Wendel - Disappointing catalyst and lower than expected growth
H1 23 NAV at EUR 163.2 p/s, flat YTD, down 3.6% QoQ (DPe EUR 165.2).Constantia Flexibles received several binding offers already included in NAV which implies it will not be the catalyst that was hoped for.We estimate the binding offer to be EUR 1.2bn for Wendel's stake.We estimate today's NAV to be EUR 165.8 p/s implying a discount of 43%. Although elevated, with one of the only catalysts in the portfolio (Constantia) turning out to have a minor impact, we see few options that may cause a significant rerating. Hold reiterated.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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