Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Palm Harbour Capital Peter Smith | “Louis Hachette (ALHG FP) was created by Vivendi to hold its 66.53% stake in Lagardère (MMB FP) and Prisma Media (100% owned). ALHG was spun off from Vivendi in December 2024, alongside Canal+ and Havas. Lagardère business consists of Lagardère Publishing, the second largest publisher globally, and Travel Retail, a top five airport retailer globally, which represent 93% of sales. Lagardère's other activities include press publishing, JDD, radio and the organization of events. Its main shareholder is Bolloré SE, which directly owns 30.4% of the shares (plus 0.6% owned by l'Odet) but also controls 29.3% of Vivendi, which in-turn has a 13.4% stake in Lagardère. We believe Lagardère to be worth between €30 and €35 per share. Ultimately, we believe the current structure should be simplified, which should further aid the valuation. ALHG trades at a 10% discount to Lagardère at market prices, with Lagardère trading at 30-40% discount to our valuation. This 60-70% upside scenario serve as the base case in the absence of any value-accretive decisions. In addition, we see some possibilities for further value creation. Should ALHG decide to divest its Travel Retail business — an asset in which the Qatari fund may have particular interest — or take full ownership of Lagardère or do both, we see upside in excess of 100%.” | NEUTRAL | Q2 2026 Jul 28, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
