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

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.

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.

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 : 2018 NAV: € 147.4 per share, down 16.4% relative to 31/12/2017

>NAV affected by the market in Q4 - Wendel’s NAV at 31/12/2018 showed a marked decline (-16.4% versus 31/12/2017), mainly affected by its listed stakes and the fall in market multiples for its unlisted stakes. Nevertheless, it should be pointed out that relative to November 2018, NAV is up +1.6%. In detail, and relative to 31 December 2017, it is mainly the listed stakes (Saint-Gobain and Bureau Veritas) that have suffered, with their valuation falling from € 4.7bn to...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : ANR 2018 : 147,4 € / action, en baisse de 16,4% par rapport au 31/12/2017

>Un ANR impacté par le marché au T4 - Wendel publie un ANR au 31/12/2018 en retrait marqué (-16.4% par rapport au 31/12/2017), principalement impacté par ses participations cotées et la baisse des multiples de marché pour ses participations non cotées. Néanmoins, il convient de préciser que par rapport aux sales Nov 2018, l’ANR serait en hausse de 1.6%. Dans le détail, et par rapport au 31 dec 2017, ce sont surtout les participations cotées (Saint Gobain et Bureau Ver...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : Sale of around 40% of its stake in Allied Universal

>Sale of 40% of its stake in Allied Universal for an EV of $ 7bn ($ 4.8bn est.) - Wendel announced today it received an offer from La Caisse de Dépôt et Placement du Québec (CDPQ) to acquire around 40% of its 33% stake in Allied Universal, a leading provider of security services in North America, at an enterprise value of over $ 7bn. This valuation is higher than our valuation of Allied Universal in Wendel's NAV, which we estimated at $ 4.8m. When the deal closes...

Christophe Chaput ...
  • Geoffroy Michalet

Wendel : Cession d’environ 40% de sa participation dans Allied Universal

>Cession de 40% de sa participation dans Allied Universal pour une VE de 7 Md$ (4.8 Md$e) - Wendel annonce aujourd'hui avoir reçu une offre pour l'acquisition d'environ 40% de sa participation, dans Allied Universal (dont Wendel détient 33% du capital), leader des services de sécurité en Amérique du Nord, par La Caisse de dépôt et placement du Québec (CDPQ), à une valeur d'entreprise de plus de 7 Md$. Cette valorisation est supérieure à notre valorisation de Allied Un...

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...

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
  • Christophe Chaput
  • Delphine Brault
  • Geoffroy Michalet
  • Olfa Taamallah
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/21/2019

We are downgrading Vivendi to Neutral vs Buy (target price unchanged at € 26.2) and we recommend taking positions on Bolloré (Buy, target price of € 5 vs € 4.8). Vivendi’s share price implicitly values UMG at more than € 23bn, offering limited potential for a pleasant surprise at the time of the sale of part of the subsidiary’s capital. In contrast, Bolloré seems to offer greater upside: 1/ the outlook for Bolloré Transport & Logistics looks particularly bright out to 2021, buoyed by ...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/21/2019

...

Alain William ...
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/02/2019

...

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

...

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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