Wendel - Q1 fully in line
Q1 NAV at EUR 178.1 p/s up 11.2% YTD, mainly thanks to an impressive rally of Bureau Veritas YTD. NAV in line with our estimate (DPe EUR 178.5).Impressive growth at Stahl and Bureau Veritas with ACAMS, CPI and Tarkett being less convincing.Following partial sale of Bureau Veritas, pro-forma LTV is low which provides room for additional investments in the asset management business.We are not yet convinced of the asset management venture and neither of the new dividend policy. We remain neutral for the time being and reiterate our Hold rating.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.