Wendel is an investment company specializing in acquiring long-term holdings in industrial and services companies. Co.'s activities can be divided into six main divisions. Through Bureau Veritas, Co. provides conformity assessment services and certification. Through Stahl, Co. is engaged in high performance coatings and leather finishing products. Through Saint-Gobain, Co. manufactures, transforms and distributes construction materials. Through Legrand, Co. specializes in electrical and digital building infrastructures. Through Deutsch, Co. provides high-performance connectors. Through Materis, Co. provides specialty chemicals for construction.
  • TickerMF
  • ISINFR0000121204
  • ExchangeEuronext Paris
  • SectorFinancial Services
  • CountryFrance

Analysts

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

1 director bought

A director at Wendel Investissement bought 7,000 shares at 106.148EUR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

Antoine Boivin-Champeaux ...
  • Christophe Chaput
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/30/2018

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Christophe Chaput

Wendel : NAV at 16 November affected by a fall in the multiples used to value unlisted assets but fundamentals are healthy

>NAV at 16 November lower than we estimated - At the Investor Day yesterday, the Wendel group published new NAV at 16 November.NAV worked out at € 6.7bn, i.e. € 145 per share, which is below our estimates since we forecast € 7.1bn. In the year to date, NAV has therefore fallen 17.7% while at 24 August (€ 7.99bn) it was down just 2% (stable adjusted for dividends and share buybacks). Relative to 24/08, we observe that the group has suffered as a result of a d...

Carole Braudeau

Wendel : A quiet revolution

Publication date 27/04/2017 14:42 - Writing date 27/04/2017 14:39 - - Ownership structure at 31/12/16 - (% stake) - Wendel Participations - 36.9% - Institutional investors - 34.0% - Individual investors - 20.7% - Employees, managers & others - 5.3% - Treasury stock - 3.1% - - * Includes 1,120 individuals and legal entities of the Wendel family - Bond issuances - - Amount - € m - Swap spd. - Price - 4.375% 09/08/2017 - 507 - 21bp - 101.4% - 6.750% 20/04/2018 - 350 - 21bp - 106.8% - 0% 31/07/19* - 500 - - - - - 5.875% 17/09/19 - 212 - 20bp - 114.0% - 1.875% 10/04/2020 - 300 - 20bp - 104.1%...

Carole Braudeau

Wendel : Une révolution tranquille.

Fort d’une situation financière optimisée, le management a dévoilé un nouveau plan stratégique ambitieux pour la période 2017-2020 qui permettra de remodeler le portefeuille. L’idée est de poursuivre son développement sur les actifs non cotés, de conserver un bon mix sectoriel, géographique et des modèles économiques (profil consommateur/générateur de cash) des sociétés dont il est actionnaire, toujours dans un but ultime de création de valeur et dans le respect des grands équilibres financiers, de façon à préserver son rating investment grade (et les conditions de financement optimales qu’il ...

Christophe Chaput

Wendel : NAV at 16 November affected by a fall in the multiples used to value unlisted assets but fundamentals are healthy

>NAV at 16 November lower than we estimated - At the Investor Day yesterday, the Wendel group published new NAV at 16 November.NAV worked out at € 6.7bn, i.e. € 145 per share, which is below our estimates since we forecast € 7.1bn. In the year to date, NAV has therefore fallen 17.7% while at 24 August (€ 7.99bn) it was down just 2% (stable adjusted for dividends and share buybacks). Relative to 24/08, we observe that the group has suffered as a result of a d...

Christophe Chaput

Wendel : Un ANR au 16 novembre impacté par la baisse des multiples utilisés pour valoriser les actifs non côtés mais les fondamentaux sont sains

>Un ANR au 16 novembre plus faible que nous ne l’estimions - A l’occasion d’un Investor Day, le groupe Wendel a publié hier un nouvel ANR au 16 novembre.Celui-ci ressort à 6.7 Md€, soit 145 € par action ce qui est inférieur à nos attentes puisque nous retenons 7.1 Md€. Depuis le début de l’année, l’ANR baisse ainsi de 17.7% alors qu’au 24 août, l’ANR (7.99 Md€) ne reculait que de 2% (stable retraité des dividendes et rachats d’actions). Par rapport au 24/08,...

