis of the Cour de cassation. Price Target Changed • Jun 26
Price target decreased by 12% to €4.81 Down from €5.48, the current price target is an average from 4 analysts. New target price is 17% above last closing price of €4.10. Stock is down 23% over the past year. The company is forecast to post earnings per share of €0.11 for next year compared to €0.12 last year. New Risk • Jun 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to €4.01, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 8x in the Oil and Gas industry in France. Total returns to shareholders of 5.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.97 per share. Upcoming Dividend • Jun 16
Upcoming dividend of €1.56 per share Eligible shareholders must have bought the stock before 23 June 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 68% and the cash payout ratio is 80%. Trailing yield: 1.5%. Lower than top quartile of French dividend payers (5.4%). Lower than average of industry peers (5.1%). Aankondiging • May 28
Bolloré SE Approves Exceptional Dividend, Payable on June 25, 2026 Bolloré SE Approves exceptional dividend of €1.50 per share, payable on June 25, 2026. Live-nieuws • May 28
Bolloré Rejects US$64 Billion UMG Bid as Family Stands Firm on Control Bolloré CEO Cyrille Bolloré urged Universal Music Group (UMG) to reject Bill Ackman's proposed US$64b takeover, arguing the offer undervalues the business.
He said the proposal does not align with UMG's long-term strategy, speaking at Bolloré's annual shareholder meeting.
The Bolloré family, through Vincent Bolloré's 18.4% stake in UMG and Vivendi's 13.4% stake, holds enough voting power to block the deal.
This stance signals that Bolloré appears focused on preserving influence over UMG rather than accepting a large cash offer at the proposed valuation.
For investors, the key watchpoint is how Bolloré's position in UMG evolves from here, as any change in ownership structure, governance or future bids could affect the value of this holding within the wider group. Aankondiging • May 28
Bolloré SE Approves the Final Dividend Distribution for 2025, Payable on June 25, 2026 Bolloré SE held its General Meeting on May 27, 2026, approved final ordinary dividend of €0.06 to be paid on June 25, 2026. Regarding the ordinary dividend, an interim dividend of €0.02 per share, approved by the Board of Directors on September 17, 2025, was paid on September 30, 2025. The amounts distributed in respect of the final dividend (i.e. €0.06 per share) and the exceptional dividend (i.e. €1.50 per share) will be paid on June 25, 2026. Reported Earnings • Apr 27
Full year 2025 earnings released: EPS: €0.11 (vs €0.05 in FY 2024) Full year 2025 results: EPS: €0.11 (up from €0.05 in FY 2024). Revenue: €2.93b (down 6.5% from FY 2024). Net income: €330.0m (up 133% from FY 2024). Profit margin: 11% (up from 4.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Oil and Gas industry in France. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • Apr 08
Pershing Square Capital Management, L.P. signed a a non-binding proposal to acquire remaining 90% stake in Universal Music Group N.V. (ENXTAM:UMG) from Bolloré SE (ENXTPA:BOL), Vivendi SE (ENXTPA:VIV) and other shareholders for €50.2 billion. Pershing Square Capital Management, L.P. signed a non-binding proposal to acquire remaining 90% stake in Universal Music Group N.V. (ENXTAM:UMG) from Bolloré SE (ENXTPA:BOL), Vivendi SE (ENXTPA:VIV) and other shareholders for €50.2 billion on April 7, 2026. A cash consideration valued at €5.05 per share will be paid by Pershing Square Capital Management, L.P. As part of consideration, Universal Music Group N.V.'s shareholders will receive a total of €9.4 billion in cash and 0.77 shares of New UMG stock for each share of UMG held estimated to be worth €30.40 per share. Alternatively, shareholders may elect to receive all cash, all stock, or a mix of stock and cash consideration, subject to proration. Upon completion, Pershing Square Capital Management, L.P. will own 100% stake in Universal Music Group N.V. UMG will merge with Pershing Square and the newly merged company will become a Nevada corporation (“New UMG”), listed on the New York Stock Exchange. New UMG will publish financial statements under U.S. GAAP and be eligible for S&P 500 and other index inclusion. The Transaction will enable the cancellation of 17% of UMG outstanding shares while preserving the company’s investment grade balance sheet and its long-term financial and strategic flexibility. New UMG will have 1.541 billion shares outstanding. The cash portion of the consideration will be funded with €2.5 billion from Pershing Square including €1.05 billion from SPARC’s rights holders, €5.4 billion in additional investment grade debt financing at New UMG (resulting in total debt of no more than 2.5 times Net Debt to Adjusted EBITDA) and €1.5 billion of net proceeds from the monetization of the company’s stake in Spotify, after taxes and net of the artists’ share of Spotify proceeds. All Transaction equity financing will be backstopped by Pershing Square and affiliates, and all debt financing will be committed at signing. As part of the Transaction, UMG’s board will be refreshed to include Michael Ovitz as Chairman and two representatives from Pershing Square in addition to members from the current UMG board.
