Re Bollore - many french small and mid caps have actually done well recently, even with Hollande in charge. Also missed Bollore- kept looking and somehow the runaway train, left the station without me :-(.
I own Bongrain BH.PA, which is an apparently undermanaged and family controlled dairy and branded cheese producer, trading around tangible book (which is at about 50 Euro, stock trades around 45Euro). It's a graham type value stock imo, but without an apparently catalyst. Their profit margin is in the mid single digits, despite owning many well known brands, and I am not sure, this will change any time soon either.
As a food company that is asset rich and with well known brands, I don't see the business falling apart either, so this remains probably a value trap. For know, I am holding my patience but I think I'll stick with graham's rule to hold for 2 years max and move on, if the stock does not work out. |
