|Shares Out. (in M):||1,345||P/E||0.0x||0.0x|
|Market Cap (in $M):||24,788||P/FCF||0.0x||0.0x|
|Net Debt (in $M):||0||EBIT||0||0|
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|UMG||10,000||12,000||Bull case represents multiple re-rating as well in spinoff|
|GVT||5,625||8,000||Bull case represents takeout valuation.|
|Net Cash - proforma for €4.1b for Marac sale and €13.5b for SFR and Oct 13 ATVI sale||7565||7565|
|20% stake in Numericable||4000||4000||Valuing Num-SFR combined INCLUDING synergies at €20b|
|Numericable earnout||750||750||Deal related|
|Law suit provisions (Liberty case)||-550||-1045|
|Spotify||148||370||$4b-$10b valuation for 5% stake (then convert to €)|
|Vevo||259||370||$700-$1b valuation for 50% stake (then to €)|
|Other assets||1200||1200||Property, NPV of NPLs etc.|
|Cash raised from ATVI sale on May 25th 2014||615||615|
|Remaining ATVI Stake||707||707||At mkt value (ticker ATVI US)|
|Societe Edition de Canal stake||374||374||At mkt value (ticker AN FP)|
|Holding company costs||-693||-693||7x 2014E EBITDA|
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