Fox Castle Holdings🇬🇧🇺🇦
@FoxCastlehold
Followers
6,579
Following
147
Media
353
Statuses
2,825
Private investor. Likes family run companies. SFAF member. Newsletter:
Paris, France
Joined April 2017
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
キスの日
• 261489 Tweets
#莉犬くん誕生祭2024
• 143640 Tweets
Bronx
• 122425 Tweets
Kabir Is God
• 109567 Tweets
Taiwan
• 108564 Tweets
hoshi
• 90168 Tweets
#CheersToYouth_withVocalUnit
• 61547 Tweets
#세븐틴과_어디서라도_부르자_청춘찬가
• 61013 Tweets
フラワームーン
• 36082 Tweets
DILAW OUT NOW
• 31011 Tweets
Ticketmaster
• 30088 Tweets
#BlackOps6
• 24672 Tweets
Live Nation
• 24547 Tweets
Nadal
• 22019 Tweets
NEWJEANS IS BACK
• 20061 Tweets
CSK BAAP OF RCB
• 19495 Tweets
CHEN HIGHLIGHT MEDLEY
• 18042 Tweets
은호야 생일
• 17966 Tweets
Beetlejuice Beetlejuice
• 17358 Tweets
RPWP TODAY
• 17208 Tweets
GOLDEN HOUR PREVIEW
• 17035 Tweets
$RETIK
• 14872 Tweets
$BEER
• 13850 Tweets
Paquetá
• 12292 Tweets
Zverev
• 11480 Tweets
Claudio Iturra
• 11139 Tweets
SummerSlam
• 11127 Tweets
Pinned Tweet
Thread on all the companies investigated upon on the French Hidden Champions substack. Will add to it as new companies are analyzed.
1/ Precia
4
12
68
Christian Dior thesis: you get LVMH with a discount. Dior owns 41% of LVMH. LVMH fcf yield : 5,2% with q1 22 sales growth of 23%. L setted up in may 22 a 1 billion € buyback programm with a 1000€ limit.
8
19
166
Portfolio as of 28/12/2022
Top 5: 69,6%
Bought more Odet, Moncey, Malteries Franco Belges, Samse
Sold partially: Stef (for tax reasons)
0,2% weight positions: companies which went up too quickly or for which price to be paid needs to be strict.
Watch out on liquidity.
DYOH
10
6
113
Bolloré: a massive write up about Bolloré, full of historic information and a very detailed analysis by
@abroninvestor
Just read it!
4
12
99
My holdings as of today:
- Malteries Franco-Belges 13,8%
- Graines Voltz 13,4%
- Precia 9,1%
- Gaumont 6,9%
- Gévelot 6,4%
- Financière de l'Odet 6,1%
- Installux 6%
- BAC 5,2%
- Berkshire Hathaway B 4,9%
- Robertet 4,2%
- Holland Colours 3,1%
1/
8
9
93
As promised here is the recap of the 2024 French top picks!
Sometimes the best ideas are also those which have not been given!
10
14
88
Portfolio update with some moves.
Added to: Explosifs et Produits Chimiques, Fairfax Holdings, Odet and an ex-Rivaud entity, Stef
New holding: Tamburi Investment Managers
Sold: Holland Colours, Bourse Direct
Top 5 : 70,4%
Top 10: 91%
5
3
78
Portfolio update:
1/Malteries Franco Belges: 16,7%
2/Precia: 9,3%
3/Gaumont: 6,1%
4/Financière de l'odet:5,5%
5/Gévelot: 5,5%
6/Berkshire Hathaway B: 4,9%
7/Installux: 4,5%
8/Bac: 4,4%
9/Robertet:3,9%
10/IGE+XAO: 3,6%
11/Holland Colours: 2,9%
12/Orca exploration B: 2,6%
1/
3
2
66
Latest substack post is up!
French Hidden Champions portfolio and thoughts.
4
5
64
With my friend Philippe this morning at the Oeneo meeting! Passionate investors always have fun!!
