Special Sits Capital Mgmt

@internpierre Look me up. I discussed the company’s mid-term guidance and indicated a fair price of EUR250 at the time. .

UBS slashed their Ferrari price target (again) to $483 from $555. Still rated Buy. Stock is at $338. That's 30% below even the lowered target, it was 70% upside. Still short $RACE. The sell-side remains useless.

@ACapitalLP I am not sure. But the thing is: 9% of LGES is something like a 1/3 of LG Chem’s Mcap!

Independent proxy advisory firms ISS and Glass Lewis recommend shareholders vote for Palliser proposal at LG Chem’s AGM. The proposal is aimed at tackling the company’s persistently large holding discount. $051910.KS $051915.KS businesswire.com/news/home/2026…

@FoxCastlehold I am talking about the mergers and not the take-out offers. They significantly simplified the ex-Rivaud structure without having to spend any money.

@SpecSitsCapMgmt They tried with ex-rivaud entities but the price offered was very dissapointing. Had I been them I would have offeted a fair value price and the IRR would still have been fantastic.

Bolloré: why exceptionnal dividend? They did all the following things (all the span of the capital allocation tools) and yet share price didn’t move: - tender offer in 2023 at 5,75€+0,25€ - vivendi spin offs - tried to take out ex-rivaud, - buying back shares on the market

@cardinalcap12 @gqfrs @ActionManNews Good question!

@SpecSitsCapMgmt @gqfrs @ActionManNews What happens to all of the cash that will go to Bollore, then to Odet and then back to Bollore? Another special dividend?

Bollore $BOL.FP proposes EUR1.50/share exceptional dividend, a 34% dividend yield to today’s closing. That is EUR4.2 bi, with EUR3 bi flowing through to Compagnie de L’Odet $ODET.FP. That should give ODET fire power to make any move it wishes within the Bollore Galaxy.

@diegobmilano I saw that after I wrote the post. But being Bollore, a large portion of the cash will funnel back to Bollore itself given the control loop.

@SpecSitsCapMgmt They actually intend to pay 2/3 of that as dividends at their level.

@gqfrs @ActionManNews That is true. The dividend is an important signal. But the discount of Bollore and Odet truely lies on the complexity of the Bollore Galaxy and its control loop. I continue to believe that a merger would be the ideal way to realize a large portion of the discount.

@ActionManNews @SpecSitsCapMgmt With bollore I have no clue, on one hand, NAV will not change between today and tomorrow, on the other, signals willingness to return excess cash to ALL shareholders, which should be welcomed by the market. Your thoughts?

$FWONK

Formula One Group $FWONK to cancel Bahrain and Saudi Arabia races according to The Telegraph. telegraph.co.uk/formula-1/2026…

Source close to the Bahrain Int’l Circuit confirmed the Bahrain race won’t happen on March 10-12th. $FWONK grandprix247.com/formula-1-news…

@ohcapideas There is talk that they will sell the other ports ex-panama.

@SpecSitsCapMgmt I think they’ll win, but it will take a few years. Hopefully there’s sense enough to settle, though I’m skeptical.

CK Hutchison $1.HK seeking $2 bi in damages from what it alledges was the illegal takeover of its Canal ports by the Panamenian Govt. reuters.com/world/china/ck…

Formula One likely to drop Bahrain and Saudi races without replacement, according to Reuters. $FWONK reuters.com/sports/formula…

Middle East F1 races might not be replaced if cancelled amid Iran conflict, according to AutoRacing1 article. $FWONK autoracing1.com/?p=https://www…

Formula One Group $FWONK is set to cancel Bahrain and Saudi Arabia Grands Prix and hold races in Imola and Portimao on the same dates. grandprix247.com/formula-1-news…

@Nate93658762 I remember when someone said the same thing about Ferrari… I learned a long time ago that a great company/ business is only a great investment at the right price.

@SpecSitsCapMgmt Could be a great buying opportunity, it won't affect long term value. It's essentially a sports franchise, you can't value it on pe

Formula One Group $FWONK has two races in the Middle East next month: Bahrein and Saudi Arabia. If the current conflict stretches for another few weeks or Saudi Arabia attacks Iran, these races will likely have to be cancelled. There are other races in the region towards the end of the season: Qatar and Abu Dhabi. 4 out of the 24 races in the 2026 calendar are in the region, that is 16% of the revenue in jeopardy. Formula One Group trades at a P/E 26 of 45x.