Oddo BHF maintains its "Neutral" rating on Bolloré shares, while lowering its price target from 6.50 EUR to 6.20 EUR.
The analyst attributes this adjustment to "the stock market performance of UMG since [the] last update," noting that the group is gradually transforming into an industrial "family office." According to Oddo BHF, the current structure forms a "loop" where dividends received at the bottom do not flow up to the family, with cash instead being reinvested to buy back shares and "strengthen the foundations."
The research firm considers this situation temporary and anticipates a simplification of the structure, notably through a merger between Bolloré and Compagnie de l'Odet. The report also highlights that the group could invest its net cash of 5,600 million euros in the event of a market downturn in 2026 to diversify its portfolio.
"Bolloré currently trades at a low valuation, but the stock lacks short-term catalysts. We will therefore wait a bit longer before adopting a more positive stance," the broker concludes.
Bolloré SE is a holding company. Net sales break down by activity as follows:
- distribution, storage and trade of oil products (85.5%; No. 2 in France);
- production of plastic films and batteries, terminals and specialized systems (11.2%): films for condensers (No. 1 worldwide), heat-shrink films for packages (No. 3 worldwide), electric batteries, ticketing and boarding control terminals (No. 1 worldwide), pedestrian and vehicle access control equipment, etc. ;
- other (3.3%).
Net sales are distributed geographically as follows: France and DROM-COM (78.5%), Europe (18.6%), Americas (2.1%), and Asia/Pacific (0.8%).
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