@LuchesiPhilippe
6
1
64
Exor Holding: 20% of Gross asset value is cash, listed securities, financial investments...
Great moment to have cash to deploy in healthcare, luxury, technology.
6,5 billion € firepower. With the management capital allocation skills it should be very interesting.
7
7
62
Portfolio recap updated. Don't hesitate if you have any questions. Always fun to exchange!
13
5
59
Doing a thread here on lessons I learnt in investing. Will enrich it as new thoughts come about. Doing like
@FRValue
's massive thread.
1/ Focus on the downside protection. Avoid highly leveraged companies.
2
11
57
Latest substack post, porfolio recap, some thougjhts an relauching French Hidden Chamions subtack
5
2
58
Cost basis of my portfolio.
Please beware :DYOH and this is not investment advice. Some companies are very illiquid so do your own homework.
11
1
57
Companies or majority owner buying back shares recently :
-Bolloré,
- Gévelot
- LVMH
Will update it progressively
9
2
54
With my friend
@LuchesiPhilippe
at Genoway's presentation of its new strategic plan!
Investing is a passion!
1
1
54
Bolloré: boom it is!
In exclusive négociations to sell Bolloré logistics to CMA CGM for 5 Billion € EV debt free cash free.
Upping by 0,25 € the offer price on the buyback. Moving the price from 5,75€ to 6€.
5
7
53
Bolloré buying back shares at Bolloré level.
336 561 shares at 4,38€.
So first we had Bolloré entities buying Odet shares.
Then we had Odet buying Bolloré shares.
We now have Bolloré repurchasing shares.
3
1
50
Holding period for the main positions and date of first buys in the portfolio.
For some companies I was really slow to make the move.
Holding is really important as some investment thesis took time to unfold.
6
7
50
Robertet investor's meeting thread
2 Maubert family members present to show that they remain in control. New general manager also there.
Ingredient division is central at RBT.
RBT strength: Natural, strong culture, independance, agility
Business model: from seed to scent
1/
2
5
50
Bolloré holds 5,03% of Rubis. Stake held through Plantations de Terres Rouges.
So here is the industrial target!
This is interesting.
As usual is was unexpected!
10
4
48
Dior buying some LVMH.
36 364 shares at 605 €.
4
2
47
A must read book to understand Vincent Bolloré, his dedication, his focus on making money and how unpredictable he can be (in a good way) and also how business works in France. Thanks to
@EBE013
to have lent it to le and to
@LuchesiPhilippe
to have brought it to my attention
6
0
45
Robertet: offering to buyback 9,77% at 885€ and dividend payout increased to 40% by 2024.
2
4
46
Bolloré gets 5,7 billion euros (entreprise value) offer for Bolloré Africa Logistics from MSC groupe. Bolloré grants exclusivity untile the 31st of march 2022.
7
4
45
Next French Hidden Champions substack will be on:
- Pharmagest Interactive,
- Installux,
- Gévelot,
- Malteries Franco Belges (but difficult for me to add more then what
@LuchesiPhilippe
put forward in his master analysis)
- Bassac
0
2
44
New substack post on Pharmagest Interactive!
Don't hesitate if you have any questions!
2
11
43
Odet: big volumes today with more then 2800 shares and Sofibol back at buying Odet!
Boom!
5
4
43
At the Malteries Franco-Belges shareholders meeting next to the Champs Elysées with my friend
@LuchesiPhilippe
6
1
43
So Bolloré increased their stake in UMG by 0,4% in the last 6 months.
We can see it with the two slides and look at note 5.
Bolloré now owns 28,4% of UMG.
Massive find again by
@shocklord
3
2
43
Bolloré game plan (but I will be probably be wrong!).
1/ buy as much Bolloré shares as possible.
2/make sure Bolloré share price is mirefairly valued
3/do some simplification and/or take outs.
We will see if this ages well.
