Vivendi's >50% NAV discount is justified by structural holding company issues and misaligned management incentives; valuation is considered fair.

Then there is Vivendi, which owns a stake, but there was a legal situation indicating that the owner was not obliged to acquire it. Therefore , this is why the stock collapsed in conjunction with the collapse of the Universal Group.

But there is a lot of value, implied value, net asset value of 3 billion, and market capitalization of 1.54 billion . This means a discount of more than 50%. Bolloré, also a French company, has a large stake there.

Again, the valuation is fair, but with these European holding companies, these discounts are always present. You need to calculate the taxes , and then you need to calculate the owners' incentives.

They enjoy lunches , dinners, discussions, and so on. It is not in their interest to liquidate just so that you can win 50%. They will continue to extract value from this for many years to come. This represents their status in society.