Much like 2021, 2022 will be a milestone for Bolloré, marked by the transfer of the group to the new generation in February and the closing of the Bolloré Africa Logistics chapter. We see this €5.7bn deal, which opens the door to the reshuffling of the HoldCo’s portfolio, as positive from both a financial and a timing point of view. Combined with the record results expected for 2022, we reiterate our favourable opinion on the stock.