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

Thanks to a better fundamental star rating, WENDEL sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to WENDEL (FR), active in the Business Support Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date August 7, 2020, the closing price was EUR 83.45 and its expected value was estimated at EUR 82.65.

Geoffroy Michalet

Wendel : NAV up 17.3% in the last quarter, down -16.6% since end-2019, encouraging signals

>NAV at 30 June: € 168.6, i.e. -16.6% vs end-2019 - In a press release issued yesterday evening, Wendel published its NAV for H1 2020. It dropped 16.6% (Eurazeo published a NAV down -12%) to € 138.6 (€ 6,191m) vs € 166.3 at the end of December (it would be at € 135.8 after detachment of the dividend of € 2.8 at the beginning of July). On this basis, the discount to NAV at Wendel’s share price yesterday evening comes to 43% (and 42% factoring in Bureau Veritas’ share p...

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.

Wendel Investissement: 1 director bought

A director at Wendel Investissement bought 500 shares at 81.564EUR and the significance rating of the trade was 54/100. 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 of...

Geoffroy Michalet

Wendel : NAV up 17.3% in the last quarter, down -16.6% since end-2019, encouraging signals

>NAV at 30 June: € 168.6, i.e. -16.6% vs end-2019 - In a press release issued yesterday evening, Wendel published its NAV for H1 2020. It dropped 16.6% (Eurazeo published a NAV down -12%) to € 138.6 (€ 6,191m) vs € 166.3 at the end of December (it would be at € 135.8 after detachment of the dividend of € 2.8 at the beginning of July). On this basis, the discount to NAV at Wendel’s share price yesterday evening comes to 43% (and 42% factoring in Bureau Veritas’ share p...

Geoffroy Michalet

Wendel : Une progression de l’ANR de 17.3% sur le dernier trimestre, en baisse de -16.6% depuis fin 2019, des signaux encourageants.

>ANR au 30 juin : 168.6 € soit -16.6% vs fin 2019 - Dans un communiqué d’hier soir, Wendel a publié son ANR au titre du premier semestre 2020. Il ressort en baisse de 16.6% (Eurazeo a publié un ANR en baisse de -12%) à 138.6 € (6 191 M€) contre 166.3 € fin décembre (il serait à 135.8 € après détachement du dividende de 2.8 € début juillet). Sur cette base, la décote sur ANR au cours de Wendel hier soir serait 43% (et 42% en prenant le cours de Bureau Veritas d’hier so...

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

Geoffroy Michalet

Wendel : Q1 postview: some additional information but no scoop

>Some additional points - Dividend: The management said that several parameters will influence its decision regarding a possible change to its dividend policy this year (the dividend was initially set to be € 2.9 per share, up +3.6%, i.e. a cash out of around € 130m). These parameters will notably be the financial impact of the lockdown, the situation of the equity stakes in April, political pressure, the stress-tests carried out in-house…the company says that it want...

Geoffroy Michalet

Wendel : Postview T1 : quelques éléments complémentaires mais pas de scoop

>Quelques points complémentaires - Dividende : Le management indique que plusieurs paramètre influenceront sa décision pour une éventuelle modification de sa politique de dividende cette année (rappel, dividende initialement prévu de 2.9 € par action, en hausse de +3.6 %, soit un cashout de l’ordre de 130 M€). Ces paramètres seront notamment l’impact financier du confinement, la situation des participations en avril, la pression politique, les stress-tests réalisés e...

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

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,...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/04/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/05/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2020

...

Thanks to a better fundamental star rating, WENDEL sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to WENDEL (FR), active in the Business Support Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date August 7, 2020, the closing price was EUR 83.45 and its expected value was estimated at EUR 82.65.

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...

Jehanne Leroy

Wendel - Assemblée Générale des actionnaires du 2 Juillet 2020

RémunérationsEn septembre 2019, M. Gautier a quitté la société. Suite à son départ, une indemnité au titre de son contrat de travail lui a été attribuée (1 737 333 €) ainsi qu’une indemnité au titre de son mandat (1 737 333 €) ainsi qu’un accord transactionnel de 132 000 €, soit, au total, un package de départ de 3 606 666 € (ce qui représente 26 mois de fixe+variable 2019, ce qui excède notre limite de 12 mois). Bien qu’il soit appréciable que les options et actions de performance qui lui avaient été attribuées en 2019 soient devenues caduques en raison de son départ, il n’en demeure pas moin...

Expert Corporate Governance Service (ECGS)

Wendel – AGM 2 July 2020

 RemunerationsIn September 2019, Mr. Gautier left the Company. Following his departure, he was awarded an indemnity under his employment contract (€1,737,333) as well as an indemnity under his mandate (€1,737,333) and a settlement agreement of €132,000, i.e., in total, a departure package of €3,606,666 (representing 26 months of fixed + variable 2019, which exceeds our 12-month limit). Although it is significant that the options and performance shares granted to him in 2019 have lapsed due to his departure, the departure package is nevertheless excessive. The new Member of the Management Board...

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...

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