Vivendi 超过 50% 的净资产价值折价，可由控股公司结构性问题和管理层激励错配得到合理解释；其估值被认为是公允的。
逐段跳播
然后是Vivendi，它持有股份，但存在一种法律情形，表明所有者没有义务收购它。因此，这就是该股在Universal Group崩盘的同时一起崩盘的原因。
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.
但这里有大量的价值，隐含价值，净资产价值为30亿，而市值为15.4亿。这意味着超过50%的折价。Bolloré，也是一家法国公司，在那里持有大量股份。
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.
再次强调，估值是合理的，但对于这些欧洲控股公司来说，这些折价总是存在。你需要计算税收，然后你需要计算所有者的激励。他们享受午餐、晚餐、讨论等等。清算并不符合他们的利益，只是为了让你赚到50%。
他们会在未来许多年里继续从中提取价值。这代表着他们在社会中的地位。
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.
这个频道对 $VIVHY 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上只有这一条判断。