6
0
43
French Hidden Champions common traits:
- high family/founder ownership
- strong balance sheet (net cash positive)
- multiple small acquisitions easy to integrate
- constellation of sme's
- high level of employee shareholders
-good social relations
-strong proximity with clients
1
2
3
42
Bolloré half year results feedback thread from the meeting:
- Cyrille Bolloré is very pragmatic. He impressed me a lot. Skin in the game helps in managing risks.
- group structure updates with new % ownership of Bolloré by Odet=66,2%
- FF: international did great
1/
1
1
43
Bolloré third quarter numbers: good what else.
All the BU's are doing well including batteries (+45% in sales)
Very good performance of the African ports which is massive considering the possible sale of these assets
Vivendi doing great
VB timing to make things happen is good...
1
3
42
On Tuesday the 13th of July at 9h00 am ET (14h00 british time, 15h00 french time), we will be holding a Twitter spaces about the Bolloré galaxy with
@GWInvestors
@off_the_run
and
@ValueWolf
. Join us to hear our thoughts about what is going on and what could happen.
2
6
41
Will be doing my first Twitter Spaces on Tuesday the 8th of June on the Bolloré Galaxy/Vivendi/UMG at 18h00 French time, 12h00 New York lunch time.
It will be my first one.
Tell me if it would interest you and get your questions ready!
7
0
41
The Bolloré Galaxy opportunity. Avant-Garde Investment exceptionally opens its private research through this public event and will discuss the last opportunity sent to its clients It will be at 2 PM EDT (7 PM French time) on the 18th of March
3
14
40
Thread on Bassac a french real estate developer.
The CEO is a value investing and a Warren Buffett fan.
Valuation:
FCF/P: 17,2%.Remember it is a cyclical business.
P/B: 1,6
ROE: 23%
Net cash position: 5,5 MEUR to be noted Bassac lended 11 MEUR to Premier(family holding company
1/
4
4
40
Exor holdings thread
- very good capital allocator with John Elkann
- NAV at 93,5 euros on the 31/12/2019. 67,5% GAV is linked to stock market price so NAV impacted by covid 19 but yet gives an idea. Could apply a 15% discount to NAV for covid 1/
@GWInvestors
@chriswmayer
4
4
39
Odet buying more Bolloré shares: 2 654 230 shares at 4,79€.
282,6 M€ invested by Odet representing 2,05% of Bolloré.
Updated table here
2
2
39
Bollore what could happen next:
- more action on bolloré shares
- then Lagardère (take it out, negociate splitting of assets with big minority shareholders)
- then simplification
- then take out Vivendi when Bolloré share price is higher to do an exchange offer.
We will see!
7
2
39
Buybacks are more and more important for me. I like to see the share count go down. I am always a little sad when serial acquirers or compounders never buyback shares and just increase the dividend. A buyback is a massive capital allocation decision (done at the right price).
4
2
38
Odet buying quite a decent amount of Bolloré...
451 022 +780 369+ 2 660 807 shares bought back between 4,449 and 4,352 euros.Lots of movements...
3
2
37
Boom! Odet buying Bollore shares and Sofibol buying Odet shares.
Sofibol bought 2500 odet shares at 1416€
Odet bought 4,65 million bolloré shares at 6,06€.
Capital allocation seems good to me...
2
3
38
Buyback of Bolloré shares at 5,75 eutos for up to 9,78% of Bolloré SE capital
4
1
38
The rewards of the bolloré shareholder meeting!
4
1
38
Bolloré: Vivendi is back at buying back shares seriously (2,23 million shares at a 28,77 euros average price).
Lagardère (where Vivendi is an important shareholder with 27%) has its entity Hachette Book acquiring Workman Publishing for 240 M$.
Remember that Vivendi owns Editis.
1
2
38
Odet shareholder meeting : no massive news but we are in very good hands with VB...
VB was as sharp and charismatic as ever!
2
0
37
In this context, having profitable quality companies with recurring sales, high family ownership who respect minority shareholders, rock balance sheets and great management teams helps.
Less stock quotes watching and more annual reports reading.
Time to trust our companies.
2
0
36
Odet buying more Bolloré:
- 397 964 at 4,40€
- 933 247 at 4,45€
- 477 255 at 4,50€
- 2 610 053 at 4,55€
19,9 M€ worth of Bolloré shares.
