Wendel - Q3 Update
Q3 23 NAV came in at EUR 162 p/sBureau Veritas punished hard despite ‘OK' print, rest of private portfolio sees challenging marketWe estimate today's NAV to be EUR 148 p/s, implying a discount of 54%.This is quite elevated compared to the LT average of ~30%. The issue is that we do not see major catalysts in the short which can change this trend. Hold reiterated. TP goes down slightly to EUR 95 p/s (vs. EUR 100 before).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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