Is Gaumont's Stock Valued Over €200? A Shareholder Demands Asset Revaluation
Gay-Lussac Gestion, a minority shareholder of Gaumont, welcomes the decision of the Paris Court of Appeal confirming the obligation for the Seydoux Family Group and Ciné to initiate a public takeover offer. The management company calls for a fair and transparent valuation of the film group's assets in this context.
Concerns Over the Composition of the Ad Hoc Committee
Gay-Lussac Gestion raises concerns about the composition of the ad hoc committee tasked with overseeing the operation. Although A2EF was appointed as the independent expert on February 19, 2026, the management company points out the situation of Mr. Antoine Gallimard, whose term as a board member has been extended since 1997. The Afep-MEDEF governance code recommends a limit of 12 years to qualify a board member as independent, a threshold that is significantly exceeded in this case. Gay-Lussac Gestion announces its intention to raise this point during the dialogue it will initiate with the expert.
Identification of Undervalued Strategic Assets
Gay-Lussac Gestion identifies two major strategic assets whose value may not be accurately reflected. The property located at 50 Avenue des Champs-Élysées is recorded on the balance sheet for less than €50M, while its market value is estimated to be around €200M. Gaumont's catalog, consisting of over 1,500 works generating approximately €50M in annual recurring revenues, is carried on the balance sheet for less than €50M. Gay-Lussac Gestion notes that recent transactions in the audiovisual sector are executed at more than 10x revenue, compared to about 4x in 2017, particularly due to European obligations to broadcast local content on streaming platforms. Based on these elements, Gay-Lussac Gestion estimates that the revalued net asset value per share cannot be less than €200. The company commits to actively participating in the ongoing evaluation process and will submit a detailed analysis of Gaumont to the expert.
