Horos Value Internacional on Compagnie de l'Odet SE
Thesis
Horos also initiated a position in Compagnie de l'Odet, the central holding company through which the Bolloré family controls the wider group. The unusual cross-holding structure between Odet and Bolloré protects family control but also masks Odet's economic value. Recent cash movements are favorable to Odet because it is the main recipient of Bolloré's extraordinary dividend. Horos believes these factors created an attractive opportunity in the family vehicle.
“that cross-holding also masks the true value of Odet.”
Key risks
- Cross-holding complexity can keep the underlying value obscured
- Concentrated family control may limit minority shareholder influence