Value Investing with Sven Carlin, Ph.D.发布 2026-09-25
《Universal Music Stock AMS: UMG Now €14 Target: €74》
$VIVHY未站边
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。
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.