Wendel - CMD 2023: Focus on shareholder remuneration
Wendel hosts its CMD with an increased focus on shareholder remunerationIt aims for generating double-digit IRR on existing portfolio and 15% for future assetsGoal of recurring, predictable dividends with a new target of 2.5% of NAV for 2024 increasing up to 3.5% of NAV in the medium term.Based on last reported NAV of September, this would imply a FY24 dividend yield of >5%We believe the high dividend yield will definitely be a boost for the share price. Over the medium to long term, a fixed 3.5% dividend on NAV may result in lower NAV growth over time (less compounding effect)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.
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