The Transaction will be subject to only a limited number of customary closing conditions, which include: (1) approval of UMG’s and SPARC’s boards of directors, (2) a two-thirds vote in favor of the Transaction by UMG shareholders in attendance at a meeting, and (3) required regulatory approvals. SPARC common stock is currently 100% owned by Pershing Square who will vote to support the Transaction. The Transaction will also be subject to a new employment contract and compensation arrangement for Lucian Grainge and the creation of a new board of directors for New UMG that will include Michael Ovitz as Chairman and two Pershing Square affiliates in addition to members from the current UMG board. The transaction is expected to close by year-end 2026.
Sullivan & Cromwell LLP acted as legal advisor for Pershing Square Capital Management, L.P. White & Case LLP acted as legal advisor for Pershing Square Capital Management, L.P. Stibbe N.V. acted as legal advisor for Pershing Square Capital Management, L.P. Jefferies LLC acted as financial advisor for Pershing Square Capital Management, L.P. Major Estimate Revision • Mar 24
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €0.133 to €0.11 per share. Revenue forecast steady at €3.08b. Net income forecast to shrink 18% next year vs 7.8% decline forecast for Oil and Gas industry in France. Consensus price target down from €5.80 to €5.45. Share price rose 11% to €4.85 over the past week. Declared Dividend • Mar 22
Final dividend of €1.56 announced Shareholders will receive a dividend of €1.56. Ex-date: 23rd June 2026 Payment date: 25th June 2026 Dividend yield will be 33%, which is higher than the industry average of 5.1%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Mar 20
Bolloré SE, Annual General Meeting, May 27, 2026 Bolloré SE, Annual General Meeting, May 27, 2026. Reported Earnings • Mar 18
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: €2.93b (down 6.5% from FY 2024). Net income: €330.0m (up 133% from FY 2024). Profit margin: 11% (up from 4.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.9%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Oil and Gas industry in France. Aankondiging • Feb 13
Bolloré SE to Report First Half, 2026 Results on Sep 17, 2026 Bolloré SE announced that they will report first half, 2026 results on Sep 17, 2026 Aankondiging • Feb 05
Bolloré SE to Report Fiscal Year 2025 Results on Mar 17, 2026 Bolloré SE announced that they will report fiscal year 2025 results at 5:40 PM, Central European Standard Time on Mar 17, 2026 New Risk • Jan 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Aankondiging • Sep 20
Bolloré SE Decides to Pay Interim Cash Dividend, Payable on September 30, 2025 Bolloré SE’s Board of Directors has decided to pay an interim dividend of EUR 0.02 per share, the same as last year, payable in cash only. The ex-interim dividend date will be September 26, 2025, with payment on September 30, 2025. Reported Earnings • Sep 18
First half 2025 earnings released First half 2025 results: Revenue: €1.55b (down 85% from 1H 2024). Net income: €226.0m (up 171% from 1H 2024). Profit margin: 15% (up from 0.8% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Entertainment industry in France. Aankondiging • Jul 03
Bolloré SE to Report First Half, 2025 Results on Sep 17, 2025 Bolloré SE announced that they will report first half, 2025 results on Sep 17, 2025 Upcoming Dividend • Jun 03
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 10 June 2025. Payment date: 12 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of French dividend payers (5.4%). Lower than average of industry peers (1.7%). New Risk • May 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • May 04