Christophe Chaput ...
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/06/2018

...

Christophe Chaput

Wendel : NAV up +4.2% y-o-y. Interim results in line

>NAV up +4.2% y-o-y at 24 August - As part of the publication of its interim earnings, Wendel announced NAV of € 7.99bn at 24 August, i.e. € 172.7 per share. This marks a y-o-y increase of +4.2% (vs € 165.8 per share, i.e. € 7.8bn). On this basis, the discount to NAV at 24 August came to 28%, higher than its historic level of 20-25%. In detail, we note the following. 1/ An increase in the contribution of listed assets to € 4.4bn (vs € 4.1bn) due to the rise in the Bu...

Christophe Chaput ...
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/09/2018

...

1 director bought

A director at Wendel Investissement bought 7,000 shares at 106.148EUR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

Antoine Boivin-Champeaux ...
  • Christophe Chaput
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/30/2018

...

Antoine Boivin-Champeaux ...
  • Christophe Chaput
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/11/2018

...

WENDEL sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of WENDEL (FR), active in the Business Support Services industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date November 23, 2018, the closing price was EUR 109.10 and its target price was estimated at EUR 101.32.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

Carole Braudeau

Wendel : Wendel stays the course

Wendel has reported interim results in line with our expectations, while a little more light has been shed on the situation at IHS, which has been the focus of investor concerns since the start of the year. - The group also continues to pursue its dynamic but prudent asset rotation strategy, making us confident that it can complete its investment plan without significantly weakening the strength of its balance sheet and liquidity. - The Baa2 rating assigned for the first time by Moo...

Carole Braudeau

Wendel : Wendel garde le cap.

Wendel a publié des résultats semestriels en ligne avec nos attentes et la situation s’est quelque peu clarifiée pour IHS qui cristallise les craintes des investisseurs depuis le début de l’année. - D’autre part, le groupe continue de mener une stratégie de rotation d’actifs dynamique mais prudente qui nous rend confiant quant à sa capacité à boucler son plan d’investissement sans remettre en question la solidité de sa situation financière et de la liquidité. - L’obtention d’un prem...

Jehanne Leroy

Proxy Report - 17/05/2018

Mr Lemoine, who chaired the Management Board for 9 years, left as of December 231st 2017. He was replaced by André François-Poncet.Following his departure he received a severance amounting to €5,418,000, which is excessive. Performance shares and stock options that were granted to him in 2017 were cancelled. However, the company did not prorate the non-yet vested performance shares and options that were granted to him previously. Regarding the 2018 remuneration policy of the Management Board Member and Chairman, we appreciate that performance measurement period is now over 3 years for the per...

Jehanne Leroy

Proxy Report - 17/05/2018

Après avoir présidé le Directoire pendant près de 9 ans, M. Lemoine en a quitté la présidence au 31 décembre 2017 et a été remplacé par M. François-Poncet. Suite à son départ, M. Lemoine a reçu une indemnité de départ de 5 418 000 €, soit 271 SMICs, ce qui est excessif. Par ailleurs, si les actions et options qui lui avaient été attribuées en 2017 ont été annulées, la société n'a toutefois pas jugé utile de proratiser les options et actions de performance non encore acquises. Concernant la rémunération 2018 du Président et du Membre du Directoire, il est tout à fait appréciable que la durée ...

Jérôme VINERIER

Short term view - WENDEL INVEST. : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €105.30. The background trend would be questioned should prices rise above €123.40.

Jérôme VINERIER

Analyse court terme - WENDEL INVEST. : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 105,30 €. La tendance de fond serait remise en cause en cas de franchissement de 123,40 €.

Jérôme VINERIER

Analyse court terme - WENDEL INVEST. : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 105,30 €. La tendance de fond serait remise en cause en cas de franchissement de 123,40 €.

Jérôme VINERIER

Short term view - WENDEL INVEST. : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €105.30. The background trend would be questioned should prices rise above €123.40.

Jérôme VINERIER

Medium term view - WENDEL INVEST. : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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