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Deep Value: cash covers more than 100% of the stock price

This company holds roughly $13.6B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Bolloré SE logo

Bolloré SE

BOL.PA
45
Conglomerates · Industrials
Price
€3.84
+0.03 (+0.73%)
Market Cap
€10.78B
Exchange
Euronext Paris
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Strong
Stability
Exceptional
Valuation
Weak
Dividends
Exceptional

Winston Score History

The full picture

Bolloré SE is a French conglomerate that has shifted its focus toward media and entertainment after selling off most of its logistics and Africa transport businesses. Its core assets today center on Vivendi, a large media group that owns Canal+ (a major pay-TV network), CNews (a French news channel), and publishing house Hachette. The company serves consumers and advertisers across Europe and beyond.

Bolloré earns money through subscription fees from pay-TV customers, advertising revenue, and book sales. It operates mainly in France and Europe, with Canal+ also holding a strong presence in Africa and parts of Asia. The Bolloré family controls the company, which gives it a stable ownership structure but limits outside shareholder influence. The key challenge ahead is the ongoing restructuring of Vivendi, which recently split into separate listed entities — this breakup could unlock value but also introduces uncertainty about how the remaining business will be positioned going forward.

Share count broadly stable

+0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 2.94B (2021) → 2.96B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
-7.4%
Thin — -7.4% gross margin
Profit after running costs
Operating Margin
-8.8%
Losing money on operations — -8.8%
Return on the money invested
ROCE
5.8%
Weak — 5.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-6.5%
Shrinking sales (-6.5% YoY)
Profit growth
EPS YoY
+103.8%
Earnings growing fast (+103.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
95%
Turns 95% of profit into real cash
Spare cash per sale
FCF Margin
10.4%
Modest free cash flow (10.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
109.65x
Comfortably covers interest (109.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
32.7x
Pricey — P/E 32.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
-3.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
41.73%
Healthy income — 41.73% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+1176.9%
Dividend growing fast (1176.9% YoY)

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