Full year 2024 earnings released: EPS: €0.05 (vs €0.04 in FY 2023) Full year 2024 results: EPS: €0.05 (up from €0.04 in FY 2023). Revenue: €3.13b (down 77% from FY 2023). Net income: €141.0m (up 24% from FY 2023). Profit margin: 4.5% (up from 0.8% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Entertainment industry in France. Over the last 3 years on average, earnings per share has increased by 132% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 26
Bolloré SE, Annual General Meeting, May 21, 2025 Bolloré SE, Annual General Meeting, May 21, 2025. Location: tour bollore, 31 32 quai de dion bouton, puteaux France Aankondiging • Mar 19
Bolloré Se Proposes Dividend, Payable on June 27, 2024 Bolloré SE announced the General Shareholders’ Meeting will be asked to approve the distribution of a dividend of 0.08 euro per share (including 0.02 euro in interim dividend already paid in September 2024), a 14% increase. The ex-dividend date will be June 10, 2025, with payment in cash only on June 12, 2025. Reported Earnings • Mar 18
Full year 2024 earnings released Full year 2024 results: Revenue: €3.13b (down 77% from FY 2023). Net income: €141.0m (up 24% from FY 2023). Profit margin: 4.5% (up from 0.8% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Entertainment industry in France. Aankondiging • Mar 12
Bolloré SE to Report Fiscal Year 2024 Results on Mar 17, 2025 Bolloré SE announced that they will report fiscal year 2024 results on Mar 17, 2025 Reported Earnings • Sep 12
First half 2024 earnings released: EPS: €0.029 (vs €0.015 in 1H 2023) First half 2024 results: EPS: €0.029 (up from €0.015 in 1H 2023). Revenue: €10.6b (up 70% from 1H 2023). Net income: €83.4m (up 93% from 1H 2023). Profit margin: 0.8% (up from 0.7% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Entertainment industry in France. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 30
First half dividend of €0.02 announced Dividend of €0.02 is the same as last year. Ex-date: 3rd September 2024 Payment date: 5th September 2024 Dividend yield will be 1.2%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is not covered by earnings (176% earnings payout ratio). However, it is well covered by cash flows (29% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 96% to bring the payout ratio under control. EPS is expected to grow by 5.2% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 01
First half 2024 earnings released First half 2024 results: Revenue: €10.6b (up 70% from 1H 2023). Net income: €83.0m (up 92% from 1H 2023). Profit margin: 0.8% (up from 0.7% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Entertainment industry in France. Aankondiging • Jul 31
Bolloré SE Announces Interim Dividend, Payable on September 03, 2024 Bolloré SE has decided to pay an interim dividend of 0.02 euro per share, the same as last year, payable in cash only. The ex-interim dividend date will be September 03, 2024, with payment on September 05, 2024. Aankondiging • Jul 11
Financière Moncey Société anonyme (ENXTPA:FMONC) proposed to acquire Compagnie des Tramways de Rouen (ENXTPA:MLTRA) from Bolloré SE (ENXTPA:BOL) and others for €4.67 billion. Financière Moncey Société anonyme (ENXTPA:FMONC) proposed to acquire Compagnie des Tramways de Rouen (ENXTPA:MLTRA) from Bolloré SE (ENXTPA:BOL) and others for €4.67 billion on July 10, 2024. The proposed parity for the proposed merger, following the division of the nominal value, would be 75 Financière Moncey shares for 1 Compagnie des Tramways de Rouen share. This merger would constitute a measure to rationalize and simplify the structures of the Bolloré group. On June 30, 2024, the Bolloré group held 94.04% of the capital and voting rights of Compagnie des Tramways de Rouen. The boards of directors of Financière Moncey and Compagnie des Tramways de Rouen approved the principle of a merger by way of absorption of the company Compagnie des Tramways de Rouen by Financière Moncey.
