Since the recording of the educational film dedicated to Beyond Meat, the stock price has dropped from $ 132 to $ 105 in 2 weeks ... It seemed important to update the story while it is fresh.

After considering a valuation of 20 billion euros in September 2020, Vodafone finally listed its towers for an enterprise value of around 14 billion euros, including 2 billion of net financial debt.

When Carrefour presented its 2020 annual accounts on February 18, the market could see that the improvement in economic and financial profitability, which began in 2018, was continuing. 

Professor Jacquet provides an in-depth analysis with his vision of value creation, a key issue in his teaching.

On January 18, the press exposed the acquisition of a minority share of Danone Group by an activist shareholder, Bluebell Capital. On the February 11, a new activist shareholder, Artisan Partners, announced the acquisition of 3% of the yogurt maker.

Just one year ago, the first educational film was posted on the platform. It was dedicated to Facebook and wondered about the perennial continuation of a 7-year period of fat cows. Here is the continuation...

If the method of discounting free cash flows at the WACC is difficult to implement because it gives very scattered results, the concept of free cash flow itself is very powerful and must be taught at school, because it expresses the most enviable situation for a company, the available liquidity, and therefore survival.

Tiffany's share price was well in line with what seems to be the end of the story, namely a buyback of the famous blue box by LVMH for $131.5 per share instead of the $135 initially planned. 

This downward revision is the result of the beginning of a legal battle, with LVMH invoking the French government and changes in the environment, and Tiffany arguing that LVMH was not meeting its commitments.

Softbank's share price reacted positively to the announcement of the sale of its 100%-owned subsidiary Arm, a leading company in the field of electronic components, which was bought by Nvidia for $40 billion.


In the January vidcast, we had already praised Masayoshi Son's financial virtuosity, but questioned his industrial talent. The sale of Arm does not remove this question.


Beyond simple financial calculations, what about Softbank's industrial ambitions?

Over the last 20 years, the industry's trend has been to focus on a few "high growth, high margin categories", reinforcing corporate values of healthier nutrition, greater sustainability, etc.

Will diversification balance the category focus? Will this diversification, currently referred to as complexity, become a sign of beauty again?

Typically, biotech firms develop drugs to move them into Phase 1 or 2, often with the financial assistance of large pharmaceutical companies, and are then bought out by those same companies if successful. On the contrary, Moderna has the clear ambition to maintain its independence, even with its own industrial facilities.