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

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2019

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2019

...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : ANR T3 + retour Investor Day

>ANR T3 : en légère baisse, en partie technique - Wendel a publié hier son ANR au titre du T3. Ce dernier ressort à 158.6 € par action soit 7 162 M€, en baisse de 4.1% par rapport au 30 juin (165.4 €) et en hausse de 7.6% depuis le début de l’année. Cette baisse est la résultante trois phénomènes : i/ la hausse des participations cotées pour 1.6 €/action (dont +2.1 €/action pour BV et la cession des derniers titres de SGI), ii/ la baisse de la NAV des participations n...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : Q3 NAV, feedback from Investor Day

>Q3 NAV hit by a slight dip, partly technical - Wendel reported yesterday evening its Q3 NAV. It stood at € 158.6 per share, i.e. € 7,162m, down 4.1% from 30 June (€ 165.4) and up 7.6% since the start of the year. This decline is the result of three factors: i/ an increase in listed investments for € 1.6 per share (of which € 2.1 per share for BV and the sale of the last shares in SGI), a decrease in NAV of unlisted investments for € 7.1 per share and iii/ other items...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 07/11/2019 - UniCredit - FR

UniCredit (Achat) : RN de €4,3mds sur les 9M-19 (versus €2,2mds un an avant), amélioration de la qualité d’actifs Generali (Achat) - 9M-19 : RN en hausse de +17% à €2,2mds ING (Achat): Emission d'un nouveau titre Tier 2  11NC6 AXA (Achat) - 9M-19 : CA de €79,7 mds (+5%) Coty (Achat) - T1-2019/20 : Résultat opérationnel de $155m (+10%) ArcelorMittal (Achat) - 9M-19 :  EBITDA de $4,3 mds (-48,6%) CNH Industrial (Achat) - 9M-19 :  EBIT de $1,5 md (-6,3%) Wirecard (Achat) - 9M-19 : EBITDA de €553m (+38,4%)

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 15/10/2019 - Saint-Gobain - FR

Saint-Gobain (Achat) : Continue la cession des activités de distribution aux particuliers Portugal : Envisage de réduire le niveau de l’endettement en dessous de 100% d’ici 2023 Banques néerlandaises : Devront afficher €3mds de fonds propres supplémentaires Arkema (Achat) : Projette de céder son activité Polyoléfines Fonctionnelles pour €335m Capgemini : L'AMF valide le projet d'OPA sur Altran Wendel (Achat) : Accord sur l’acquisition de CPI pour $910m Matalan – S1-19/20 : Résultat opérationnel de £35m (+9,3%)

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 ...
  • Geoffroy Michalet

Wendel : ANR T3 + retour Investor Day

>ANR T3 : en légère baisse, en partie technique - Wendel a publié hier son ANR au titre du T3. Ce dernier ressort à 158.6 € par action soit 7 162 M€, en baisse de 4.1% par rapport au 30 juin (165.4 €) et en hausse de 7.6% depuis le début de l’année. Cette baisse est la résultante trois phénomènes : i/ la hausse des participations cotées pour 1.6 €/action (dont +2.1 €/action pour BV et la cession des derniers titres de SGI), ii/ la baisse de la NAV des participations n...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : Q3 NAV, feedback from Investor Day

>Q3 NAV hit by a slight dip, partly technical - Wendel reported yesterday evening its Q3 NAV. It stood at € 158.6 per share, i.e. € 7,162m, down 4.1% from 30 June (€ 165.4) and up 7.6% since the start of the year. This decline is the result of three factors: i/ an increase in listed investments for € 1.6 per share (of which € 2.1 per share for BV and the sale of the last shares in SGI), a decrease in NAV of unlisted investments for € 7.1 per share and iii/ other items...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : Acquisition of CPI (Crisis Prevention Institute): a super-defensive cash-machine. Price reflects hedge offered in event of a less favourable cycle