Following confirmation of parity by the merger auditor, the boards of directors of Financière Moncey and Compagnie des Tramways de Rouen will meet again by the end of September 2024 to determine the final terms of the merger, approve the signing of the merger agreement and convene, before the end of 2024, the general meetings of shareholders of Financière Moncey and Compagnie des Tramways de Rouen to approve the merger. Upcoming Dividend • Jun 18
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 27 June 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.2%. Lower than top quartile of French dividend payers (5.6%). Lower than average of industry peers (1.7%). Aankondiging • May 23
Bolloré SE Approves Dividend, Payable on 27 June 2024 Bolloré SE at its Ordinary General Meeting held on May 22, 2024, approved the payment of a dividend of €0.07 per share, an increase of 17%, representing an additional dividend of €0.05 per share after the interim dividend of €0.02 per share paid in September 2023. This additional dividend is payable solely in cash and will be paid on 27 June 2024. Reported Earnings • Apr 28
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: €0.04 (up from €0.004 in FY 2022). Revenue: €13.7b (flat on FY 2022). Net income: €114.2m (up €101.3m from FY 2022). Profit margin: 0.8% (up from 0.1% in FY 2022). Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 38%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Entertainment industry in France. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 10
Price target increased by 12% to €7.30 Up from €6.53, the current price target is an average from 2 analysts. New target price is 16% above last closing price of €6.29. Stock is up 9.3% over the past year. The company is forecast to post earnings per share of €0.16 for next year compared to €0.017 last year. Major Estimate Revision • Mar 28
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.207 to €0.159 per share. Revenue forecast steady at €21.5b. Net income forecast to grow 429% next year vs 31% growth forecast for Entertainment industry in France. Consensus price target of €6.77 unchanged from last update. Share price was steady at €6.24 over the past week. Declared Dividend • Mar 25
Final dividend increased to €0.05 Dividend of €0.05 is 25% higher than last year. Ex-date: 25th June 2024 Payment date: 27th June 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is not covered by earnings (411% earnings payout ratio). However, it is well covered by cash flows (14% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 357% to bring the payout ratio under control. EPS is expected to grow by 193% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Mar 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.8% Last year net profit margin: 1.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Aankondiging • Mar 15
Bolloré Se Proposes Dividend, Payable on June 27, 2024 Bolloré SE announced General Shareholders Meeting will be asked to distribute a dividend of 0.07 eurosper share (including an interim dividend of 0.02 eurosalready paid in 2023),up 17%. The dividend will be detached on June 25, 2024 and the payment, exclusively in cash, will be made on June 27, 2024. Aankondiging • Mar 01
CMA CGM S.A. completed the acquisition of Bolloré Logistics GIE from Bolloré SE (ENXTPA:BOL) for €4.85 billion. CMA CGM S.A. signed an agreement to acquire Bolloré Logistics GIE from Bolloré SE (ENXTPA:BOL) in a transaction valued at €4.65 billion on July 11, 2023. The purchase price is prior to calculating debt and cash on the completion date. The Bolloré Group confirms the implementation of the contingent earn-out mechanism of €0.25 for each Bolloré SE share tendered to the simplified cash tender offer of Bolloré SE on its own shares, closed on May 30, 2023. This contingent earn-out will be paid if the sale of Bolloré Logistics is completed pursuant to agreed terms. As of February 9, 2024, the Polynesian Competition Authority will block the takeover deal unless CMA CGM cancels one of its liner services, the Panama Direct Line, or sells Bolloré’s subsidiary in the region and the body has also demanded CMA CGM agree to a no-compete clause in Polynesia for five years as the body identified high competitive risks of eviction of competitors to the detriment of competitive activity favourable to