Good...
1
1
37
Bolloré: interesting news, Compagnie de Cornouaille puts up as collateral an additional 3,4 M Vivendi shares to have more firepower through a revolving financing of 80 MEUR. Also setting up of a 165 MEUR financing backed by 5,8 M Vivendi shares refundable on the 29/06/2026
3
1
36
Financière de l'odet bought 400 000 vivendi shares on the 15th of March at an average price of 27,6 euros. Declaration published today.
Systematic buying of Vivendi shares for the last couple of days.
1
0
37
As I am full invest I see the following benefits :
- less checking of share prices
- gives me more time to read annual reports and books and to think,
-forces me to focus on my best ideas and to simplify,
-if inconfortable with a company it is a tell
-be more present with family
2
3
35
Odet back at it buying some Bollore
1,51 Million Bollore shares bought at an average price of 5,34 euros.
Good move IMO.
Hopefully it will last for a while!
0
4
35
Odet: big volume today with one block of 5 257 shares traded off book at 1440€.
Should be VB 🤞🤞
4
2
35
Exor: there are buyback programs at Ferrari, Stellantis, CNH Industrial and Iveco. A great way to increase ownership: a nice game plan.
Spin-offs, buybacks, dividend: the magic sauce to unlock value?
The buybacks are not only done to cover share incentives for managers.
2
1
36
Annual reports of Precia, Robertet and Explosifs et Produits Chimiques are out! Lots of great reading! Will do threads on each of them.
2
0
36
Compagnie du Bois Sauvage thread: I had a look. Thanks to
@shot_change
and
@be_haddaway
.
The name of the company is just by itself something!
Bois sauvage is controlled by Entreprises et Chemins de fer en Chine which is controlled by Fingaren.
Look at all these olde names!
1/
4
4
35
Odet back to buying Bolloré shares!
6 498 233 shares bought at an average price of 4,74 €: 30,8M€. It's definitely more then the dividends received from Bolloré.
4
1
34
Bolloré recent news:sold Société Française Donge - Metz (owned at 95% by bolloré energié to the state for 31 MEUR.
More and more cash...
2
4
35
A great job on the bolloré galaxy! Congrats
@DapperDanMan0
$VIV.PA $BOL.PA $ODET.PA $UMG.AS in 1 uh... "simple" diagram (Update: 🎃2021)
6
9
109
1
5
33
Explosifs et Produits Chimiques shareholder meeting! Let's go!
2
0
34
Coffee, eldest son doing juggles, trigano annual report, nice weather. Whatelse!
5
0
34
Odet bought 1 311 564 bolloré shares at 4,62 €.
Total buys amount to 289 M€ and represent 2,1% of Bolloré capital.
Updated table here.
5
1
34
An easy and interesting read about the rich French families. Always learning something.
My mother clearly knows what I like to read!
1
0
34
French hidden champions latest substack right here.
Tonnellerie François Frères group
As always don't hesitate if you have any questions.
3
4
33
What have done in the current context as I am full invest: nothing. I like the companies and their respective weight in the portfolio.
Will drink some tea and have a great run tonight.
2
0
34
Odet buying bollore third day in a row: 4 148 677 bollore shares at a price of 4,59€ for 19 M€.
56M€ total of Bolloré shares bought by Odet.
3
3
33
Bolloré annual results meeting: if there is only one thing you need to know: management team is extremely pragmatic, all is a question price, they know what capital allocation is.
2
0
33
Latest substack post is up. Bolloré 2021 half year results: notes from the analyst meeting, Q&A and some thoughts.
If you have any questions don't hesitate.
1
2
33
Bolloré//UMG: target of distributing 50% of UMG net results 6o it's shareholders each year= more ammunitions for Vincent Bolloré to do lots of things with the cash... (help finance simplification, deploy cash elsewhere)
Remember Bolloré holds directly 18% of UMG +3% indirectly
1
1
32
Even on holiday in the south of France (at Fox Castle!) some great companies just keep following me!!
