Horos Value Internacional on Bolloré SE

Horos initiated a position in Bolloré because it believes the holding company's complexity has prevented the market from recognizing the value of its assets. The group has been simplifying through major disposals and spin-offs, including logistics businesses and media assets, while retaining interests across communications, energy distribution and industrial activities. A web of cross-holdings with Compagnie de l'Odet creates an effective treasury-stock effect that further obscures underlying value. Horos believes a conservative valuation of the assets implies a large discount and does not capture the Bolloré family's historical value creation.