freight forwarders and ultimately to consumers. The final completion of the sale remains subject to obtaining authorizations under the control of concentrations and foreign investments in the jurisdictions. As on February 23, 2024, The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Bolloré Logistics SE (‘Bolloré Logistics') by CMA CGM S.A. (‘CMA CGM'). The approval is conditional upon full compliance with the commitments offered by the parties.Daniel Hurstel, Gabriel Flandin, Annette Péron, and Faustine Viala of Willkie Farr & Gallagher LLP acted as legal advisor to CMA CGM. SG Corporate & Investment Banking acted as financial advisor to Bolloré SE. Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB) acted as Financial Advisor to CMA CGM S.A. Morgan Stanley International Limited acted as financial advisor to CMA CGM Group.CMA CGM S.A. completed the acquisition of Bolloré Logistics GIE from Bolloré SE (ENXTPA:BOL) for €4.85 billion on February 29, 2024. Bolloré Logistics achieved in 2022 a turnover of €7.1 billion. As a part of acquisition, 14,000 employees will be joining CMA CGM. Major Estimate Revision • Jan 25
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.024 to €0.029. Revenue forecast steady at €16.1b. Net income forecast to shrink 104% next year vs 20% growth forecast for Entertainment industry in France . Consensus price target of €6.77 unchanged from last update. Share price rose 3.5% to €5.84 over the past week. Aankondiging • Jan 13
Bolloré SE to Report Q4, 2023 Results on Mar 14, 2024 Bolloré SE announced that they will report Q4, 2023 results on Mar 14, 2024 Upcoming Dividend • Aug 29
Upcoming dividend of €0.02 per share at 1.1% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 07 September 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of French dividend payers (5.0%). Lower than average of industry peers (1.9%). New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 115% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 115% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Jul 30
First half 2023 earnings released First half 2023 results: Revenue: €6.23b (down 46% from 1H 2022). Net income: €43.0m (down 92% from 1H 2022). Profit margin: 0.7% (down from 4.9% in 1H 2022). Revenue is forecast to decline by 5.4% p.a. on average during the next 2 years, while revenues in the Entertainment industry in France are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Aankondiging • Jul 29
Bolloré Decides to Pay Interim Cash Dividend, Payable on September 7, 2023 The Board of Directors of Bolloré decided to pay an interim dividend of €0.02 per share, the same as last year, payable in cash only. The ex-dividend date will be September 5, 2023 and payment will be made on September 7, 2023. Aankondiging • Jul 12
CMA CGM S.A. signed an agreement to acquire Bolloré Logistics GIE from Bolloré SE (ENXTPA:BOL) for an enterprise value of €4.65 billion. CMA CGM S.A. signed an agreement to acquire Bolloré Logistics GIE from Bolloré SE (ENXTPA:BOL) for an enterprise value of €4.65 billion on July 11, 2023. The purchase price would amount to €4.65 billion, prior to calculating debt and cash on the completion date. The Bolloré Group confirms the implementation of the contingent earn-out mechanism of €0.25 for each Bolloré SE share tendered to the simplified cash tender offer of Bolloré SE on its own shares, closed on May 30, 2023. This contingent earn-out will be paid if the sale of Bolloré Logistics is completed pursuant to agreed terms. The final completion of the sale remains subject to obtaining authorizations under the control of concentrations and foreign investments in the jurisdictions. Daniel Hurstel, Gabriel Flandin, Annette Péron, and Faustine Viala of Willkie Farr & Gallagher LLP acted as legal advisor to CMA CGM. Upcoming Dividend • Jun 27
Upcoming dividend of €0.04 per share at 1.1% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 06 July 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of French dividend payers (5.2%). Lower than average of industry peers (2.1%). Major Estimate Revision • May 26
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.078 to €0.089. Revenue forecast unchanged at €18.9b. Net income forecast to shrink 24% next year vs 26% growth forecast for Entertainment industry in France . Consensus price target down from €6.67 to €6.53. Share price fell 2.5% to €5.86 over the past week. Major Estimate Revision • Apr 20