0
0
33
Why Robertet has a unique business model and is in a good business?
Givaudan explains it in one slide.
1
1
33
Lots of interesting companies (small mid caps!) at the Forum Lyon pôle bourse!
Great 1 to 1, one to few!
Will do a recap!
0
1
33
Robertet: our second article with
@FRValue
. We focused on their business model and on why clients are "sticky" with Robertet.
1
3
33
Bolloré first half 2021 numbers are good:
-bolloré holds 29,5% of Vivendi
-good results for ports and logistics. Brexit and customs bring in higher margins business. Air freight not yet back to pre covid levels but getting there.
Freight dynamic is set to last a bit.
1/
1
2
31
The best family holdings have this same common point:
- they buy back their shares regularly and,
- their public holdings also buy back shares regularly, which reinforces the family holdings ownership at a lesser and optimized cost.
Examples: Bolloré, Exor and EL Financial.
Can
11
1
32
Vivendi: Compagnie de l'Odet bought 73 159 shares at 28,99€ and Vincent Bolloré bought directly 22000 shares at 29, 37€. Odet is buying strictly at Vivendi's buyback limit (29€) while VB is buying above 29 €.
5
1
31
Exor annual results are out.
122,34 € NAV (-7,6%) but share price of listed companies were on the 31/12/2022 since then there has been some changes (Ferrari, Stellantis and Iveco are notably higher)
Share count is at 230,7 M shares but 3rd tranche of buybcak150 M€ will be used
0
3
32
Latest substack is up and its a feedback from the Bolloré annual results institutional investors meeting.
Don't hesitate if you have any questions!
5
4
32
UMG: remember Bolloré will hold directly 18% and 3% through Vivendi (bolloré owns 30% of Vivendi which still has 10% of UMG).
Bolloré will be an important UMG shareholder with 21%.
And Odet >Bolloré >Vivendi
3
4
31
Autodesk thread: interesting points from the investor day presentations.
-monetizing non complaint & legacy users: 7 M user core target within the 12 M non compliant users and 2 M targetable subscriptions within customer base (legacy users).
@BlueToothDDS
@JerryCap
1/
2
2
31
Bolloré still at it!
Sofibol bought 4003 Odet shares at 1499 €.
Confirmation that VB is the buyer at 1500€.
Odet bought 349 464 Bolloré shares at 6,09€.
0
0
30
Latest French Hidden champions post is up!
Interview with
@louisdefels
from
@GayLussacGest
!
Hope you enjoy!
0
6
31
Financière de l'Odet buying more Vivendi and quite a lot (51,7 MEUR worth)
- 1,765 million vivendi shares at 28,61 euros
- 42 654 vivendi shares at 28,45 euros
3
2
31
Thermador: honest and transparent points in the annual report.
3
0
31
Compagnie de l'Odet: has a new credit line of 1 200M€ maturing in 2026 of which 385 M€ have been used. More dry powder. Nothing beats reading a paper annual report where can write on extensively!
4
2
31
France wants more french to invest in shares and in publicly quoted companies well France needs to improve the protection of minority shareholders.
But we all know things won't change so lets focus on companies with top notch management teams.
3
1
31
Robertet 2021 sales and net result are out and they are good!
Sales: + 14,8%
Net result: +40% at 70 M€
Health& Beauty:+30% sales
Robertet Grasse:significant growth
2022: consumed raw materials prices will be higher in costs.
All in all a very nice publication
1
2
31
Companie de l'Odet 2023 annual results :
4€ dividend versus 3,6€. More ammunitions...
13 billion € in cash and confirmed lines (including Bolloré and excluding Vivendi)... lots of ammunitions...
27,7 million Largardère rights to sell at 24,1 € to Vivendi. Initially therr were
2
1
27
Odet still buying more bolloré:
1 250 717 shares bought at 4,68 € for a total value of 5,8 M€.
New total in value spent by Odet:61,8 M€
Let's see how many days this keeps going on
2
1
30