Wendel - FY23: Dividend increase of 25% and focus on AM
FY23 NAV at EUR 160.2 p/s, down slightly YoY (-2.7%)Proposed dividend EUR 4 p/s, up a whopping 25% thanks to new policy. Shareholders seem pleased with it, while we prefer reinvestment in NAV.Overall portfolio results came in roughly in line with our estimatesWe estimate today's NAV at EUR 170.2 p/s implying a discount of 47.6%. Wendel's share price is up >10% since the new strategy. We will fine tune our estimates in the coming days. For now Hold and TP of EUR 95 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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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