First Foundation's Eric Speron on the Lagardere SA situation: spin out, publishing, travel retail

Yet Another Value Podcast

Eric Speron, Managing Director of Equities, PM of First Foundation Total Return (FBBYX) at First Foundation, Inc., joins the podcast to share his thesis on Lagardere SA (MMB.PA), an international group with operations in more than 40 countries worldwide. The Group focuses on three divisions: Lagardère Publishing (Books, E-Books, Partworks, Stationery, Board Games and Mobile Games), Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion and Dining) and Lagardère News (Le Journal du Dimanche, JDNews and the Elle brand licence). The Group’s operating assets also include Lagardère Live Entertainment and Lagardère Paris Racing.

Eric Speron's Linkedin: https://www.linkedin.com/in/eric-speron-cfa-09925a3/

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[2:31] What is Lagardere SA (MMB.PA) and why is it so interesting to Eric

[6:12] What is Eric seeing with Lagardere SA (MMB.PA) that the market is missing

[8:54] Vivendi's spin off of ownership stake in Lagardere in December

[13:21] Publishing business and growth catalysts

[28:25] Travel retail business and the opportunity here

[36:28] What does the sum of the parts look like; valuation question

[41:07] How does Eric think the spin off will play out

[47:44] Final thoughts

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