>Crisis Prevention Institute: the anti-crisis profile par excellence - CPI is a US-based company specialising in crisis prevention and management training, particularly in the healthcare and education sectors but also now in retail, personal services, security and behaviour management. The training is mainly designed for future trainers, who, in order to be certified, have to receive training annually and be issued with a Blue Card. These revenues are therefore recurr...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : Acquisition de CPI (Crisis Prevention Institute) : une cash-machine hyper défensive. Le prix reflète le hedge offert en cas de cycle moins favorable

>Crisis Prevention Institute : le profil anti-crise par excellence - CPI est une société américaine spécialisée dans la formation à la prévention et gestion de crise, notamment dans le secteur de la santé et de l’éducation mais également désormais dans la distribution, les services à la personne, la sécurité et dans la prise en charge des troubles du comportement. La formation est principalement dédiée à de futurs formateurs, qui pour rester accrédités, doivent se fai...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : NAV increase of 12.2% over 6 months. Performance of underlying companies mixed, but decent overall)

>NAV at 30 June: € 165.4, i.e. +12.2% vs end-2018 - In a press release issued yesterday evening, Wendel published its NAV for H1 2019. The figure was up 12.2% to € 165.4 vs € 147.4 end-December (i.e. € 7,467m). On this basis, the discount to NAV at Wendel’s share price yesterday evening comes to 24% (and 26% factoring in Bureau Veritas’ share price yesterday evening). In detail, we note:An increase in the contribution of listed assets (35% of the gross asset valu...

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...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2019

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/11/2019

...

Alain William ...
  • Christophe Chaput
  • Geoffroy Michalet
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/16/2019

The range of possible scenarios for the EDF reform still looks very broad. Fears of the “Hercule” project being shelved indefinitely are legitimate at this stage. Our baseline scenario values EDF at € 11.50 per share (upside +20%) with a positive risk/reward profile on the stock: swift realisation of the “Hercule” project points to a higher target price of € 15.0 while the worst-case scenario of an unfavourable mini-reform of the ARENH mechanism in 2020 still puts us above the current...

Alain William ...
  • Christophe Chaput
  • Geoffroy Michalet
  • Martial Descoutures
  • Oussema Denguir
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/10/2019

Le champ des futurs possibles concernant la réforme d’EDF semble encore très large. Les craintes d’un report sine die du « projet Hercule » sont légitimes à ce stade. Notre scénario central est valorisé à 11.50 € par action (potentiel +20%) avec un risk/reward positif sur la valeur : la mise en œuvre rapide du projet Hercule se traduirait par un OC relevé à 15.0 € tandis que le worst case d’une mini réforme de l’ARENH défavorable en 2020 nous amènerait malgré tout au-dessus du cours a...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/31/2019

...

For WENDEL, the environment deterioration entails a downgrade to Neutral

WENDEL (FR), a company active in the Business Support Services industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date May 14, 2019, the closing price was EUR 120.30 and its expected value was estimated at EUR 117.79.

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...

Expert Corporate Governance Service (ECGS)

Wendel - AGM 16 May 2019

ITEMS 7 and 8: In the 2019 remuneration policies of the Members of the Management Board, the company proposes to increase the measurement period of the options performance condition up to 3 years, following ECGS past criticisms; we commend the Company for this change which is a significant improvement compared to the previous remuneration policy and justifies our support of Items 7 and 8. However, we urge the company to amend performance conditions of performance shares as vesting scales of 2 out of 3 performance conditions allow vesting in case of underperformance.

Jehanne Leroy

Wendel - Assemblée générale des actionnaires du 16 mai 2019

Rémunérations Pour la politique de rémunération 2019 de ses dirigeants, la société propose de porter à 3 ans la durée de mesure de la condition de performance des options, ce dont Proxinvest la félicite. Ce changement significatif positif est la raison pour laquelle Proxinvest soutient les résolutions 7 et 8. Nous encourageons toutefois la société à modifier les grilles d'acquisitions de 2 des critères de performance liés aux actions de performance puisque celles-ci permettent toujours l'acquisition en cas de performance inférieure à la médiane.

Wendel – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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 ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

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.

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