Consensus EPS estimates increase by 24% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.063 to €0.078. Revenue forecast unchanged at €18.9b. Net income forecast to shrink 23% next year vs 33% growth forecast for Entertainment industry in France . Consensus price target up from €6.17 to €6.67. Share price rose 8.4% to €6.23 over the past week. Price Target Changed • Apr 19
Price target increased by 9.4% to €6.57 Up from €6.00, the current price target is an average from 3 analysts. New target price is 6.2% above last closing price of €6.19. Stock is up 35% over the past year. The company is forecast to post earnings per share of €0.063 for next year compared to €0.10 last year. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: €0.10 (vs €4.89 loss in FY 2021) Full year 2022 results: EPS: €0.10 (up from €4.89 loss in FY 2021). Revenue: €20.7b (up 4.6% from FY 2021). Net income: €307.0m (up €14.6b from FY 2021). Profit margin: 1.5% (up from net loss in FY 2021). The move to profitability was primarily driven by lower expenses. Revenue is expected to decline by 5.0% p.a. on average during the next 2 years, while revenues in the Entertainment industry in France are expected to grow by 13%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. Buying Opportunity • Oct 26
Now 20% undervalued Over the last 90 days, the stock is up 4.4%. The fair value is estimated to be €6.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.5% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Aug 23
Upcoming dividend of €0.02 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 01 September 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.3%. Lower than top quartile of French dividend payers (5.3%). Lower than average of industry peers (2.0%). Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €219.2m from profit in 1H 2021). Profit margin: (down from 1.7% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 16% compared to a 5.5% decline forecast for the industry in France. Upcoming Dividend • Jun 02
Upcoming dividend of €0.04 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 13 June 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.2%. Lower than top quartile of French dividend payers (5.0%). Lower than average of industry peers (1.7%). Reported Earnings • Mar 15
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €19.8b (down 18% from FY 2020). Net income: €6.06b (up €5.64b from FY 2020). Profit margin: 31% (up from 1.8% in FY 2020). Revenue exceeded analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 3.6% compared to a 10% decline forecast for the industry in France. Major Estimate Revision • Mar 12
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €19.6b to €20.5b. EPS estimate increased from €0.10 to €0.12 per share. Net income forecast to shrink 44% next year vs 28% growth forecast for Entertainment industry in France . Consensus price target down from €6.37 to €6.03. Share price rose 2.9% to €4.41 over the past week. Major Estimate Revision • Dec 22
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €0.13 to €0.10 per share. Revenue forecast steady at €21.3b. Net income forecast to shrink 12% next year vs 80% growth forecast for Entertainment industry in France . Consensus price target broadly unchanged at €6.14. Share price rose 11% to €4.88 over the past week. Major Estimate Revision • Nov 30
Consensus revenue estimates fall to €21.2b The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from €23.7b to €21.2b. EPS estimate fell from €0.20 to €0.13 per share. Net income forecast to shrink 12% next year vs 80% growth forecast for Entertainment industry in France . Consensus price target up from €5.94 to €6.06. Share price fell 3.3% to €4.74 over the past week. Price Target Changed • Sep 22
Price target increased to €5.58 Up from €5.17, the current price target is an average from 4 analysts. New target price is 6.7% above last closing price of €5.23. Stock is up 66% over the past year. Reported Earnings • Sep 15
First half 2021 earnings released: EPS €0.075 (vs €0.06 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €12.8b (up 10% from 1H 2020). Net income: €219.2m (up 26% from 1H 2020). Profit margin: 1.7% (up from 1.5% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year. 
